Provider of anti-money laundering (AML) and digital compliance solutions, SmartSearch, has announced a new partnership with fintech specialist Armalytix to launch its source of funds (SoF) compliance solution.
Already trusted in one in five UK residential property purchases, the technology underpinning this solution is regulated by the FCA as an account information service provider.
The solution is now fully integrated within the SmartSearch platform, creating a single, streamlined workflow that combines automated SoF checks with AML and due diligence capabilities.
The partnership with Armalytix ends the manual document chasing and verification that slows residential property completions, replacing outdated processes with a fast, automated journey powered by Open Banking. By validating data directly at the source, SoF delivers enhanced fraud protection, a complete financial snapshot, and audit-ready compliance. This reduces fraud risk, provides a comprehensive audit-ready trail.
Phil Cotter, CEO at SmartSearch, commented: “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, CEO 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.”
