Trulioo, the leading global identity verification provider, today announced that it is now able to verify customers in Bahrain, Georgia, Iceland and Qatar through GlobalGateway, its marketplace of identity data and services. This extends critical identity verification capabilities to four countries facing significant fraud and money laundering challenges, and advances Trulioo’s mission to increase access to financial services through verifying the globe.
In recent months, all four countries have committed to making a concerted effort to strengthen their fight against money laundering, estimated to cost the world between $800 billion to $2 trillion annually. For Bahrain and Iceland, this move follows recent assessments completed by the Financial Action Task Force (FATF), which recommended Iceland do more to combat the laundering of illegitimate funds. FATF also noted that while Bahrain had the foundation for effective regime AML and Counter Terrorist Financing (CTF) systems, it needed to further develop its measures based on risk.
Meanwhile Qatar, which boasts an exceptionally low crime rate, is also combatting rising fraud and money laundering by means of a Memorandum of Understanding signed by both the General Authority of Customers and the Financial Information Unit. Furthermore, Georgia is participating in an EU partnership program to control money laundering and terrorist financing in accordance with European and international standards.
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.
“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. “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.”
Developed to help businesses automate their customer onboarding processes and comply with AML and KYC requirements, GlobalGateway powers fraud prevention and compliance systems for hundreds of financial institutions, payment companies, banks and online marketplaces worldwide. With GlobalGateway, organizations have real-time access to more than 400 reliable data sources – such as credit bureau, government, mobile, consumer, and banking data from around the world – to instantly verify five billion people in more than 100 countries. Trulioo recently expanded its global identity verification coverage to Malta, Bangladesh, Poland, and the Philippines, and is now able to verify more than two-thirds of the world’s population.