Trulioo, which focuses on global identity verification, said Wednesday (July 10) that it now is able to verify customers in new countries, including Bahrain, Iceland, Qatar and Georgia.
The company said in a press release that it is able to verify customers in those countries through GlobalGateway, its marketplace of identity data and services.
Trulioo noted that each of those countries has committed to what it termed “a concerted effort to strengthen their fight against money laundering.” That comes as money laundering is estimated to cost the world between $800 billion and $2 trillion each year.
The company also stated that the expansion comes as Bahrain and Iceland, in particular, had been cited by the Financial Action Task Force as needing to put additional effort in anti-money laundering (AML) efforts. In those instances, the task force had said that Bahrain needed to, as Trulioo stated, “develop its measures based on risk.”
As the company said in the release, “The new ability to verify customers in these four countries extends verification capabilities to the countries’ 8+ million combined residents and helps to further Trulioo’s mission to provide cross-border Know Your Customer (KYC) and Anti-Money Laundering (AML)-compliant identity verification for every individual around the globe.” The company said its GlobalGateway helps businesses automate customer onboarding processes and comply with AML and KYC processes with real-time access to more than 400 reliable data sources.
“Fraud and money laundering have hit these four countries especially hard and as a result they are navigating complex regulatory waters. Adhering to strict compliance requirements while successfully fighting financial crime is no easy task,” said Stephen Ufford, CEO and founder of Trulioo, in the press release. “By extending our identity verification capabilities, organizations can quickly verify the identities of consumers in these markets, while also increasing trust, privacy, and access to digital financial services.”