The Financial Reporter spoke to Martin Cheek, managing director at SmartSearch, about why rising regulation is the biggest issue currently facing brokers and lenders, and how brokers can remain compliant post-GDPR.
FR: Tell us a bit about SmartSearch’s proposition and why having the correct anti-money laundering protections in place is so important.
We have created a multi-award-winning product that provides a “one-stop-shop” for all regulated businesses’ Know Your Customer and Customer Due Diligence requirements. We have data partners in Experian, Equifax, Companies House and Dow Jones and can validate Individuals and Businesses both in the UK and Internationally. SmartSearch is already used by more than 3,000 businesses, and this number is growing by around 50 every month.
The Money Laundering Regulations dictate a risk-based approach which is embraced by SmartSearch, and getting this right is really the key for regulated firms. The SmartSearch platform allows firms to tailor how much validation they take on either an individual or a business. Some firms using electronic verification are also using the platform to validate documents or belt and bracing by combining electronic and documents where the risk is the highest.
Having the right Know Your Customer solutions in place is key to getting the whole process correct, as this is where it all starts. Fully understanding who your customers are and what they do will ultimately enable you to understand what the risks are and then they can be managed accordingly.
Read the full interview in the Financial Reporter here.