Canadian ID verification company Trulioo has enhanced its global anti-money laundering (AML) capabilities to help banks cope with stricter regulation and higher costs.
Financial institutions have to meet legal requirements on national and global level and are faced a number of compliance issues around AML, know-your-client (KYC) and sanctions.
Trulioo says its improved database will help clients “reduce costs, optimise results and improve efforts to protect against financial crimes”.
The new global AML watchlist provides the option for additional screening, due diligence and compliance checks. The checks can be executed in real time.
Fines issued against financial institutions that failed to meet AML and KYC rules over the past three years, amount to more than $10bn, according to Trulioo.
The Vancouver-based company, which was established in 2011, has so far raised $23.3m in five financing rounds.
The latest one was in December 2015 when Trulioo collected $15m from venture capital investors.
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