SmartSearch U.S. Launches Business Checks in Response to New AML Legislation

LEHI, Utah, March 4, 2021 /PRNewswire/ — Leading anti-money laundering (AML) specialist SmartSearch U.S. has launched the most robust corporate customer verification solution on the market, in response to increased regulations passed by Congress at the start of the year.

In light of the newly-approved Defense Act, regulated businesses in the U.S. now need a more reliable corporate compliance program in place which ensures they know exactly who they are dealing with.

RegTech experts SmartSearch U.S. say its digital business fraud checks with data referencing and triangulation will give businesses the confidence that they are compliant with the new raft of AML regulation, as well as protecting against potential fraud.

By simply entering the name of the institution and a zip code, the online platform will provide a virtually instant report which will; Confirm the existence of the business, provide lists of executives and owners, validate the corporate structure and automatically send OFAC and global sanction updates on the company and its executives.

The solution will also help businesses comply with the latest AML guidance which requires regulated businesses to identify their ultimate beneficial owner.

Chad Rawlings, national sales director at SmartSearch U.S. based in Utah, said: “Verifying corporate customers is vital to any customer onboarding program but takes a lot of time and money, usually because of the lack of information available.

“Under the latest updates to AML regulations as outlined in the Defense Act, businesses need to conduct more corporate customer checks than ever.

“At SmartSearch U.S. we are responding to that need by launching our new Instant Business Report solution. It is part of our innovative and totally digital corporate compliance program, which is accessed via desktop or online, remotely at home.

“With the introduction of some significant changes to AML regulation at the start of this year, it’s time for businesses to ensure they have a reliable and easy Know Your Business (KYB) system in place.

“This is a proven solution, now available in the U.S., which is currently supporting thousands of businesses in the UK and uses cutting-edge technology to protect your business.”

SmartSearch U.S. has expanded the number of countries where it can carry out a business check to almost 200, giving a truly global reach to its search capability.

Since the outbreak of the coronavirus, there has been a dramatic increase in the number of fake businesses being created by organized crime gangs, in order to commit fraud. And with just an Employee Identification Number (EIN), and a physical US mailing address required to create a business, SmartSearch U.S. says it is wide-open for exploitation by fraudsters.

The SmartSearch U.S. business verification feature will cross-check the details given with multiple data sources to ensure the most accurate pass rate.

SmartSearch U.S. is the only AML platform that is able to verify individuals and corporate clients wherever they are based with full Sanction and PEP screening and ongoing monitoring.

No other provider offers this level of depth and breadth of functionality making SmartSearch U.S. unique in the marketplace.

About SmartSearch U.S.

SmartSearch U.S. is a leading global provider of anti-money-laundering software. Its anti-money-laundering verification platform conducts individual and business searches, for international markets with automatic worldwide sanction and PEP screening.

It is the only organisation with the ability to verify individuals and companies internationally all in a single platform via a browser or API, with full Sanction, PEP and adverse media screening, and then ongoing monitoring.

Headquartered in Lehi, Utah, SmartSearch‘s very latest technology delivers an unrivalled user experience to over 5,000 client firms and 45,000 users, enabling them to comply with the latest AML regulations and fulfil their AML, Customer Due Diligence (CDD), and Know Your Customer (KYC) compliance obligations.

With no requirement for clients to provide identity documents, SmartSearch‘s automated verification approach is significantly more convenient for both users and their end customers, with individual AML checks taking two seconds from start to finish, while business checks take less than three minutes.

For more information, please visit

Media Contact
Jennifer Fugel

SOURCE SmartSearch

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