A PropTech firm has launched a new facial recognition feature to its existing digital anti-money-laundering platform.
Due to the restrictions on travel currently in place during the Coronavirus outbreak, some clients of agents are unable to present ID documents and proof of address in person.
The new facial recognition service from SmartSearch adds what the company calls “the additional layer of reassurance” on top of the usual Know Your Customer and AML checks in a matter of seconds.
Screening against global sanctions and politically-exposed persons lists continues to be standard with the service.
“Electronic checks using credit reporting data will bring to light any discrepancies in a client’s personal history and clearly flag up where further action is required. Facial recognition is the icing on the cake, giving businesses that crucial extra reassurance that the person they are dealing with is on the level” says company chief executive John Dobson.
The company claims individual AML checks take “two seconds from start to finish” while business checks take less than three minutes.