Security & Fraud

Trulioo Enhances Global AML Watchlist Capabilities

Trulioo, the global identity verification company, said on Monday (Aug. 15) it has enhanced its global AML watchlist capabilities for its GlobalGateway product.

With the enhancement, the GlobalGateway product now includes extensive, country-specific sanctions lists and an enhanced politically exposed persons (PEP) watchlist that contains over 1 million entities worldwide. The expanded watchlist is aimed at giving customers a range of vital features and functionalities to help them reduce their costs, increase their results and improve efforts to fight against financial crimes.

“Compliance with AML, KYC and sanctions requirements continues to be a key focus area for financial institutions under pressure to implement a robust and agile compliance program that ensures legal requirements are met at both a regional and global level,” said Rob Hartley, VP of product at Trulioo, in a press release announcing the enhancements. “Financial services companies have too much to risk without an ironclad screening process that only an automated best-in-class regulatory technology, like Trulioo, can provide.”

Because the watchlists are in real time, financial services companies and financial institutions can meet compliance obligations and conduct checks against known or suspected entities and individuals who are associated with money laundering, terrorism, financial fraud, arms proliferation, drug trafficking or PEPs. According to the company, since 2013, worldwide, financial institutions failing to meet AML and KYC rules have been fined more than $10 billion. What’s more, it said with over 1 billion name checks conducted globally each day, institutions are grappling with the sheer volume of screening, while being confronted with the challenge of meeting complex and increasingly vigilant data governance procedures.

“Having access to comprehensive AML/CFT watchlists with flexible configurations helps businesses more effectively identify and mitigate risk,” Hartley went on to say in the press release. “Any business moving money online is susceptible to financial crime, making them especially vulnerable to heavy fines if they fail to adequately detect high-risk clients, including the failure to report suspicious transactions.”



The PYMNTS Cross-Border Merchant Friction Index analyzes the key friction points experienced by consumers browsing, shopping and paying for purchases on international eCommerce sites. PYMNTS examined the checkout processes of 266 B2B and B2C eCommerce sites across 12 industries and operating from locations across Europe and the United States to provide a comprehensive overview of their checkout offerings.

Click to comment