Through this move, SmartSearch customers are set to benefit from efficient and more secure onboarding, allowing them to comply with regulatory requirements, mitigate financial crime, and advance their operations.
The SmartDoc solution comes as part of SmartSearch’s suite of digital compliance services, allowing customers across financial services, legal, property, and accountancy to centralise their due diligence to conduct onboarding checks and ongoing, automatic monitoring. The toolkit focuses on supporting businesses operating in regulated sectors to maintain oversight of their risk profile and a compliant position in the regulatory landscape.
As businesses across all regulated sectors are required to securely verify customer identities to prevent fraudulent activity and ensure compliance with AML legislation, Know Your Customer (KYC) and Know Your Business (KYB) regulatory mandates, SmartDoc merges authentication and AI-enabled biometric technology to validate identity documents, digitally authenticate customer identities, and prevent fraudulent attempts.
By integrating Daon’s AI technology into SmartSearch’s SmartDoc solution, the company seeks to improve the solution’s existing features and offer customers an intuitive user interface to conduct ID checks that minimise error and drop-off rates. Built-in intelligence is set to guide users step-by-step on how to capture accurate images of their ID documents and selfies, detecting and flagging issues such as glares, blurs, or misalignments to diminish failed verifications.
Through the increased accuracy and efficiency provided by Daon, the first-time pass rate for SmartDoc checks is set to scale, while complexities from the onboarding journey will be removed. Additionally, the need for companies to conduct manual document review is minimised, in turn increasing the efficiency of their operations.
Furthermore, SmartDoc leverages machine learning and Optical Character Recognition to identify whether an ID document presented by a new or existing customer is genuine or unaltered. With Daon’s AI-enabled biometric facial recognition and liveness detection, the solution can spot and prevent the use of deepfakes or synthetic identities by verifying if the selfie offered matches the user’s identity document and was taken by a real person.
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