Wealth management firms are set to benefit from a partnership between SmartSearch and Plannr, aimed at streamlining Anti-Money Laundering (AML) compliance.
In a groundbreaking move, SmartSearch, a UK-based provider of digital AML and compliance solutions, has formed a strategic partnership with Plannr, a modern CRM and back-office platform for financial planners and wealth management firms. This collaboration aims to bring a new level of automation and simplicity to AML compliance in the financial planning industry.
The partnership delivers a highly efficient, reliable, and compliant onboarding solution that reduces friction in client acceptance while maintaining rigorous AML standards essential for financial planning firms. Key advantages include an industry-leading KYC pass rate of up to 97%, extremely fast completion of KYC checks—often in as little as 2 seconds—and seamless integration of AML compliance technology into Plannr's platform.
The comprehensive data aggregation used by SmartSearch reduces the risk of missing vital intelligence, as information reported to each bureau can vary. This robust verification process, which includes data from Equifax, Experian, and TransUnion, ensures a more reliable and robust identity verification and due diligence checks compared to solutions relying on fewer sources.
The integration eliminates the need for re-keying data across platforms, streamlining workflows and lessening manual effort and the risk of human error. Gareth Thompson, Chief Technical Architect at Plannr, comments that the integration significantly boosts adviser efficiency and reduces manual entry errors.
The collaboration between SmartSearch and Plannr introduces technology to Plannr that supplies an industry-leading pass rate of up to 97% for AML and KYC checks. The integration in the Plannr interface triggers automated AML and identity checks, leading to faster, frictionless client onboarding. AML and KYC checks can be completed in as little as 2 seconds with the integration, supported by real-time data verification and continuous compliance monitoring.
Kerry Cleary, Partnership Director at SmartSearch, stated that this collaboration brings automation and simplicity to AML compliance in the financial planning space. The integration ensures Plannr users meet stringent regulatory standards with exceptional speed, precision, and confidence. The tools from SmartSearch and Plannr work in perfect harmony with one another, delivering a truly streamlined experience with everything advisers need in one place.
The partnership allows Plannr users to streamline their compliance obligations, reduce risk, and maintain regulatory compliance all from within one integrated platform. By partnering with SmartSearch, Plannr users can benefit from unparalleled accuracy and efficiency in their compliance processes. The strategic integration significantly enhances the compliance capabilities available to Plannr users by leveraging SmartSearch's comprehensive solution, which incorporates a triple bureau approach to electronic identity verification and AML checks.
The partnership between SmartSearch and Plannr reflects both companies' shared mission to drive innovation and enhance operational efficiency. The integration of SmartSearch's AML verification and monitoring technology with Plannr's platform allows financial planning firms to perform compliance checks and client onboarding processes within their daily workflows.
In summary, the SmartSearch and Plannr strategic partnership offers significant benefits for financial planning firms by streamlining and enhancing Anti-Money Laundering (AML) compliance and client onboarding processes, providing wealth managers with a unified and efficient workflow that lessens manual effort and the risk of human error, and reducing operational risk and regulatory breaches.
- The strategic partnership between SmartSearch and Plannr introduces technology that boosts adviser efficiency and ensures regulatory compliance, as the integration triggers automated AML and identity checks within Plannr's platform, leading to faster, frictionless client onboarding.
- By partnering with SmartSearch, financial planning firms can benefit from unparalleled accuracy and efficiency in their compliance processes, as the comprehensive solution from SmartSearch, which incorporates a triple bureau approach to electronic identity verification and AML checks, significantly enhances the compliance capabilities available within Plannr's platform.
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