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Trulioo accelerates product innovation to safeguard global businesses

By Joy Dumasia

June 13, 2022

  • AML
  • Anti - Money Laundering
  • Compliance

Trulioo, the global identity verification company, announced the release of a major product update to GlobalGateway, the company’s award-winning platform, that includes innovations in Anti-Money Laundering (AML) watchlist and proof of address offerings and upgraded Know Your Business (KYB) verification capabilities.

Organizations are facing increased regulatory pressure to ensure they’re monitoring new and existing customers against applicable sanctions lists while meeting increased expectations from consumers for fast and easy digital onboarding. The GlobalGateway updates announced are designed to support Trulioo customers in meeting these expectations and complying with complex and varied regulatory requirements worldwide.

“As a global service provider, Trulioo must continuously innovate to meet an increasingly varied and diverse range of regulatory compliance requirements that our customers face every day,” said Michael Ramsbacker, Chief Product Officer, Trulioo. “We are dedicated to bringing forward solutions that address the changing needs of our customers and the market as a whole both at the point of onboarding and beyond, and I am pleased to share that this GlobalGateway update does just that.”

The update includes the launch of enhanced GlobalGateway Watchlist, UtilityID, and upgraded Business Verification. Together, these services streamline the onboarding of consumers and businesses and provide continuous monitoring for fraud, money laundering and illicit behaviour throughout the customer lifecycle.

GlobalGateway Watchlist is one of the most complete watchlist services on the market. It connects to customers’ eIDV onboarding journeys via single API integration to provide screening and monitoring of an organization’s users against 6,000+ global watchlists and 20,000+ Adverse Media lists both at the point of onboarding and continuously thereafter.

UtilityID is a consent-based identity verification service that uses utility provider data to verify addresses, removing the need for the manual download, upload and scanning of documents and other high-friction document verification processes. This also presents a more secure way to obtain address verification as utility documents are easily forged. With UtilityID, Trulioo customers can meet Proof of Address compliance requirements in real-time, provide a faster onboarding experience, a higher level of address accuracy, and significantly reduce operation times associated with manual utility document and ID document review.

The enhanced Business Verification offering allows companies to verify a business’ details anywhere in the world, from high-level data to stringent Ultimate Beneficial Owner verification. It leverages revolutionary intelligence to address the complex challenges of conducting business at an international level, including managing varying regulations, diverse standards for Business IDs, addresses and local languages and automatically selecting the best-suited source of information. Trulioo’s unmatched global network of data sources allows KYB customers to easily access accurate and up-to-date information that supports compliance requirements and due diligence.

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