Trulioo, the global identity verification company, has announced that it now offers verification services to customers in the Czech Republic and Slovakia through its GlobalGateway platform.
“Expanding our solution to both the Czech Republic and Slovakia is critical,” said Stephen Ufford, CEO and founder of Trulioo, in an emailed press release. “Not only are they two of the fastest-growing economies in Europe, but they’re also home to some of the fastest-growing tech companies in Central Europe."
With money laundering on the rise, both the Czech Republic and Slovakia are taking steps to prevent it and other types of fraud. In fact, according to a report from the U.S. Department of State, the Czech Republic's location and openness as a market economy makes it more vulnerable to money laundering. As a result, the government has passed anti-money laundering laws, and recently became a party to the United Nations Convention against Corruption (UNCAC) as well as the OECD Anti-Bribery Convention.
For its part, the Slovakian government recently approved a proposal that requires all legal entities and special purpose asset arrangements to register and maintain documentation on ultimate beneficiary owners (UBOs).
“Both member states will be required by the EU’s Fifth Anti-Money Laundering Directive (5AMLD) to implement new provisions that close loopholes, consider new technologies and improve transparency while still protecting personal data and adhering to international agreements,” Ufford added.
Trulioo's GlobalGateway platform enables businesses to automate their customer onboarding processes and ensure they are complying with anti-money laundering (AML) and know your customer (KYC) requirements.
Earlier this year, the company started offering instant ID verification for consumers in the Philippines, which is one of the world’s biggest recipients of remittances, third behind India and China.
“The Philippines is a remittance hub,” said Ufford at the time. “Having access to a global identity verification solution with comprehensive coverage safeguards against nefarious activities, such as money laundering and fraud, while helping to keep remittance costs low for senders and recipients.”