Callcredit supplies AML technology to support Smart Pension’s new auto enrolment service for small firms

Anti-money laundering (AML) expert Callcredit has been selected by Smart Pension, a new auto enrolment firm, to perform AML checks on small companies automatically enrolling their employees for a workplace pension.

Smart Pension’s cutting edge platform allows companies to set up their government-mandated workplace pension scheme in minutes, with immediate set up confirmation.  Callcredit’s CallValidate tool enables Smart Pension to run the required know your customer (KYC) and anti-money-laundering (AML) checks seamlessly in the background.

The auto enrolment firm provides small businesses a solution, at no cost to the company, which is fast, nimble and reliable and needed a solution to its AML requirements that affectively complimented this and could be easily integrated into its digital platform. By 2018, an estimated 1.3 million British-based firms with employees will have to comply with new pension legislation or face severe penalties, including fines and even a two-year prison sentence.

Peter Mansfield, Managing Director, Callcredit Ltd said: “Smart Pension is offering a service to help prevent companies being hampered by time-consuming, complicated auto enrolment procedures.  At peak sign up rate, 70k companies could be automatically enrolling per month. As a result it is important that any of Smart Pension’s KYC and AML requirements don’t hold up the sign up process whilst at the same time providing robust checks to meet AML regulation.

Will Wynne, co-founder and managing director, added: “We have built Smart Pension’s advanced technology platform from the ground up, incorporating many of our own innovations as well as those of leading UK technology partners, such as Callcredit with the sole purpose of helping UK businesses meet their legal obligations quickly, easily and securely.

“When using CallValidate a business owner uploads their photo ID documents to the platform, key information is extracted (such as passport number) using optical character recognition which are checked automatically via Callcredit's API. Once verified, the employer’s workplace pension is approved.

“The delays and the complications can be the make or break element of the sign-up and set up processes for small firms. If it’s too involved, too clunky, too hard, it could lead to firms being unable to comply with the new legislation and risking hefty fines.”

From April 1, firms with 50-53 employees will have to start automatically enrolling their employees for a workplace pension while companies that employ 30 staff or fewer will begin to auto enrol in the next wave, from June 1.