SmartSearch launches anti-money laundering document verification software


Anti-money laundering firm SmartSearch has launched SmartDoc, a technology tool that authenticates paper documents used in the real estate, legal and financial services industries.

The Leeds-based company, founded in 2005, says the product combines state-of-the-art facial identification technology and machine learning interrogation to check whether these the documents are “authentic and unaltered”.

Organized crime gangs and fraudsters have stepped up their efforts during the pandemic and are thought to be responsible for up to $2 billion a year worldwide in money laundering, according to the data security firm.

SmartSearch Managing Director, John Dobson, says: “We have built a reputation over the past ten years for our market-leading digital verification solution, which is by far the most effective way to combat money laundering. money and know thereour vscustomer checks.

He adds, “But we launched SmartDoc to work alongside as another weapon in the arsenal for companies that feel the need to perform document verification as part of their customer due diligence.

“The new SmartDoc solution integrates facial recognition to identify falsified identity documents that include photographs, such as passports, driver’s licenses, work permits, among others.

“While we always advise customers that electronic verification is the fastest and most reliable way to complete know thereour vscustomer and anti-money laundering controls, a document control solution is a key tool due to the sharp increase in fraud attempts following the global pandemic.

The company says the software also confirms whether a document belongs to the person presenting it. And then provides a pass-fail result, after screening the client against politically exposed persons and other sanctions lists.

the the company says that where it is necessary, the system “uses a visual examination by an identity document expert trained in border security”, who examines the papers.

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