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Does the BSA require documents (passports/driver's licenses etc) for compliance?
The Bank Secrecy Act states that in order to perform “Customer Due Diligence” you must “verify” using documents or information obtained from a reliable source, that is independent of the person whose identity is being verified. Non-documentary methods can be used as part of a client’s risk-based procedures outlined in the Customer Identification/ BSA/AML Program.
SmartSearch uses multiple independent data sources via Experian, plus all individuals are automatically screened against worldwide Sanction and PEP lists and enhanced due diligence is automatically triggered for any matches. SmartSearch is always updated in-line with any changes in regulation, so you can be confident you are fully compliant for the life of your contract.
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