SmartSearch unveils integrated Source of Funds solution

SmartSearch, the UK's leading provider of anti-money laundering (AML) solutions, has announced a strategic partnership with fintech specialist Armalytix to launch its new Source of Funds (SoF) compliance solution. Already a trusted name in one in five residential property purchases across the UK, the technology behind this solution is regulated by the Financial Conduct Authority (FCA) as an Account Information Service Provider. This regulatory backing provides SmartSearch clients with assurance that the solution adheres to strict compliance standards while also delivering a seamless, digital-first experience.

The introduction of the SoF solution further solidifies SmartSearch’s status as a market leader in digital compliance. This new offering is fully embedded within the SmartSearch platform, which creates a unified workflow that combines automated SoF checks with advanced AML and due diligence features. In contrast to fragmented systems or isolated tools, SmartSearch provides an all-in-one solution that simplifies processes, mitigates operational risks, and enhances transaction speed.

By implementing this innovative collaboration with Armalytix, SmartSearch eliminates the cumbersome manual document verification processes that traditionally slow down residential property completions. The solution replaces these outdated methods with a fast, automated journey leveraging Open Banking technology. Through direct data validation, the SoF solution offers unmatched protection against fraud, a comprehensive financial overview, and audit-ready compliance capabilities. This streamlined approach significantly minimizes fraud risk, provides an easily accessible audit trail, and boosts regulatory confidence. Fully integrated with SmartSearch’s leading AML and due diligence features, the SoF solution enhances the company's extensive compliance platform, setting a new benchmark in speed, security, and operational efficiency.

“This partnership with Armalytix marks a significant step forward in simplifying and securing compliance for our key markets,” said Phil Cotter, CEO at SmartSearch. “The SoF solution provides businesses with an unparalleled level of regulatory confidence and efficiency, allowing them to focus on their core business without compromising on security. This innovative solution will undoubtedly enhance our ability to help them win business through trusted identities.”

Richard McCall, CEO at Armalytix, commented, “The residential property sector deserves a faster, more trustworthy compliance process. Our FCA-regulated Open Banking platform delivers verified, source-validated data instantly. Partnering with SmartSearch means this capability is now integrated into a comprehensive due diligence product, setting a new standard for speed and anti-fraud protection in UK property transactions.”