RegTech100 company Trulioo has extended its GlobalGateway offering to the Czech Republic and Slovakia markets.
The RegTech company chose to expand into these countries due to their efforts in tackling the rising level of fraud and money laundering.
Trulioo CEO and founder Stephen Ufford said, “Expanding our solution to both the Czech Republic and Slovakia is critical. 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.”
Capabilities of fraudsters are increasing and according to National Check and Currency, they are using complex networks and covers and are exploiting modern accounting and financial tools to attack all types of companies.
The Czech Republic was outlined as particularly vulnerable to money laundering by the US Department of State, due to its location and openness as a market. Measures are being taken to prevent these threats, with the country joining the United Nations Convention against Corruption and the OECD Anti-Bribery Convention.
Slovakia is also taking action against the same threats, with the government recently amending an act to increase transparency of ownership of legal entities, forcing them to register documents on ultimate beneficiary owners.
Ufford said, “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.”
Trulioo provides global identity and business verification services which gives access to reliable, independent and trusted data sources worldwide to verify customers online. Its bank-grade tools help enterprises to comply with AML, CDD requirements and automate KYC and KYB workflows.
The company’s GlobalGateway, which helps companies to meet compliance requirements and mitigate risk and fraud, is now able to verify more than five billion people.
Last year, Trulioo was named in the RegTech 100 for the second consecutive year. The list is made up of the most innovative RegTechs that every financial institution needs to know about.
Copyright © 2018 RegTech Analyst
