SmartDoc Solution: Centralizing Due Diligence for Enhanced Compliance
The SmartDoc solution is part of SmartSearch’s suite of digital compliance services, designed for businesses across financial services, legal, property, and accountancy. It helps centralize due diligence processes to facilitate onboarding checks and ongoing, automated monitoring.
Enhanced User Interface and Reduced Errors
As a growing number of companies need secure identity verification to prevent fraudulent activities and ensure compliance with AML legislation, including Know Your Customer (KYC) and Know Your Business (KYB), SmartDoc combines authentication and AI-enabled biometric technology. This integration aims to validate ID documents, digitally authenticate customer identities, and thwart fraudulent attempts.
By incorporating Daon’s AI technology into SmartSearch’s SmartDoc solution, the company intends to improve existing features and offer an intuitive user interface for conducting ID checks that minimize error rates and drop-offs. The built-in intelligence guides users through capturing accurate images of their ID documents and selfies, identifying issues such as glares, blurs, or misalignments to reduce failed verifications.
Increased Accuracy and Efficiency
SmartDoc’s enhanced accuracy is expected to boost the first-time pass rate for identity checks, thereby simplifying onboarding journeys. Furthermore, it reduces the need for companies to manually review documents, thus increasing operational efficiency.
The solution leverages machine learning and Optical Character Recognition (OCR) to authenticate ID documents presented by new or existing customers. Daon’s AI-enabled biometric facial recognition and liveness detection capabilities can identify deepfakes or synthetic identities by ensuring that the selfie matches the user’s identity document and is taken by a real person.