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Confident Enhanced Due Diligence with Advanced AML Technology

Strengthen compliance and conduct thorough customer checks with our Enhanced Due Diligence solution. Designed for in-depth investigations and continuous monitoring, our EDD software protects against financial crime and keeps your financial institution compliant.

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The Core Elements of Enhanced Due Diligence

By law, all regulated firms must meet Anti-Money Laundering (AML) regulations and carry out enhanced due diligence when necessary. Effective EDD utilises smart software and ensures you meet regulation requirements with robust investigations into customers. 
Biometric and Liveness Verification

Our TripleCheck technology verifies the authenticity of ID documents in seconds. Liveness verification and facial recognition identify that a customer is real and confirm if they match the photo ID provided.

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Biometric and Liveness Verification

Our TripleCheck technology verifies the authenticity of ID documents in seconds. Liveness verification and facial recognition identify that ...

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PEP Sanctions and Screening

Screen customers easily against sanction and PEP lists and identity Politically Exposed Persons (PEPs) that may pose risks of corruption or financial crime, before they enter the system.

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PEP Sanctions and Screening

Screen customers easily against sanction and PEP lists and identity Politically Exposed Persons (PEPs) that may pose risks of corruption or ...

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Source of Funds and Wealth Checks

Part of EDD checks involves identifying the source of the customer’s funds and wealth. Reviewing transactions and data helps to confirm the legitimacy of funds or uncover suspicious activity.

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Source of Funds and Wealth Checks

Part of EDD checks involves identifying the source of the customer’s funds and wealth. Reviewing transactions and data helps to confirm the ...

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Risk Assessments

Once initial checks are complete, data is analysed to create a risk rating that determines the level of ongoing monitoring needed for a customer. A risk assessment determines if further escalation is needed and monitors transactions and behaviour over time.

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Risk Assessments

Once initial checks are complete, data is analysed to create a risk rating that determines the level of ongoing monitoring needed for a ...

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When Is Enhanced Due Diligence Needed?

EDD checks need to be conducted if customers are meet the following criteria:

  • SIPs (Special Interest Persons
  • PEPs (Politically Exposed Persons)
  • Companies or individuals with negative
  • Adverse media checks
  • High net worth individuals and
  • organisations
  • Complex or unusual transactions
  • High risk countries

     

The Key Steps of Enhanced Due Diligence

Risk Assessments

Evaluate customers based on risk factors and assign risk levels. Perform Enhanced Due Diligence (EDD) only on high-risk customers, particularly those from high-risk countries. This step ensures that resources are focused where they are most needed.

Wealth Origin and Beneficial Ownership

Verify the source of customer wealth and establish the Ultimate Beneficial Owner (UBO) of their organisation. Understanding the source of funds helps ensure they are not derived from illegal activities.

Adverse Media Checks

Investigate media coverage for adverse information about the client, particularly regarding past financial crimes or involvement with PEP. Adverse media checks can uncover red flags that are not immediately apparent.

Investigation Strategy Report

Document EDD plans and monitoring activities in a report, stored securely. Keeping detailed records ensures that your due diligence process is transparent and can withstand scrutiny during audits.

Verification Process

Standard Customer Due Diligence (CDD) involves verifying customer identification using documents like passports or driver’s licenses. Enhanced Due Diligence requires additional identity documentation to confirm the legitimacy of the customer more thoroughly.

Transaction Monitoring

Analyse transaction history for inconsistencies, including values and involved parties. This continuous review helps in identifying suspicious activities over time.

On-site Visits

Visit the client’s business address to confirm identity and match it with the provided documentation. This additional verification step helps ensure the business is legitimate and operating as claimed.

Ongoing Monitoring Strategy

Develop a strategy for ongoing monitoring, looking for patterns of suspicious activity over time. Regularly scheduled background checks should inform this ongoing risk assessment.

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Fraud Prevention

Why Your Business Needs Enhanced Due Diligence

EDD is an essential part of AML processes for every financial institution. Failing to carry out EDD can make your business more vulnerable to financial crimes, such as money laundering, and can also lead to penalties from authorities. 
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Detailed Diligence Processes, Whenever You Need Them

Whether you’re a small business just getting to grips with AML regulations or a large corporation with plenty of experience in compliance, SmartSearch can help you to comply with regulations, fight financial crime and grow your business with confidence.

Our Customer Due Diligence and Enhanced Due Diligence checks can help simplify your AML processes and help increase the chance of catching criminal activity before onboarding.

 

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There’s a reason over 7,000 clients put their trust in us

We’re more than just an automated platform. SmartSearch will assist you with the design and implementation of a risk-based approach to suit your business. We’ll keep you up to date with ever-changing anti-money laundering regulations, and be your point of contact for any queries.
Acasta Case Study

The onboarding process has allowed us to enhance our user experience, whilst improving compliance oversight without the need for manual intervention.

Audit & Compliance Manager, Acasta Europe Limited
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Arena Case Study

The ease and efficiency of the AML checks made SmartSearch really stand out. We were particularly impressed with the automatic reporting feature that instantly downloaded to the back-office system to deliver a full audit-trail of our clients.

Arena Investment Management
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Thorntons Case Study

The SmartSearch system is easily accessible and very user-friendly. Customer service is excellent and any queries are met with a very quick and knowledgeable response.

Karen Hogan, Thorntons Investments
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Serving professional AML regulated sectors

Trusted by over 7,000 regulated businesses, SmartSearch's next-generation technology is the leading provider for AML and risk management

Helping ensure Solicitors are AML compliant

Our AML and digital compliance solutions are trusted by 1 in 3 of the UK’s top 200 legal firms.
  • Benefit from industry-leading match rates
  • Enhance client relationships
  • Protect your reputation
  • Reduce compliance risk
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AML software for Accountants

SmartSearch provides award-winning AML and digital compliance solutions to 1 in 2 of the UK’s top 100 accountancy firms.
 
  • Experience hassle-free AML and compliance
  • Benefit from industry-leading match rates
  • Deliver a frictionless customer journey
  • Streamline your onboarding process
 
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AML checks for Estate Agents & Property companies

Make anti-money laundering and digital compliance easy - over 1,000 property firms benefit from our award-winning solutions.
  • Experience hassle-free AML and compliance
  • Benefit from industry-leading match rates
  • Deliver a frictionless customer journey
  • Streamline your onboarding process
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Helping ensure Financial Services Firms are AML compliant

Trusted by over 2,000 financial services firms to meet KYC and compliance obligations set by the Financial Action Task Force.

  • Benefit from industry-leading match rates

  • Accelerate your customer onboarding without compromising on compliance

  • Deliver a frictionless customer journey

  • Experience hassle-free AML and compliance

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AML in Investment Banking

Protect your investment firm and stay up-to-date with the latest compliance regulations for AML.

  • Benefit from industry-leading match rates

  • Accelerate your customer onboarding without compromising on compliance
  • Deliver a frictionless customer journey
  • Experience hassle-free AML and compliance
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AML in Insurance

Keep your insurance firm safe from financial crime and ensure your compliance with the latest guidance from the government.

  • Benefit from industry-leading match rates

  • Accelerate your customer onboarding without compromising on compliance

  • Deliver a frictionless customer journey
  • Experience hassle-free AML and compliance
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AML for Gaming firms

Ensure safe gaming for your organisation with SmartSearch’s all-in-one AML platform.

  • Benefit from industry-leading match rates

  • Accelerate your customer onboarding without compromising on compliance

  • Deliver a frictionless customer journey

  • Experience hassle-free AML and compliance
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AML for Cryptocurrency firms

Prevent financial crime, ensure compliance with anti-money laundering requirements, and protect your firm’s reputation with SmartSearch.

  • Benefit from industry-leading match rates

  • Accelerate your customer onboarding without compromising on compliance

  • Deliver a frictionless customer journey

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AML for Property Development firms

Thanks to SmartSearch, it has never been easier for property developers and firms to keep on top of their AML requirements. 

  • Experience hassle-free AML and compliance

  • Benefit from industry-leading match rates

  • Deliver a frictionless customer journey

  • Streamline your onboarding process

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AML for Banking firms

Prevent financial crime, ensure compliance with anti-money laundering requirements, and protect your firm’s reputation with SmartSearch.

  • Benefit from industry-leading match rates

  • Accelerate your customer onboarding without compromising on compliance

  • Deliver a frictionless customer journey

  • Experience hassle-free AML and compliance
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How does Perpetual Know Your Customer (pKYC) work?

Perpetual KYC differs from a traditional KYC programme primarily in the sense that customer information is checked — and, as and when necessary, updated — continuously. This means that, if the customer’s status does change, you can be notified especially quickly.
What is AML (Anti-Money Laundering)?

This umbrella term covers measures AML-regulated firms are legally required to take for preventing criminals from illegally concealing the source of funds obtained from illicit activities like corruption, gambling, and human trafficking.

What is a risk based approach to money laundering?

Encouraged by both the FATF and the FCA, a risk-based approach requires that firms thoroughly assess the money laundering threat posed to their business, and deploy an appropriate amount of resources to counter it. This is a proactive approach which should enable companies to detect and diffuse any risk of money laundering before it can take place, whilst using resources efficiently.

What AML checks are required?

AML checks, or Anti-Money Laundering checks, are a crucial part of the financial system and are required by various regulatory bodies around the world. These checks are designed to prevent money laundering, terrorist financing, and other illegal activities. The specific AML checks required may vary depending on the jurisdiction and the nature of the business.

What are AML controls?

AML controls, also known as anti-money laundering controls, are measures put in place by financial institutions to detect and prevent money laundering activities. These controls aim to ensure that the institution is not unknowingly facilitating or participating in illegal financial transactions. AML controls typically involve the implementation of strict customer identification and verification procedures, monitoring of customer transactions for suspicious activities, and reporting of any suspicious transactions to the relevant authorities.

See it in action

Let one of our highly-trained sales team demonstrate the multi-award winning SmartSearch AML product.

Speak to an expert
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