Anti-money laundering (AML) firm, SmartSearch, has unveiled a new service which identifies the ultimate beneficial owner (UBO) of large corporates.

SmartSearch is now integrated with Experian’s Ultimate Beneficial Owner database, and the new service will not only enable businesses to have greater clarity about the ownership of corporate entities they wish to do business with but will also ensure they are compliant with due diligence legislation and Know Your Business (KYB) checks.

John Dobson (pictured), CEO at SmartSearch, said: “This is an exciting new development which will help users quickly and efficiently understand the ownership structure of a company and identify any individual with 10% or more of the share value.

“This new functionality enables organisations to streamline the identification of the UBO and meet regulatory obligations, all at the click of a button.

“We know how frustrating it is for firms who need to establish the identity of the UBO to find themselves lost in a labyrinth of multiple business names which have shares in the corporation, which may all be linked back to certain individuals or trusts.

“Now, by simply doing a smartsearch they can cut through the corporate fog and get a clear picture of the ultimate beneficial owner quickly, digitally and without the need for hard copy documents.

“Only SmartSearch has the ability to verify individuals and companies in the UK, and internationally, in a single platform via a browser or API.”