LEEDS, United Kingdom, Feb. 2, 2022 /PRNewswire/ -- Specialist anti-money laundering firm SmartSearch, which expanded into the US last year, has reported record annual growth. The rapid expansion has been driven by a surge in demand for its industry-leading online identity verification and due diligence platform.
The UK-based company increased business by 23% during 2021, with turnover year-on-year rising from $15.9 million (£11.8 million) to $19.5 million (£14.5 million). During that period, subscribers grew from 5,012 to 5,874., and the number of employees nearly doubled, increasing from 109 to 181.
Managing director Martin Cheek said: "These record results for 2021 come in the context of a 77% increase in turnover at SmartSearch over the past three years.
"This growth reflects a surge in demand for our state-of-the-art technology, especially from regulated companies, as they seek an effective solution to the dramatic rise in attempted fraud and money laundering since the outbreak of the COVID-19 pandemic.
"We are now focusing on building upon this growth, and SmartSearch's strategy for moving the business forward will be driven by our new CEO Guy Harrison, who has joined us from Dow Jones."
SmartSearch launched its award-winning electronic anti-money laundering (AML) platform in 2011, and since then has continually developed and refined its technology and to enable clients to accurately identify and verify their customers in just two seconds.
The SmartSearch system makes it virtually impossible for a fraudster to use a fake identity, as it conducts identity checks using a combination of credit reference data and trusted public sources.
Accolades that the company, which is headquartered near Leeds, West Yorkshire, has received for its innovative work include a Queen's Award for Enterprise, and it was recently chosen to provide customer verification by Alto, which is part of Zoopla and provides cloud-based software for estate agents.
For more information please visit: www.smartsearch.com
For further information please contact: Suzanne Savill, bClear Communications
07767 765935 | [email protected]
About SmartSearch
SmartSearch is a leading UK provider of anti-money-laundering software. Its anti-money-laundering verification platform conducts individual and business searches, both for the UK and international markets with automatic worldwide sanction and PEP screening.
It is the only organisation in the UK with the ability to verify individuals and companies in the UK and 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 Ilkley, West Yorkshire, SmartSearch's very latest technology delivers an unrivalled user experience to around 6,000 client firms and 50,000 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 www.smartsearch.com.
SOURCE SmartSearch
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