Illegal arms sales, smuggling, and organised crime such as drug trafficking, people trafficking and prostitution rings, can generate huge amounts of money, as can ‘white collar crimes’ including, insider trading, bribery and computer fraud schemes.
RegTech Analyst says the list, in its fourth year, recognizes the world’s most innovative technology solution providers that ‘address the challenges of dealing with regulatory pressures within financial services’.
The inclusion is further endorsement of SmartSearch’s development as a leading business in the sector in 2020, as in September it was named in the Sunday Times Sage ‘Tech Track 100’ for a second successive year. And in April it was placed 15th in the Sunday Times’ Profit Track, Top 100 Companies in the UK.
John Dobson, CEO at SmartSearch, said: “This is important recognition for our business in the RegTech sector.
“It has been a year of business growth and expansion for SmartSearch, as demand for our comprehensive AML solution has increased significantly on last year, and we have entered new territories such as the U.S.
“Banks and other financial institutions need to be aware of the latest technology available to help protect their businesses against the threat of ID fraud and money laundering, which RegTech 100 provides.
“Due to the coronavirus outbreak the threat has risen this year as we’ve seen a huge shift to remote working, which can be less secure. But fortunately for businesses it is easier than ever to spot a fraud thanks to SmartSearch’s two second check on individuals and less than three minutes for a business check.
“With such innovations in ID verification, facial recognition and document checks, it makes sense to do a SmartSearch.”
RegTech Analyst added that the process to identify the 100 RegTech innovation leaders was more competitive than ever for 2021, starting with a longlist of more than 1,000 companies.
Finalists including SmartSearch were recognized for their innovative use of technology to solve a significant industry problem, or to generate efficiency improvements across the compliance function.