SmartSearch, the UK’s leading provider of digital compliance and anti-money laundering (AML) solutions, today announces its partnership with Daon, the Digital Identity Trust company, integrating its industry-leading biometric identity assurance technology into SmartSearch’s SmartDoc solution. SmartSearch customers will benefit from faster, more secure, and efficient customer onboarding, enabling them to comply with regulations, fight financial crime and grow their businesses with confidence.
Businesses in all regulated sectors must securely verify customer identities to prevent fraudulent activity and ensure they comply with AML legislation, Know Your Customer (KYC) and Know Your Business (KYB) regulatory mandates. Using extensive data coverage from more than 200 global sources, SmartDoc combines advanced authentication and AI-powered biometric technology to validate identity documents, digitally authenticate customer identities and prevent fraud.
Daon secures more than 2 billion identities across 230+ countries and territories, making it one of the most trusted names in identity verification. Integrating the company’s best-in-class AI technology into SmartSearch’s SmartDoc solution will enhance the solution’s existing capabilities and provide customers with a highly intuitive user interface to conduct ID checks that reduces user error and customer drop off rates. For instance, built-in intelligence guides users step-by-step on how to capture clear, accurate images of their ID documents and selfies, detecting and flagging issues like glare, blur, or misalignment to reduce failed verification attempts.
With higher accuracy and improved efficiency thanks to the integrated Daon technology, the overall first-time pass rate for SmartDoc checks will increase, removing friction from the onboarding journey and reducing the need for companies to carry out a manual document review. Businesses will be able to onboard more customers, faster, while also meeting regulatory standards.
“Financial criminals are fast, agile and quick to adopt new technologies to conduct and conceal their illicit activities. Businesses in regulated sectors need to be equally armed with cutting edge innovations to fight money laundering and shield their organisation and customers from fraud,” said Fraser Mitchell, Chief Product Officer at SmartSearch. “This is why we have partnered with Daon, to assist, equip and empower companies in regulated sectors, enabling them to simultaneously fight crime and grow their business with confidence – safe in the knowledge that they are not breaching any of the stringent AML, KYC or KYB regulations they face. With a streamlined user experience, businesses can onboard faster and win customers through trusted identities.”
SmartDoc employs machine learning and Optical Character Recognition to determine if an ID document presented by a new or existing customer is genuine and unaltered. Using Daon’s AI-powered biometric facial recognition and liveness detection, SmartDoc can detect and prevent the use of deepfakes or synthetic identities by verifying if the selfie provided matches the user’s identity document and was taken by a real person.
“Using identity Verification and Biometric Authentication is key to building trust in the customer onboarding process,” said Clive Bourke, Daon’s President for EMEA & APAC. “We are delighted to have been selected by SmartSearch to provide our identity orchestration platform, TrustX for its SmartDoc solution and look forward to working together to enable businesses in regulated sectors to validate customer identities. Through this partnership, businesses can have peace of mind that they are not just detecting fraud, but preventing it, all while meeting their ongoing AML, KYC and KYB regulatory requirements and reducing the risk of non-compliance penalties.”
The SmartDoc solution integrates with SmartSearch’s full suite of digital compliance solutions, enabling customers across financial services, legal, property and accountancy to centralise their due diligence to carry out onboarding checks as well as ongoing, automatic monitoring in one platform. This comprehensive toolkit can help businesses in all regulated sectors to maintain complete oversight of their risk profile and retain a compliant position amidst an evolving regulatory landscape.
For more information on the SmartDoc solution, please visit our website.