Worried your existing customer database may not be AML compliant? Our batch upload service offers the solution

If your anti-money-laundering procedures have not always been as comprehensive as they could be, or you have legacy clients that were onboarded before AML regulations came into place, it is not too late to ensure all your client records are fully compliant.

As well as offering an AML compliant verification, screening and monitoring system for onboarding new clients, SmartSearch can also ensure your existing customers are retrospectively verified, screened for sanctions and PEPs, and monitored on an ongoing basis.

With our batch upload services, you can quickly and easily upload all active legacy clients onto the SmartSearch platform and run a full AML check on each. You can also retrospectively check each customer against more than 1,100 worldwide Watchlists to screen for sanctions, PEPs and any other potential risks to the business.

We have also recently launched our 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 monitors them all on an ongoing basis. Once the business derails have been run, the system will identify Directors and Beneficial Owners, who can then be checked and monitored as individuals.

The two services can ensure you are able to upload not only legacy customer databases in bulk - retrospectively running AML checks and screening for sanctions and PEPs - but also any new client data bases - particularly useful following a merger or acquisition.

Conducting a retrospective batch upload has a huge number of advantages, as it not only saves time and money, but also ensures your business is compliant with the latest AML regulations.

The fact the entire upload can be completed in bulk saves a huge amount of time, as you do not need to key in each entry individually, and then, once on the system, everything is hosted centrally and monitored regularly for any changes, so if there are any increased risks, you will be alerted immediately.

And, once your existing client records have been batch uploaded onto the platform, they are verified through the SmartSearch system where they will seamlessly integrate with any newly onboarded clients.

Martin Cheek, Managing Director of SmartSearch said “There are various reasons why you may have gaps in your compliance records, and we are not here to ask why or judge, merely to offer a solution.

“With our batch upload services, you can centralise your customer onboarding and due diligence, giving you the peace of mind that you are not only compliant today, but throughout the customer relationship.

“The technology enables you to upload all your historical active clients in one go, which is particularly useful following a merger or acquisition where multiple customers need to be checked, monitored and onboarded at the same time.

“Once the batch upload is completed, 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.”

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