Trulioo enhances anti-money laundering watchlist feature to help banks keep up with tightened regulation


Vancouver-based Trulioo, a global ID verification company providing analytics from traditional and cyber data sources to verify identities online, announced an enhancement of its Global Gateway flagship platform to meet increasing Compliance regulations.

The company has updated its anti-money laundering watchlist capabilities to include more extensive country-specific sanctions lists, as well as an enhanced politically exposed persons watchlist containing over one million entities worldwide. The platform is targeted to financial institutions that, according to Trulioo general manager Zac Cohen, have had to complete the costly process manually.

“Last month, FinTRAC updated its AML guidelines to offer financial institutions more impetus to leverage flexible methods for verifying identities. With increased specificity for verifying identities in a non-face-to-face situation, financial institutions now have two different methods available — single source and dual process,” said Cohen.

Previously, financial institutions could only rely on a single source to verify a customer’s personal information: tapping into a credit file that has existed for at least three years, which limited access to financial services online to those who have been in the financial system in Canada for at least three years.

“However, with the introduction of dual process, financial institutions can now leverage two independent sources that have existed for at least six months – making it easier for new immigrants and millennials to verify their ID online,” said Cohen. “For financial institutions who want to take advantage of this, they will have to identify multiple independent data sources, develop a user agreement and go through legal, perform due diligence and security checks on the data provider, integrate the source onto their platform/architecture, test the data for quality assurance, and launch the source as part of the onboarding procedures.”

With Trulioo’s improved feature, customers can now ‘turn on’ the select data sources they want to include as part of their customer onboarding to perform the appropriate checks in real time against known or suspected entities and individuals with association to money laundering, terrorism, financial fraud, arms proliferation, drug trafficking or Politically Exposed Persons (PEPs).

“FinTRAC also amended the guideline to require regulated financial services businesses to not only monitor foreign PEPs, but also require monitoring of domestic PEPs as well, which include heads of international organizations and family members and close associates of such persons,” said Cohen. “With Trulioo’s global AML watchlist and screening capabilities, financial institutions can easily access global and in-country sanctions lists in real-time and streamline their customer onboarding process all in one swoop.”

Jessica Galang

Jessica Galang

Freelance tech writer. Former BetaKit News Editor.

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