Resources & Insights

To launder their money, criminals need to use legitimate businesses – these include law, property, gaming and gambling firms as well as insurance and investment companies – basically any business that deals with client money. But one of the most common targets for money launderers is banks and financial institutions. Money launderers use a wide array of tactics to clean their cash via banks and financial institutions – from setting up shell companies from which to transfer funds into UK banks, to getting ‘mules’ to deposit dirty cash in low volumes, which then is moved around the world – through the banking system. Due to the vulnerability of the banking sector – and its critical importance to the stability, security and prosperity of the entire economy - the financial services industry is one of the most highly regulated sectors in the UK in terms of anti-money laundering (AML) rules.

Digital compliance specialist SmartSearch has recently become one of only two providers in the UK to offer triple-bureau reliability. This means it now uses the data from three credit reference agencies within its award-winning anti-money laundering (AML) and Know Your Customer (KYC) platform, securing its position as ‘the gold standard of AML & KYC’. In this Whitepaper we will explore what this update means, how it has been achieved, and why it is so important.