8 Skyline | Edition 3 | Winter 2021
Once again , SmartSearch is leading the way with its award-winning anti-money laundering ( AML ) solution which allows you to perform your due diligence , carry out Know Your Customer and Adverse Media checks in the UK or abroad , all with one sophisticated electronic platform . As such , SmartSearch is our preferred partner when it comes to AML compliance .
Benefits of using SmartSearch
1 Instant AML Checks The efficient , automated platform performs an individual AML search in under 2 seconds with a business AML check taking less than 2 minutes , providing you with instant compliance and peace of mind .
1 Automatic Sanction & PEP Screening Complete Sanction , PEP , SIP and PSC checks on every new and existing customer – all accessed and monitored through one easy to use platform .
1 Continuous Monitoring SmartSearch monitors all current and past searches daily , alerting you to any changes in your customer ’ s Sanction or PEP status , providing enhanced due diligence and ensuring you remain compliant at all times .
Introducing Perpetual KYC
Perpetual Know Your Customer ( pKYC ) is an innovative new approach that is moving KYC from being a static , transactional process to a dynamic one , offering businesses a more reliable and cost-effective way to manage their risk .
What is the difference between pKYC and KYC ?
While a traditional KYC programme is very ‘ transactional ’ i . e ., you run the initial check and then , once the verification period is up , run another , a pKYC programme is much more dynamic . Instead of having to specifically run a new check to see if a client ’ s risk profile has changed , pKYC offers client lifecycle management because it is constantly monitoring for any relevant changes . The continual nature of a pKYC solution means that the business has a full picture of their client , giving them a much more robust and accurate risk-management process .
What is the difference between ongoing monitoring and pKYC ?
Although similar to ongoing monitoring , to achieve a pKYC a business must have procedures in place whereby every change to their customer ’ s status is identified . pKYC will check a huge number of external and internal sources in order to monitor any and every change that could be relevant , for example , changes to the customers ’ name , their place of work , their credit file , or their utility provider . For corporates , it would monitor changes to the corporate structure of a business , including changes in ownership and Ultimate Beneficial Owners , as well as any suspicious activity across the entire database .
Download our latest whitepaper – pKYC – Why a more dynamic all-encompassing KYC solution is the future of risk management – to find out more . [ 1 ]
pKYC is the future of customer due diligence ... let us help you get there
SmartSearch ’ s leading verification platform hosts every part of a KYC check – identification , verification , screening , and ongoing monitoring – in one place , which can be integrated with existing customer databases as well as external sources for a complete view of each and every client .
To start benefiting from SmartSearch , sign up today via the SimplyBiz Mortgages website where details can be found under the tab Tech & Tools .
Note 1 . The white paper referenced above can be found on the SmartSearch site under resources , whitepapers , entitled Perpetual know your customer pKYC why a more dynamic all-encompassing KYC solution is the future of risk management .