SmartSearch reports continued business growth despite COVID-19
Specialist anti-money laundering (AML) firm SmartSearch has reported continued growth, reaching upwards of 4,500 clients despite the outbreak of COVID-19.
The firm now employs more than 100 members of staff and continues to take on new clients.
SmartSearch attributes its continued growth during the current crisis to its know your customer (KYC) and AML platform, which enables clients to perform full electronic ID verification and screening remotely, with no impact from the restrictions on movement.
The platform has also recently incorporated biometric facial recognition.
Since restrictions were imposed, SmartSearch moved its entire operation to remote working.
In response to coronavirus, the firm launched a rapid response service to help businesses move to electronic verification and avoid disruption to business continuity.
Kathy Mitchell, director at investment and retirement planning firm LMS Partners, a recent addition to SmartSearch’s client roster, said: “SmartSearch was quick to provide a demonstration, costings and then onward training.
“The functionality of the system and quality of data providers appealed to us when we were looking for an AML [or counter-terrorist financing (CFT)] screening system.
“The potential use of electronic ID verification will become part of our ongoing contingency planning given current circumstances where we are conducting business without our usual face-to-face contact.”
John Dobson, CEO of SmartSearch, added: “We thrive on constant innovation.
“We are always looking to add new functionality to improve our clients’ experience and ensure that they are fully compliant with regulation and protected from criminal activity.
“Our new facial recognition feature is an example of this, giving clients all-important peace of mind at a time when we know criminal activity is likely to rise.
“We have always prided ourselves on our customer service – and our 98% client retention rate is evidence of this.
“We have continued to grow, and provide much-needed jobs, because we offer firms a KYC solution that is secure and cost-effective.
“Our platform provides the resilience businesses need to deal with the threat from COVID-19 while continuing to serve their customers.”