Anti-money laundering firm SmartSearch has launched SmartDoc, a tech tool that authenticates paper documents used across the property, legal and financial service sectors.

The Leeds-based firm, founded in 2005, says the product combines cutting-edge facial ID technology and machine-learning interrogation to verify whether these documents are “genuine and unaltered”.

Organised crime gangs and fraudsters have stepped up their efforts during the pandemic and are thought to be responsible for up to $2trn a year globally in money laundering, according to the data security firm.

SmartSearch chief executive John Dobson says: “We have built a reputation over the past ten years for our market-leading digital verification solution, which is by far the most effective way to carry out anti-money laundering and know your customer checks.”

He adds: “But we have launched SmartDoc to run alongside that as another weapon in the armoury for those businesses which feel the need to carry out document verification as part of their customer due diligence.

“The new SmartDoc solution incorporates facial recognition to identify forged ID documents which include photographs, such as passports, driving licences, work permits amongst others.

“While we would always advise customers that electronic verification is the quickest and most reliable way to perform know your customer and anti-money laundering checks, a document checking solution is a key tool due to the vast increase in attempted fraud as a result of the global pandemic.”

The firm says the software also confirms whether a document belongs to the person presenting it. And then provides a pass-fail result, after screening the customer against politically exposed persons and other sanctions lists.

The firm says that where necessary, the system “uses visual scrutiny by a border security trained ID document expert”, who examines the papers.