Smartsearch resources

SmartSearch enhances international business reports

SmartSearch enhances international business reports

The improvements have been made to give businesses more tools to deal with the rise in fraud and cybercrime, which the Office for National Statistics (ONS) said has increased by nearly a third in the last twelve months.

SmartSearch’s international business reports are the most reliable solution to complete Know Your Business (KYB) checks available, and provide comparable and hard-to-find company information, and extensive corporate ownership structures. By using a variety of data sources, the service will verify international companies, helping to mitigate the risk of fraud.

The reports provide full shareholder and ultimate beneficial ownership (UBO) details, alongside business identification data, consolidated financial information and also screens the business to ensure it is not on a sanction list.

John Dobson, CEO of SmartSearch said: “The national lockdowns in response to the outbreak of the pandemic, caused a spike in attempted fraud, with organised criminals using the lack of face-to-face interactions as the perfect opportunity to set up a fake company. And sadly, this increase is unlikely to slow-down any-time soon.  

“As so many businesses now operate internationally, ensuring a business is legitimate has never been more crucial. It takes a lot of time and effort to try to manually verify whether not only the person you’re speaking to is legitimate, but whether they are actually connected to the business they claim to be.

“Regulatory differences between countries can be challenging, but our solution is continually updated in line with laws and regulations, ensuring businesses always meets their legal requirements.

“Our new enhancement will help prevent businesses from falling foul to fraud and help protect clients from the rising number of fake companies.”

To generate a business report, clients simply enter the company name, business postcode and region, and the system will perform a full KYB check, including sanction screening on the entity and any associated entities returned.

The checks can also be retrospectively conducted on existing clients to ensure a business is fully complaint in the case of an audit. The checks also include ongoing monitoring and sanction checks to ensure the client is alerted to any status changes, whilst providing continued regulatory compliance.

For more information about anti-money laundering solutions in the UK, please visit www.smartsearch.com

Share this

See our other popular articles

{{ image_alt:istock-1259283903-1641816148.jpg }}
{{ image_alt:international.png }}
Whitepaper
Perpetual Know Your Customer (pKYC) - Why should you move to a dynamic AML program?

Perpetual Know Your Customer (pKYC) - also known as continual KYC - is the ongoing process by which businesses continuously update customer information as a part of their risk management strategy and is a step on from a standard Know Your Customer (KYC) process. The latest concept within customer due diligence, pKYC is gaining traction because, not only does it offer a much more dynamic and secure risk management solution now but will automatically evolve as clients’ circumstances change thereby reducing risk and the level of period work required by regulated firms, which is why it is fast establishing itself as the future of KYC. 

{{ image_alt:nl.png }}
Whitepaper
AML: alles over Anti Money Laundering en AML-compliance

  Van drugs-, wapen- en mensenhandel tot omkoping, fraude en handel met voorkennis: het zijn stuk voor stuk criminele activiteiten die veel inkomsten genereren. Inkomsten uit de onderwereld die criminelen willen verplaatsen naar de bovenwereld om het te gebruiken. Hoe ze dat doen? Door dit zwarte geld wit te wassen. Bijvoorbeeld door het via verschillende bankrekeningen te verplaatsen. Of door investeringen te doen in vastgoed, aandelen of obligaties. 

Criminelen gebruiken daarvoor de diensten van financiële bedrijven, instellingen en organisaties. Om witwassen tegen te gaan, zijn deze verplicht om AML-procedures in te richten. Dit is een pakket aan maatregelen om witwassen tegen te gaan. Daarbij staat AML voor anti money laundering. Oftewel: antiwitwassen. 

De overheid ziet scherp toe of bedrijven hun AML-procedures goed hebben ingericht en of ze de herkomst van geld goed kunnen verklaren. Schiet een bedrijf tekort? Dan riskeert het hoge boetes. Iets dat ING bijvoorbeeld merkte. In 2018 schikte het voor 775 miljoen euro met de overheid. Omdat het de herkomst van geld niet goed kon verklaren. 

Voor alle bedrijven die met geldstromen van derden werken is het belangrijk AML-procedures goed in te richten. Dit voorkomt dat er zaken wordt gedaan met mensen die een te hoog risico vormen. En dat de herkomst van geld niet voldoende verklaard kan worden. Dit geldt niet alleen voor internationale accountancykantoren met duizenden medewerkers, maar ook voor een regionale makelaar, een lokaal advocatenkantoor en de plaatselijke notaris. 

Dit paper vertelt u alles wat u moet weten over anti money laundering (AML). Maar ook over AML-compliance, geautomatiseerde hulpmiddelen voor digitale identificatie én het belang daarvan.  

{{ image_alt:laptop-data.jpeg }}
{{ image_alt:international.png }}
Whitepaper
Manual verification checks vs electronic verification - why make the switch?

Under anti-money laundering law, all regulated businesses in the UK - which includes financial institutions and those working in other at-risk sectors including legal, property and investment – and all financial institutions in the US, must complete due diligence on all new customers before they embark on a business relationship. 

This is a hugely important part of the customer onboarding process; firstly, it is a legal requirement and businesses that do not complete the proper checks can get fined, suspended or even face legal action, and secondly, money laundering is not only a crime in itself, but an enabler for more serious crime, including terrorism, drug and people trafficking and modern slavery. 

{{ image_alt:banking-sector.jpg }}
{{ image_alt:uk.png }}
Press Release
AML and identity checks: Lessons learned from the NatWest case

NatWest’s landmark money-laundering case has dealt a huge blow to consumer trust in online banking; an industry that more than three quarters (76%) of UK consumers already admit they don’t fully trust, according to research from anti-money laundering specialists, SmartSearch.

The ongoing lawsuit being faced by the high street bank has put others on high alert to the threats and scale of money laundering in the UK, but experts warn this case is the tip of the iceberg when it comes to financial crime in the UK.

So, what can businesses learn from NatWest to avoid the same costly pitfalls?

Sign up to our newsletter to receive news, resources and updates straight into your inbox!

By submitting your email address, you consent to us sending you emails about news, case studies, resources and updates. To find out more, visit our Privacy Policy.