SmartSearch has launched a new high-risk country report service in response to the introduction of sanctions against Russia.

The service enables regulated firms to scan existing clients and check for residency or citizenship in Russia, Belarus, or other high-risk countries.

SmartSearch confirmed that its new reporting tool instantly checks all clients that a regulated business has previously run searches on and returns matches for those that have a connection to the specified country. The anti-money laundering firm suggested the aim is to support companies looking to quickly evaluate their existing client bases following the sanctions placed on several Russian individuals and businesses.

Furthermore, the search provides a list of all UK business searches on companies where a corporate structure is returned and an entity within the structure that is operated in a high-risk country.

SmartSearch managing director, Martin Cheek, commented: “With the potential reputational and financial damage that could ensue for those working with clients connected to Russia or Belarus, regulated businesses have rightly been reviewing their existing clients.”

“This new product will give businesses peace of mind that they aren’t working with anyone they shouldn’t be. The information will be provided quickly and efficiently and will also be regularly updated for ongoing monitoring purposes.”

Share Story: