Leading anti-money laundering (AML) firm SmartSearch, has launched a new service to help businesses identify the ultimate beneficial owner (UBO) of large corporates.
For many years now, electronic verification (EV) has been seen as the most reliable and robust way of completing AML checks, with regulators across the world pushing firms to use it as a preferred solution.
And now, as a result of the pandemic, not only is EV the most reliable option, but it is also the only viable one.
Unlike manual checks, which are time consuming and open to error, electronic verification is quick, secure and reliable, offering a consistent approach to AML procedures.
By using cloud-based technology, electronic AML platforms offer a quick, easy and secure way for regulated businesses to not only run full AML checks from the office, remotely or a mix of the two, but also, to ensure all record keeping is up to date and fully compliant.