SmartSearch has partnered with fintech specialist Armalytix to launch a new source of funds (SoF) compliance solution, aimed at streamlining anti-money laundering (AML) and due diligence checks across the property and financial sectors.

The solution, which is already in use in one in five UK residential property purchases, is regulated by the FCA as an Account Information Service Provider. This ensures that all data-sharing and validation processes meet regulatory and security standards.

The SoF tool is fully integrated within the SmartSearch digital compliance platform, enabling users to carry out AML, due diligence and source of funds checks in a single workflow.

By connecting directly to bank data through Open Banking, it replaces the manual document gathering and verification processes that typically slow down property transactions.

SmartSearch said the integration eliminates the need for separate systems, reducing operational risk and improving transaction speed. It also provides audit-ready records and improved fraud protection by validating information directly at the source.

Phil Cotter, chief executive at SmartSearch, said: “This partnership with Armalytix marks a significant step forward in simplifying and securing compliance for our key markets.

“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, chief executive at Armalytix, added: “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.”