SmartSearch has announced the launch of a new business-owner verification solution in a bid to counter a spike in scams involving fake businesses.
The anti-money laundering (AML) and ID verification firm has expanded the number of countries where it can carry out a Know Your Business (KYB) check to 165, and revealed it is targeting regulated firms in the legal, banking and financial services sectors with its enhanced service.
Under the 5th EU Anti-Money Laundering Directive, KYB regulation requires firms to have an understanding of the ownership of any business they are entering into a commercial relationship with.
In 2020, however, SmartSearch has reported a “dramatic increase” in the number of fake businesses being created by organised crime gangs in order to commit fraud, and with little ID verification required to create a business, the firm suggested there is a “wide-open back door” that is being exploited by fraudsters.
The SmartSearch business verification will cross-check the details given with multiple data sources – including Companies House, Experian, Equifax and Dow Jones Politically Exposed Persons (PEP) and Sanctions lists – to ensure the most accurate pass rate, the firm said.
SmartSearch CEO, John Dobson, commented: “Regulated businesses in the UK not only need to be compliant with Know Your Customer (KYC) legislation but also KYB. Otherwise they are seriously exposed to fraud and also to financial penalties from the FCA.
“The expansion of our global database will cement our position as the most comprehensive AML and ID check system on the market. We partner with the world’s best data suppliers to provide a ‘one-stop-shop’ for AML checks which means SmartSearch has the most robust verification for KYB on the market.
“It makes sense to do a SmartSearch as you can validate the identity of a business and its directors in less than three minutes. That means it takes about the same time to do a SmartSearch as it does to make a cup of tea, and it will not only protect your business from fraud, but also ensure you’re compliant with current regulations.”
Latest News
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories