Smart Search launches anti-money laundering service for remote firms

7 April 2020 | General

Smart Search has unveiled money laundering cover designed for businesses operating remotely over the coming months.

Businesses in property, legal and financial services commonly need to run ID and verification checks on customers – and they are no longer able to do that in person.

John Dobson, chief executive at SmartSearch, said: “It is really hard to see so many businesses unable to continue remotely, however, sectors such as property, legal and financial services shouldn’t suffer due to their AML checks.

“Unfortunately, we do not know how long this current situation will continue to impact our lives, but we hope by explaining the benefits of electronic verification, businesses will be confident they can continue to remain compliant with money laundering regulations.

“I am happy to announce that we’re able to offer specific cover to businesses that are being impacted, enabling them to protect their business and continue to work remotely throughout this crisis.”

In January the 5th money laundering directive came into force and stated that customer due diligence measures should identify the customer electronically wherever possible.

Dobson added that It is possible that in a post-Brexit world, the FCA – or whatever agency takes over the control of our money laundering regulations – will take this even further and insist that electronic checks become mandatory.

This post has originally been featured in Property Wire.