SmartSearch US is bringing a new Anti-Money Laundering (AML) tool to the American market. As the name would suggest, the new TripleCheck offering verifies a person’s identity and evaluates their level of risk with a three-step process that provides organizations with greater assurances about the integrity of their clientele.
The first step in the process is a simple AML check, in which TripleCheck cross-references basic personal information (name, address, and date of birth) with watchlists of Politically Exposed Persons (PEPs) and those facing other sanctions. That check draws on Credit Reference Agency data from multiple bureaus, in addition to the Dow Jones Global Watchlist. Any hit automatically triggers follow-up due diligence to make sure there are no false positives.
The second step, meanwhile, utilizes optical character recognition to confirm that the user’s identity document is legitimate, and then pairs that with facial recognition to make sure that document belongs to the person holding it. The system uses a Selfie Liveness Video test to ensure that the right person is present for the interaction.
Finally, TripleCheck will analyze Digital Elements like mobile numbers and email and IP addresses to generate a risk score. The information in that third stage will be compared to the information gathered in the first two stages to make sure that everything is consistent before TripleCheck builds a Composite Digital Identity (CDI).
According to SmartSearch, TripleCheck is geared toward financial institutions that need to comply with new, stricter AML laws in the US. The platform provides administrators with a centralized dashboard that makes it easier to manage cases and conduct investigations.
“While the technology behind TripleCheck is advanced, the interface and the outputs have been designed with the user in mind, meaning staff at any level can successfully perform a SmartSearch TripleCheck,” said SmartSearch US VP Martin Cheek. “Being able to provide ongoing monitoring against sanctions and PEP in the US is a real step-change in terms of how AML checks are traditionally performed.”
May 4, 2021 – by Eric Weiss