The Private Office are an award-winning firm of Chartered independent financial advisers united by one vision: to provide personal and tailored wealth management services to those in search of stability and guidance.

The Brief

Leeds based financial services firm, The Private Office Limited looked to procure a new AML software provider to replace their previous AML provider, whose offering and contractual framework no longer met their compliance needs.

Given the regulated nature of their business and the fluctuating volume of checks and monitoring undertaken daily, they needed a flexible service with progressive technology, that is not only easily accessible but offers reliability across the board.

Before SmartSearch, The Private Office were using a system which they felt didn’t meet their needs, with a lack of flexibility and minimal system enhancements this led to lengthy and onerous processes to verify their clients.

Following extensive market research into AML technology providers, including online research and discussion with counterparts in similar sectors, the company recognised that SmartSearch was highly recommended by industry peers. SmartSearch offered a unique verification platform. It is the only platform to offer a KYC solution that also provides full Sanction and PEP screening, as well as required ongoing monitoring.

All checks are saved on one system to ensure watertight record-keeping, meaning they can use one piece of technology for all their AML and compliance needs. Having conducted a thorough evaluation and having been impressed by the extensive reports and results delivered by the platform, The Private Office chose SmartSearch as their AML technology provider.

The Solution

Having witnessed first-hand how the SmartSearch system would support their business during the demonstration of the award-winning product, SmartSearch’s Customer Success team set about onboarding The Private Office to ensure they were accustomed with the intuitive platform, providing support when needed, ensuring they were aware of the platforms' full capabilities.

The UK Individual checks – performed in just a few clicks and embedded in their day-to-day processes, are used extensively by the team providing a much-improved user-friendly and intuitive service, drastically improving their client onboarding efficiencies.

Ongoing monitoring was also a challenge for The Private Office but with SmartSearch automatically running PEP screening on all AML checks, and then daily monitoring checks for PEPs and Sanctions, it saves them a considerable amount of time annually, allowing them to focus on other aspects of their business, with complete piece of mind that the business is fully compliant.

The Private Office team also needed an AML provider that offered API integration with their back-office system. The SmartSearch system combined award-winning technology with their own system, with the integration process being fully complete in just 24 hours, allowing The Private Office to continue client onboarding with minimal disruption and using their existing data files. The integration saved both time and money, making AML compliance easier than ever.

Whilst predominantly using the UK Individual check feature, having instant access to the SmartSearch business check functionality allows them to complete their KYB checks on a case-by-case basis. What would previously be a lengthy process has become a quick and efficient check, removing the manual overlay they would have otherwise needed.

As a business that are key adopters of enhanced service offerings, The Private Office are particularly excited about the most recent enhancement, Triple Check and can really see the benefits facial recognition technology will bring not only them, but their clients. With the landscape ever changing, the enhancements and integration opportunities allow them to modify and improve their current onboarding processes, providing real-time solutions.

The Results

• Higher overall pass rate
• User-friendly platform
• Increased efficiencies

The Private Office wanted an online solution for client verification that would improve efficiencies to help them achieve an overall higher pass rate and with the AML technology now an integral part of the business, the user-friendly system enables staff at any level to successfully run AML checks, at an increased volume.

During the nine-year relationship, SmartSearch has saved the company valuable time, resources and money and it is these results, alongside a dedicated Customer Success team that is passionate about helping customers achieve their required results from its AML platform.

The Private Office concludes that they would not hesitate to recommend SmartSearch to any regulated business looking for an innovative AML technology solution.