Arena Investment Management provide assistance in all aspects of financial planning, whether it is protecting your family, investing for your future or preserving wealth for future generations.
Preston based investment management firm Arena looked to procure a new AML software provider to replace their previous AML solution, whose offering and contractual framework no longer met their compliance needs.
Before SmartSearch, Arena was using a system which they felt lacked flexibility and had minimal system enhancements which led to lengthy and onerous processes to verify their clients. The main motivator to switch to SmartSearch was the cost-saving opportunities, as automating their procedures in one centralised system would eliminate the 3-4 hours spent per week meeting AML obligations.
Ongoing monitoring was also a challenge for Arena, however the daily monitoring of PEP and Sanction checks provided peace of mind their customers were being checked against the most up to date watchlists.
Having easily integrated SmartSearch with an open API, Arena only needed to input their client data once - all information is automatically entered into the SmartSearch system enabling them to enhance their compliance solution quickly and efficiently. The UK individual check, performed in just a few clicks is now embedded into their day-to-day processes, automatically triggering enhanced due diligence to confirm a “False Alert” has been made, saving the business major time and money.
Not only do SmartSearch provide access to the Dow Jones Watchlist for ID verifications and AML checks, the configurable solution also provides quick and accurate identification of Ultimate Beneficial Owners (UBOs) using Experian’s world-leading database. This has removed the need for manual checks, streamlined their processes, whilst quickly assessing the potential risk of a client.
“The ease and efficiency of the AML checks made SmartSearch really stand out. We were particularly impressed with the automatic reporting feature that instantly downloaded to the back-office system to deliver a full audit-trail of our clients.”
- Arena Investment Management
During the relationship, SmartSearch has allowed the team to half the time spent on manual tasks per week. This has saved the company valuable time, resources and money and it is these results, alongside a dedicated Customer Success team that is passionate about helping customers achieve their required results from its AML platform.
“SmartSearch has been an integral part of our business and provided the required AML compliance services we’ve needed to grow as a business. The onboarding process has allowed us to enhance our user experience, whilst improving the compliance oversight without the need for manual intervention.”
Arena concludes that they would not hesitate to recommend SmartSearch to any regulated business looking for an innovative AML technology solution.