SmartSearch recorded its best ever month in September, with a rise in revenues and profits, as well as the number of new clients.

The anti-money-laundering (AML) firm says that the sharp rise is due partly to the increasing threat of money laundering and financial fraud from organised crime gangs, which are taking advantage of the coronavirus crisis.

The company reports that the property market is particularly vulnerable to attempts at money laundering at the moment as the significant increase from buyers, fuelled in part by the existing stamp duty holiday, has put significant pressures on the system which criminals are able to exploit.

SmartSearch CEO John Dobson says it is no surprise that more businesses are looking for AML solutions at this time, “as not only will they guarantee compliance with current AML regulations, but also provide an unparalleled level of protection”.

According to SmartSearch, its revenues increased by 55% to £1.34m for the month, profits rose by 200% compared to September 2019, while the company signed up 90 new customers.

He added: “It [the growth] comes as no surprise to us given the superior nature of our products and services, but of course it reflects the reality today, where we see on an almost daily basis how serious the problem of money-laundering has become.

“Property purchases remain one of the most effective methods for criminals to launder the proceeds of their activities. So it is incumbent upon all parties operating in that process to ensure they are protected against that threat, and to comply with the regulations. The consequence of non-compliance is not only the threat of a hefty fine from the FCA, but it also legitimizes criminal activity.”