TrustID rolls out all-inclusive KYC and AML service

By Megha Bhattacharya

Identity document verification solutions provider TrustID has announced the launch of its all-inclusive Know Your Customer (KYC) and Anti-Money Laundering (AML) service aimed at regulated businesses across all sectors and high-value retailers. The company’s new service enables businesses of all sizes to meet the requirements for KYC and AML checks – including ID verification, biometric face matching, address verification, Politically Exposed Person (PEP) and Sanctions screening, and ongoing monitoring – through a single service.

Tony Machin, CEO at TrustID said, “Our clients tell us that they are looking for two things. The first is to know that they have taken all reasonable precautions against money laundering and fraud, and the second is to achieve compliance in an effective and efficient way which suits their business processes, no matter how many clients they are onboarding each year. We’ve responded to that feedback, and we now help them achieve that by combining the best of technology and human expertise into our KYC service, which is robust, convenient and extremely fast.”

Recently, financial crime platform TruNarrative has teamed up with TrustID in a bid to integrate the expert document review service into the former’s platform. The collaboration is expected to offer an expert document review into TruNarrative’s onboarding strategies, verify identity, detect fraudulent documentation and gain insight on informed onboarding decisions.

Tom Branson, Director at Charterbank said, “KYC checking is fundamental to our ability to lend, and due to our short-term practices, this verification has to be done at pace. We are relatively new clients of TrustID and use several of their systems. We are extremely happy with how they have accommodated us, especially through putting systems in place to help through the pandemic. The knowledge that you can make one phone call and have any issue sorted there and then is hugely beneficial to us, as ID checking has many moving parts.”