SmartSearch and Iress have announced an important integration to simplify and streamline anti-money laundering (AML) compliance efforts for financial advisers. This collaboration brings together SmartSearch’s industry-leading digital AML verification technology with Iress’s renowned financial advice software, Xplan, offering advisers a seamless and efficient compliance experience within a single platform.
The integration addresses a long-standing challenge in the financial advice sector: outdated, fragmented compliance systems that slow down adviser workflows and lead to client frustration. By embedding SmartSearch’s automated AML and Know Your Customer (KYC) verification tools directly into Xplan, advisers can now conduct AML checks and other compliance activities without leaving the system they are accustomed to using daily. This makes the compliance process quicker, more accurate, and reduces operational risk.
SmartSearch is known for its multi-bureau dataset that enhances the accuracy of electronic identity verification. The integration gives Xplan users access to this comprehensive dataset, which significantly reduces the risk of oversight associated with single-source checks. Advisers benefit from real-time, automated identity and AML screening with SmartSearch’s technology achieving a pass rate of up to 97% and KYC checks completed in as little as two seconds.
Kerry Cleary, Partnership Director at SmartSearch, expressed enthusiasm about the integration, highlighting the opportunity to extend SmartSearch’s automated AML and KYC solutions across one of the UK’s most widely used financial advice platforms. She emphasized how the partnership enables advisers to complete compliance checks swiftly within their familiar Iress environment, thereby simplifying compliance and allowing advisers to concentrate more on building stronger client relationships.
Similarly, Jamie Grant, Head of Product at Iress, reinforced the value of the integration by noting how it offers a best-in-class AML solution embedded within a trusted platform, making compliance smoother, more precise, and less time-consuming for financial advisers. This integration is expected to enhance regulatory confidence and operational efficiency for advice firms.
This collaboration reflects the shared commitment of SmartSearch and Iress to advancing regulatory compliance and innovation in the financial advice sector. It also aligns with broader industry trends where digital transformation and automation are increasingly leveraged to optimize compliance workflows, reduce human error, and improve client service quality.
By integrating within Xplan, advisers will no longer need to toggle between multiple systems or endure manual data entry processes for AML compliance checks. This not only expedites client onboarding but also improves data integrity and compliance accuracy.
Overall, the SmartSearch and Iress integration is set to benefit thousands of financial advisers across the UK, empowering them to meet stringent AML regulatory requirements efficiently while focusing more on their core advisory roles.
SmartSearch Overview
SmartSearch is a leading UK provider of digital AML and compliance solutions, trusted by over 7,000 firms and 55,000 users. Their advanced platform supports businesses in meeting regulatory requirements such as AML, KYC, and Customer Due Diligence (CDD). The platform offers automated compliance workflows, up-to-date regulatory guidance, and tailored support to suit various business needs.
Iress and Xplan Platform
Iress is a market-leading financial services software provider known for its Xplan product, an end-to-end financial advice platform widely used in the UK. Xplan aids financial advisers in managing client relationships, compliance, and business operations comprehensively.
Benefits of Integration
- Seamless AML and KYC processing within Xplan.
- Real-time automated AML checks using multi-bureau data.
- High accuracy with up to 97% pass rate and 2-second KYC checks.
- Reduction in manual data entry and compliance friction.
- Faster client onboarding and smoother compliance workflows.
- Increased adviser focus on client relationships rather than administrative tasks.
- Access to robust compliance tools within a trusted financial advice platform.