Fill compliance gaps and run multiple checks in one go with SmartSearch’s Batch Upload service

Regulated firms looking to run multiple checks in one go can do so quickly, efficiently and cost-effectively with SmartSearch’s Batch Upload service.

This easy-to-use solution enables firms to upload multiple clients onto the SmartSearch platform in one go using a single spreadsheet.

Firms just need to provide the individual’s name, address and date of birth, and the service will be able to run a full verification check with sanctions and PEP screening.

The Batch Upload service is also available for business checks – clients just need to provide the company name and postcode and multiple searches can be run at once.

The batch upload service enables SmartSearch to:

• Help regulated firms that have gaps in their compliance and wish to run fresh checks on their entire database

• Help firms worried their compliance checks may not be meeting requirements and want to ensure there are fully compliant

• Enable firms with historical customer records to upload them all quickly and efficiently from legacy systems, including from a single spreadsheet

• Help firms that, following a merger or acquisition, have multiple customer files that all need to be checked, screened and monitored together

• Help firms that want to screen their customer database against a new tranche of sanctions e.g. following Russia’s attack on Ukraine

• Assist firms that are newly registered for money laundering supervision, or have only recently become regulated, and need to run verification and screening checks on their entire customer database

Martin Cheek, Managing Director at SmartSearch said: “There are lots of different reasons why businesses may need to batch upload clients records – perhaps they have not been very good at keeping records or checking clients in the past, or there are a few gaps but they don’t know where. We are not here to ask questions, we just want to help provide a solution to ensure regulated firms, whatever their compliance stage – can gain and maintain a fully compliant position.

SmartSearch offers many options for clients that want to use the Batch Upload service depending on their business’ specific needs:

PEP and Sanctions Batch Upload

This option is for businesses that have already verified their customers but want to run PEP and sanction screening on multiple clients at once. This service needs a name only and includes ongoing monitoring, and - if clients can enter a date of birth too – enhanced due diligence where any matches are identified.

Individual AML Batch Upload

This option runs a full AML check – this includes identification, verification, screening and ongoing monitoring for sanctions and PEPs.

With this option, clients are in effect running an onboarding check through the system – so records will be processed in the same way - but the solution can run multiple checks at once.  As with a standard SmartSearch AML check, the check will use the triple bureau data source (Experian, Equifax and TransUnion) and then check the individual against the Dow Jones Factiva Watchlist. As above, enhanced due diligence will be run on any matches and the service will include ongoing monitoring.

Business Batch Upload

As well as offering the ability to run retrospective checks on individual clients, SmartSearch offers a Business Batch Upload service, which enables clients to retrospectively check and upload corporate clients onto the platform. This service enables clients to retrospectively batch upload all existing business clients, delivering a full business profile and Know Your Business (KYB) information for each customer and monitoring them all on an ongoing basis. Once the business details have been run, the system will identify Directors and Beneficial Owners, who can then be checked and monitored as individuals.

Martin Cheek at SmartSearch said: “Conducting a retrospective batch upload has a huge number of advantages because it not only enables clients to upload legacy customer databases in bulk - retrospectively running AML checks and screening for sanctions and PEPs - but also any new client databases - particularly useful following a merger or acquisition.

“And because you can complete the upload in bulk, it saves a huge amount of time and money that would have been spent keying in each entry individually.”

Once the customer data has been batch uploaded to the system, they are verified through the SmartSearch system and hosted centrally enabling them to be seamlessly integrated with any newly onboarded clients. The entire system can then be monitored regularly for any changes, so if there are any increased risks, they are identified immediately.

Martin concludes: “By using our Batch Upload service, you can ensure that all searches are accessible on the one platform so that if you do happen to be audited, you can quickly and easily access all the information you need, putting your mind at ease that everything is as it should be.”