Way Trustees Case Study

Headquartered in the heart of Dorset, WAY Trustees Limited are an independent provider of trust based wealth preservation planning and management solutions, providing the most robust and yet flexible family asset protection, specifically created with family wealth preservation in mind to ensure the security of inter-generational wealth for families across the UK.

The Brief

The financial services industry can often be at high risk of money laundering activity due to the complexity and size of assets involved. It is therefore essential for financial service institutions to have robust anti-money laundering protocols in place, including customer identification measures and due diligence procedures to detect and prevent illicit activities from occurring within their organisations. By implementing these safeguards through the use of SmartSearch, WAY Trustees Limited can mitigate their exposure to money laundering risks and ensure they remain compliant and audit-ready.

Before discovering SmartSearch, WAY Trustees Limited were searching for an effective AML & verification system that would be able to monitor their clients on an ongoing basis without the need for increased involvement, to comply with their due diligence obligations.

Wanting to move away from time-consuming manual processing methods and switch to an automated way of working, WAY Trustees Limited were also keen to streamline their client onboarding processes to enhance their customer journey. Using outdated manual verification methods also meant that departments had become disjointed and the business felt there was a need to enhance the efficiency of their AML compliance procedures through the use of a digitalised solution.

The Solution

Before using SmartSearch, WAY Trustees Limited conducted their AML checks through a third-party company - the process was slow and the costs were higher than with SmartSearch. There was also no availability for ongoing monitoring. Now, with the use of UK Individual Checks, the business can conduct a full AML check on their clients in less than two seconds themselves - saving the firm time and money by digitalising and keeping the verification process ‘in-house’.

The firm also use SmartDoc - our powerful document validation technology system which utilises the latest advancements in identification software, including facial recognition technology, to authenticate documents from clients located in the UK and across the globe.

WAY Trustees Limited report that they have been particularly impressed with the ongoing monitoring offered within the platform. They no longer need to re-run their AML checks manually within a short space of time - SmartSearch’s enhanced due diligence checks do this for them on automated basis and flags any changes, allowing them to stay compliant and audit-ready without an additional workload brought onto their staff.

The Results

• 75% reduction in time spent meeting AML obligations
• Faster onboarding process
• Increase compliance oversight

After implementing the SmartSearch platform, WAY Trustees Limited was able to reduce the time spent on AML processes by an impressive 75%. By automating and streamlining their internal processes, they now have a faster onboarding process which has improved the experience for their clients, and the firm feels that they are much more confident in their increased compliance oversight.

The cost of the system was a major factor for the business when deciding which AML provider to partner with, and WAY Trustees Limited reports that SmartSearch provides them with good value for money for the services that they receive. AML checks are now made simpler for the team with the help of SmartSearch, removing the need for a third-party provider to conduct and deliver results, reducing costs and enhancing their overall efficiency.

”Our dedicated account manager, has always been on hand to answer any questions we have had and has helped us seamlessly navigate our contract renewal. The training that was provided was also helpful as a refresher for me and to help with my team’s knowledge.”

 
-Thomas Digan, WAY Trustees Limited