AML platform secures 1,000th property client

Anti-money laundering specialist SmartSearch has reached 1,000 clients in the property industry.

It comes amid increased scrutiny of money laundering amid sanctions on those connected to Russian leader Vladimir Putin after the invasion of Ukraine.

Companies in the property sector which use the SmartSearch platform include JLL, Winkworth, and Alto, the cloud-based software for agents which is part of Zoopla.

Another is Huntingfield Estates in Framlingham, Suffolk.

Its director Becky Eglinton said: “Before we joined SmartSearch, we were conducting all our compliance checks manually, using paper documents.

“When the fifth money laundering directive was announced, I knew we needed to put a better system in place and I am very happy we partnered with SmartSearch.

“The difference between paper and electronic verification is vast and a major plus point is the ease of use of the platform. Whether we want to verify a UK resident’s address or us the SmartDoc service for ID verification, everything is quick and easy to use.

“The other major plus is the friendly and helpful SmartSearch staff.”

SmartSearch says its sanctions checking capabilities are particularly essential in London as an estimated £1.1bn of property in the capital is owned by Russians.

The SmartSearch service is available on a single platform via a browser or API, with full sanction, politically exposed person, adverse media screening and then ongoing monitoring.
It recently launched a new service that enables businesses to check clients for residency in Russia, Belarus, and other high-risk countries.

Martin Cheek, managing director at SmartSearch, added: “The popularity of SmartSearch in the property sector is a testament to our product. We work with businesses at all points of the transaction chain, from estate agents to broker firms and conveyancers.

“It is a sector we are anticipating further partnerships in, as in addition to the importance of being fully compliant with regard to anti-money laundering there is now the added pressure of checking for sanctioned companies and individuals following Russia’s invasion of Ukraine.”