Blog

  • Our SmartSearch Services will help you verify your clients as an ACSP

    Our SmartSearch Services will help you verify your clients as an ACSP

    So if we already have a copy of a photographic document, we can just upload it into SmartSearch’s IDVT technology and verify the document, this is without forcing the client to go through the GOV.UK one login for full facial recognition.

    SmartSearch’s SmartDoc with or without facial recognition or expert opinion, uses IDVT technology, they are a level three on the IDVT scale, two being the minimum requirement. So these comply with the Companies House Option 1 standard.

    For new clients we still have to comply with the Money Laundering Regulations as well as the Companies House standard, the SmartSearch checks can satisfy both requirements in one singular search.

    How IDVT it works

    • The SmartSearch software combines machine-learning interrogation and an OCR algorithmic check on the ID document’s Machine Readable Zone (MRZ) to verify whether the document is genuine and unaltered, with a full data integration to identify document tampering.
    • Photographic ID such as a E-passport or DL, ID Card,
    • You will need the clients full name,
    • Any former names (as per Government Document),
    • Full Date of Birth,
    • Current Residential Address.
    • Also Details of previous address if less than 12 months at current.

    The Smart Search software will verify the Cryptographic features of identity documentation and security features that correctly identify the person or organisation that issued the documentation. The SmartSearch checks also include the PEP, Sanctions and adverse information checks with ongoing monitoring therefore satisfying both the Companies House standard and anti-money laundering requirements in the one search.

    We offer a non-contractual service where you are invoiced on your actual usage and invoice to your account once a month. Contact us for a complete service price list.

  • Economic Crime Act Part 2

    The reform of Companies House under the Economic Crime Act Part 2 represents a significant step towards enhancing transparency, accountability, and the fight against economic crime in the United Kingdom. Companies House, the registrar of companies in the UK, plays a vital role in maintaining accurate and up-to-date information about businesses operating within the country. However, over the years, concerns have been raised about the misuse of this information for illicit purposes, such as money laundering, fraud, and the facilitation of illegal activities.

    The Economic Crime Act Part 2 aims to address these concerns by introducing a series Economic of reforms to strengthen the integrity of Companies House and improve its ability to combat economic crime. Some of the key provisions of the Act include:

    1. Identity verification: The Act introduces measures to enhance the verification of the identity of individuals who own or control companies. This includes requiring individuals with significant control (PSCs) over companies to provide more detailed and accurate information about their identity, such as their nationality and residential address. This will help to prevent the use of anonymous or false identities for illicit purposes.

    2. Information sharing: The Act enables better information sharing between Companies House and law enforcement agencies, such as the National Crime Agency (NCA) and the Financial Conduct Authority (FCA). This will facilitate the identification and investigation of suspicious activities, allowing for more effective enforcement of laws related to economic crime.

    3. Increased powers and resources: The Act grants Companies House additional powers and resources to carry out its functions more effectively. This includes the ability to query and investigate information submitted by companies, as well as the power to impose fines and penalties for non-compliance or the provision of false information.

    4. Beneficial ownership register: The Act mandates the establishment of a central register of beneficial ownership information, which will be accessible to law enforcement agencies and certain other entities. This register will provide a comprehensive and transparent record of individuals who ultimately own or control companies, helping to prevent the misuse of corporate structures for illicit purposes.

    5. Enhanced criminal offenses: The Act introduces new criminal offenses related to false information provided to Companies House, including the creation or alteration of company records with the intent to deceive. These offenses carry severe penalties, including imprisonment and fines, to deter individuals from engaging in fraudulent activities.

    The reform of Companies House under the Economic Crime Act Part 2 is a significant step towards strengthening the UK’s anti-money laundering and anti-fraud framework. By introducing measures to enhance transparency, verify identities, and improve information sharing, the Act aims to create a more robust system that can effectively detect and prevent economic crimes. These reforms not only protect the integrity of the UK’s business environment but also contribute to the global effort in combatting illicit financial activities.

  • Smart Search platform upgrade

    Important Service Update 

    We are required to inform you of this service upgrade. 

    The Smart Search platform upgrade is coming soon!

    In response to feedback, and as part of their commitment to continuous improvement, SmartSearch is pleased to announce that we will shortly be upgrading your platform.

    Built using the latest technology, the upgraded platform will ensure SmartSearch will remain at the forefront of the industry with exciting new features, whilst keeping the core functionality the same. 

    Benefits 

    • A new modern and seamless look 
    • New features to improve usability 
    • Improved service and performance levels 
    • Built on the latest technology, to enable a continuously evolving solution

    When will this change take place?

    The migration window will commence from late July.

    What about my data?

    Your data will continue to be the number one priority and is hosted exclusively in the UK, with all security controls being maintained during the migration process and beyond.

  • HMRC probes 153 people suspected of aiding tax evasion

    HMRC has confirmed it is investigating 153 suspected ‘enablers of tax evasion’, including both regulated and unregulated tax advisers.

    Cracking down on ‘enablers of tax evasion’ has been a key area of focus for HMRC since it established its Fraud Investigation Service in 2015.

    The HMRC’s Fraud Investigation Service has been given additional resources in various budgets to recruit more staff and, as a result, the number of investigations into tax fraud enablers is increasing in line with Government’s plan to prosecute many hundreds of enablers.

    The definition of ‘enablers’ of tax evasion is wide and includes not just the obvious sectors such as accountancy but includes solicitors, trust and company service providers and wealth managers enabling businesses to evade tax.

    Enablers fall under two categories: those who are knowingly complicit in criminal activity and those who may not be aware of their client’s involvement in criminal activity but have failed to carry out proper risk assessment and client due diligence checks.

    Regulated firms should ensure that their anti-money laundering policies, controls and procedures are robust enough for any firm wide risk assessed and staff are trained as and when new risks are identified. It is important that risk assessments of clients are reviewed on a regular basis and any changes identified are properly investigated.

    As authorities become better at tackling traditional methods of tax evasion, criminals are becoming increasingly dependent on assistance from enablers. This assistance includes moving assets between jurisdictions, setting up offshore structures, concealing beneficial ownership and devising arrangements to minimise profits.

    The Government though its agencies is determined to clamp down hard on anyone who aids in tax crimes, not just the perpetrator themselves.

  • AML Compliance: European Union Blacklist for Tax Havens

    AML Compliance latest news: European Union Blacklist

    MEPs have called for a tightening of the rules on which countries are added or removed from the European Union blacklist and indicated that UK overseas territories such as the Cayman Islands, Bahamas, Jersey and Guernsey are among those which should be added to an EU tax havens blacklist after the conclusion of the Brexit deal, saying that Britain’s overseas territories should now be screened for potential inclusion on the list, and that the Brexit deal was based on “mutual values and geared towards common prosperity, which automatically excludes aggressive tax competition”. (more…)

  • Money Laundering Regulations Breaches

    HMRC issue fines for Money Laundering Regulations breaches

    Obliged firms play a vital role in the financial systems of the UK’s economy. They facilitate transactions of significant importance daily. However, that also exposes them to being used for illegal purposes. Therefore, they must always act with integrity and abide by the rules. One of the regulations that they must pay special attention to is the Anti-Money Laundering Regulations.

    For professional firms that provide defined services, the regulations require their anti-money laundering systems and controls meet the UK’s anti-money laundering regime’s requirements. The regulations require these firms to ensure that relevant employees are kept aware of the firms’ policies, controls and procedures and are accountable for their actions. (more…)

  • Customer Verification using Biometric Facial Recognition

    Customer Verification using Facial Recognition

    Verification using facial recognition is becoming an increasingly popular part of the customer on-boarding process. Under government COVID-19 regulations, many prospective clients are no longer able to present their documents in person or using physical documents. With continued restrictions on social contact, firms that rely on paper-based ID checks are facing significant business disruption. These include:

    1. Lockdowns can make it difficult for individuals to get to post offices to send ID documents.
    2. There is an increased risk of contamination when sending physical documents.
    3. Working from home can sometimes make it risky to send sensitive personal data to staff home addresses.

    How can we help?

    Our electronic verification (EV) services solve all these issues so that regulated firms can carry on serving clients without disruption. In addition to our usual EV solutions, we offer Biometric Facial Recognition as part of the customer on-boarding process. These services apply to both UK and overseas individual checks.

    This helps to mitigate the risk that the “Customer not present” element of the Money Laundering Regulations presents when customers are unable to send physical identification.

     

    Customer Verification using Facial Recognition: How does it work?

    It is a simple process which uses digital copies of documents rather than their physical counterparts. A good scanned copy of any government issued document which features the customer’s face, such as a passport, can be used. The digital copy can be verified either by:

    • uploading it directly from the customer’s computer or
    • sending the client an upload link via a free SMS

    The customer is verified using biometric facial recognition on the digital document. The results include both a check on the document as well as facial recognition information. This is in addition to the usual AML UK residential report.

     

    Customer Verification using Facial Recognition: How much does it cost?

    The biometric facial recognition element is £15 + VAT in addition to the normal UK search rate.

    This offers incredible value in completing the on-boarding process in these difficult times. Furthermore, under proposed UK Government consultations it is likely that biometric facial recognition will become the preferred method of customer verification.

    Please contact us for more details or to arrange a quote. You may also be interested in our enhanced facial recognition service which uses TripleCheck.

  • Unexplained wealth orders

    UK working on 100 Unexplained wealth orders (UWOs)

    As part of The Criminal Finances Act, Unexplained wealth orders require individuals to explain various issues about an asset, including how it was obtained, including the source of the wealth, have been recently introduced to the UK. The National Crime Agency is forging ahead with securing more unexplained wealth orders (UWOs) in line with its ambitions to seize criminal assets and crack down on money laundering.

    In February, the NCA revealed it had secured the country’s first two UWOs cases, which will enable it to investigate assets totalling £22m. The orders relate to a property in London and another in the South East of England. They enable the UK to more effectively target the problem of money laundering through prime real estate in London and elsewhere. We are determined to use all of the powers available to us to combat the flow of illicit monies into, or through, the UK.

    Britain’s National Crime Agency (NCA) is forging ahead with securing more unexplained wealth orders (UWOs) in line with its ambitions to seize criminal assets and crack down on money laundering. In a Reuters interview published on Tuesday, NCA Director of Economic Crime Donald Toon said there are about 100 cases his agency is working on, and it is looking to secure five more in the next three months.

  • Policies and Procedures AML Regulations 2017

    Policies and Procedures Templates for the Money Laundering Regulations 2017

    A complete set of templates which aids in the requirements in the Regulations for risk sensitive policies, controls and procedures which are able to demonstrate to a supervisor your firm’s specific policies, controls & procedures for AML. It includes:

    • Templates covering The firms’ Policy Statement,
    • Templates for the ‘Risk Register’ that is Risk Assessment & Risk Management controls and Procedures
    • Templates for Policy and management procedures for reporting both internally and to SOCA
    • A further ‘Tool Kit’ section packed with working papers and other relevant items to help you prepare your firms specific policies, controls and procedures.

    The documents are delivered electronically allowing for simple editing in word along with explanations and instructions of what is expected of you for each section.

    For further details click here

  • Anti Money Laundering verification platform

    SmartSearch is Ready for the 2017 Anti-Money Laundering regulations

    The unique SmartSearch Anti Money Laundering verification platform is enabling regulated businesses to comply with the latest 2017 Anti Money Laundering (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, the SmartSearch is much more convenient and cost effective for both your firm and your clients.  

    The unique platform brings together both Individual and Business searches for the UK and International Markets with automatic Worldwide Sanction & PEP screening.” It will give you complete functionality to process any type of AML search all from a single and easy to use platform.  

    The Real-time hosting of all your businesses search activity and AML outcomes enables you to recall on-demand any AML outcomes to support an internal audit or an external visit from your supervisory body or regulator.  

    Access to the SmartSearch Platform through Business Tax Centre is on a ‘pay as you have used basis’ with no formal contractual amount payable, pay for your usage only.