AML specialist SmartSearch brings ‘gold standard’ compliance to the Netherlands

Leading UK anti-money laundering (AML) firm SmartSearchis launching in the Netherlands, introducing its innovative digital solution to a second international market within 12 months.

Over the past decade SmartSearch has established itself as one of the foremost providers of SasS (software as a service) solutions for regulated businesses in the UK.

It is now taking that gold standard in AML compliance to international markets, helping to shut out the increasing threat of money laundering and financial crime, both of which have been on the rise since the outbreak of coronavirus worldwide.

SmartSearch’s move into the EU follows its launch into the USA last year, giving the West Yorkshire-based business a growing global reach. 

The SmartSearch solution ensures full compliance for Dutch businesses with the Money Laundering and Terrorist Financing (Prevention) Act (Wwft) and Sanctions Act, as it meets all requirements of the latest EU Money Laundering Directives. In addition, the full range of AML checks can be performed remotely, with no need for face-to-face contact or physical documents to be exchanged, making it Covid-secure.

SmartSearch expects that its solution will prove popular with clients in the Netherlands, as CEO John Dobson explains: “At SmartSearch we’ve developed a highly sophisticated and powerful digital solution, but at the same time made it incredibly simple for the end-user to operate.

“With many years of experience in developing the technology for the UK market, and increasing our customer base year-on-year, we’re looking forward to launching in the Netherlands, where businesses face the same issues with customer onboarding and ID checks.”

The move follows a period of sustained growth for the multi-award-winning SmartSearch, which has also been listed as one of Europe’s fastest-growing companies for the third year running with more than 5,000 client firms benefitting from its solution.

Dobson adds: “Manually checking hard copy documents to verify ID is no longer fit for purpose and the EU has recognised this with a push towards electronic verification in the sixth Money Laundering Directive which was issued at the start of this year.

“We expect many Dutch businesses to make the switch to digital, as they have in the UK, not only in order to comply with the latest regulations at all times, but also to make the customer onboarding process much more efficient, accurate and convenient for their customers. This will improve overall business efficiency saving considerable time and money.

“We have developed a bespoke product for the Dutch market so that firms using SmartSearch have the same absolute confidence as those in the UK and receive the same level of services that has resulted in world-class customer service and an industry-leading client retention rate.”

Simply by entering a name, address and date of birth, the SmartSearch solution will scan global databases including lists for sanctions and politically exposed persons (PEPs) and return a full ID report for an individual in just two seconds. For a check on businesses, including details for directors and ultimate beneficial owners (UBOs), it takes less than three minutes.