Sunday, June 23, 2024

Smartsearch Adds Transunion to Complete Credit Bureau Trident

SmartSearch has further strengthened the market-leading reliability of its digital anti-money laundering solution by adding global information and insights company, TransUnion, to its identity-check partners.

SmartSearch now offers a “triple-bureau” electronic verification and digital compliance platform using global data partners Experian, Equifax, and now TransUnion, to give regulated firms the industry’s most reliable match and pass rate.

The new partnership adds TransUnion’s billion-plus consumer records from over 30 countries to the comprehensive SmartSearch perpetual Know Your Customer suite of identity, business, and sanctions checks.

Last year, SmartSearch’s digital compliance solution helped the company accelerate its recurring revenues by 22 per cent to £17.2m. In 2022, it carried out five million searches worldwide for more than 52,000 users.

Guy Harrison, SmartSearch CEO, said: “Adding TransUnion’s data to our armoury means we can further safeguard our clients against the financial and reputational consequences of money laundering and sanctions breaches – and we can also help them to drive efficiencies, save costs and transform their own customer journeys”.

TransUnion receives hundreds of millions of data records each month from numerous sources to create an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things.

Adam Hancox, director of partnerships at TransUnion in the UK, commented: “We’re excited to have partnered with SmartSearch to be able to assist their customers in making more accurate identity decisions, and to minimise fraud and money laundering risk. By proactively identifying risky transactions and fraudulent devices which may have been connected to account takeover and money laundering, businesses can reduce operational expenses and build trust with their customers.”

Money laundering is the process of disguising the proceeds of illegal activities as legitimate funds. Criminals often use a variety of tactics to launder money, such as structuring transactions to avoid detection, using shell companies and trusts, and creating false identities. Credit bureaus can help identify and prevent money laundering by monitoring for suspicious activity and flagging any unusual or inconsistent information on credit reports.

For example, credit bureaus may detect money laundering if they see multiple applications for credit using the same personal information but with different addresses or employers. They may also flag unusual patterns of credit use, such as large, unexplained cash advances or a sudden influx of new credit accounts. This information can be shared with law enforcement agencies and financial institutions to help them identify and investigate possible money laundering activity.

Guy Harrison, SmartSearch CEO, added: “In an increasingly turbulent economy, SmartSearch has continued to deliver strong growth – securing its place at the leading edge of a digital revolution in the compliance process.”

Alongside its cutting-edge electronic verification, SmartSearch’s software is a vital tool for regulated firms navigating the imposition of thousands of new sanctions on Russia after its invasion of Ukraine. Its digital compliance solution identifies people on sanctions, Politically Exposed Persons (PEPs), Special Interest Persons (SIP) and Relatives & Close Associates (RCA) in minutes. And it also allows regulated firms to continually monitor new and existing clients – daily, if necessary.

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