A new three-step verification process has been created by anti-money laundering (AML) specialist SmartSearch. TripleCheck, the new digital Know Your Customer (KYC) and AML solution, offers three levels of security checks starting with ID and verification with sanctions and followed by facial recognition, document capture and liveness appraisal.
In this three-step verification process, the third stage involves digital fraud checks with data referencing and triangulation.
John Dobson, CEO of SmartSearch said: “Our mission is to make AML compliance easy. While the technology behind TripleCheck is highly advanced, the interface and the outputs have been designed with user-friendliness in mind, meaning staff at any level can successfully perform a SmartSearch TripleCheck. “By combining three sophisticated verification processes into one powerful tool, we have created the most powerful, robust and reliable all-in-one AML platform on the market.”
Here is more information on the three-step verification stages:
Level 1 – Identification and verification with sanctions and PEP screening
Level 1 is SmartSearch’s electronic identity verification.
With just a name, address and date of birth, the system uses dual-bureau credit reference agency (CRA) data and the Dow Jones Global Watchlist to perform a full AML check, with automatic sanctions and politically exposed persons (PEP) screening.
Advanced AI automatically triggers enhanced due diligence on any matches and resolves almost all ‘false positives’.
Level 2 – Facial recognition, document capture and liveness appraisal
Level 2 combines optical character recognition (OCR) and the latest biometric facial recognition techniques to provide a true picture of a customer.
This highly advanced technology performs an algorithmic check on photo ID documents to ensure they are authentic. Then, using a customer ‘Selfie Liveness Video’ (SLV), it uses biometric and liveness detection to compare the ‘real person’ with the document provided to ensure the image and information is genuine.
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