Anti-money laundering (AML) solution provider, SmartSearch, has revealed that 2020 was the most successful year in the firm's history.

Driven by increased demand for its ID verification system, the business saw sales rise by 13.5% over the course of the year, with net profits up by almost a third at 28%.

SmartSearch also brought on 840 new customers taking their total base to more than 5,000 client customers, and 45,000 users of its digital platform.

The RegTech specialist suggested it had been quick to react to the outbreak of coronavirus and the subsequent rise in money laundering and financial crime.

CEO, John Dobson, commented: “Clearly it was a year like no other and while we had been growing successfully year-on-year prior to 2020, the business really went up another level. As we said at the outbreak of coronavirus, an event of this magnitude will provide opportunities for unscrupulous criminals and professional enablers to commit fraud when collectively our guard is down.

“The property sector has always been a prime target for money laundering and the pandemic exacerbated that because brokers and estate agents were still relying on manual ID checks when onboarding new customers, which is wide open to abuse.

“We developed the most robust and comprehensive verification system on the market, a one-stop-shop that provides a secure, digital solution. By moving to electronic verification there’s no need to meet people in person, which makes it efficient as well as COVID-secure.”

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