50% workforce growth in six months at the RegTech specialist


Anti-money laundering solutions provider SmartSearch has achieved over 50% growth in its team in the past six months, following strong demand for its identity verification and due diligence platform in line.

Ilkley-based specialist RegTech says it recruited the equivalent of a new staff member every two days, across a range of different functions and divisions, during the first quarter of the year.

The company had its most successful year in 2020, surpassing the 5,000 client mark and opening its first international office in the United States.

It went from 100 people in September 2020 to 154 at the end of March this year.

This helped the company to be named one of the most dynamic in Europe for the third year in a row.

SmartSearch chief executive Martin Cheek said the recruiting drive was based on growing demand for its products and services, in part due to the heightened threat of money laundering and financial crime that has manifested itself. since the start of the pandemic.

Cheek, one of the founders of the company in 2011, said: “What we have seen since the coronavirus outbreak over a year ago is a huge increase in the level of financial crime such than money laundering, based on the use of false identity cards and more sophisticated documents.

“This has enabled companies in regulated industries to realize that traditional methods of identity verification when hiring new customers, such as manual passage of passports and driver’s licenses, are no longer suitable.

“At the same time, the Financial Conduct Authority has been clear not only in its message that failure to comply with due diligence will be penalized, but also that electronic verification is more accurate and efficient.

“This has resulted in increased demand for SmartSearch’s digital solution which is capable of verifying an individual’s identity in two seconds, performing full identity verification on multiple global databases, including sanctions. and PEP lists.

“As a result, we have conducted a significant recruiting campaign for the team at our head office in Ilkley, where we have strengthened our sales team and our customer service team, which is at the heart of our business.

“This has been a growth spurt for SmartSearch and we have a brilliant team here to handle this as more companies realize the importance of moving to electronic verification to stay ahead of the curve. money launderers and organized financial crime gangs.

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