Innovator delivering sophisticated solutions that minimize risk: Trulioo

Identity verification poses complex challenges around the world. Trulioo’s sophisticated solutions identify more customers with certainty through an integrated end-to-end platform. Build onboarding workflows with ease, fuel global expansion and confidently meet evolving global regulations.

Trulioo delivers a global identity platform that gives you the agility, ease and efficiency to onboard the right customers anywhere in the world while minimizing costs and mitigating fraud. Trulioo is the identity platform global businesses turn to for growth, innovation and compliance. The platform helps companies achieve regulatory compliance, reduce risk and expand their businesses by enabling verification of more than 5 billion people and 700 million business entities across 195 countries.

In a world where all businesses will be digital, Trulioo empowers everyone to join the global economy. The Trulioo global identity platform drives growth for organizations by leveraging world-class technology that accelerates and streamlines verification, opening the digital door for everyone on the planet.

Achieve Compliance While Delivering a Superior Digital Experience

The strict AML and KYC regulations governing the banking industry around the world keep evolving to match the innovation and growth of digital financial services. Keep pace with those changes and remain compliant with a powerful, agile identity verification platform. Verify identities through a comprehensive, end-to-end platform that delivers high match rates, compliance with regulations worldwide and the convenience customers expect. Leverage a global network of more than 450 data sources to verify customers quickly and reduce onboarding abandonment. Add a layer of certainty with real-time access to more than 11,800 verifiable ID documents.

Quickly build, launch and optimize onboarding workflows that match your needs and requirements. Deftly adjust workflows to expand across borders, match changing market conditions and adapt to shifting KYC and AML regulations.

Data technologies as an AML game changer

The days of manually checking IDs in person at a local bank are quickly ending. Manual processes are slow, prone to human errors and inconvenient for new customers. Fortunately, technology improves identity verification speed, accuracy and reliability, the first step of an effective AML program. Leveraging APIs, AI/ML, biometrics and advanced optical character recognition (OCR) technologies enables banks to gather more information and analyze it more intelligently. Consideration of numerous alternative sources such as email history, mobile data and mobile app analytics can assist in risk assessments. The result is a higher likelihood of detecting synthetic and fraudulent identities before issuing an account.

Once applicants are deemed legitimate, technology also helps cross-reference their names against watch lists to ensure no connection to corruption or other risk considerations. Continual monitoring of these lists helps keep banks aware of potential risks. Technology also provides better tools for transaction monitoring to detect and report any suspicious activities. Technology can detect unusual patterns indicating a potentially problematic account even before it becomes suspicious.

The entire AML process benefits from workflow automation tools that assist in generating documents, reports, audit trails and notifications. Some examples of workflow automation for AML purposes include:

• Quickly generating risk profiles for customers
• Automating complex identity verification processes to route onboarding paths based on risk assessment
• Providing comprehensive and in-depth global due diligence information
• Delivering fully auditable reports with vital details for internal audit teams and regulatory examiners

Technology helps banks acquire, manage, analyze and report massive amounts of data, enabling AML professionals to better focus on deploying strategies, optimizing performance and implementing best practices.

AML best practices

Having the right AML technology is vital. But, understanding why, how and where the technology fits into your organization is just as important. Effective AML programs need the right people and culture to deploy, monitor and adjust the systems to ensure effectiveness. The data derived from AML programs, and the associated insights, can inform numerous other strategic and tactical activities for banks, such as:

• Detecting fraudulent activities
• Improving risk modeling
• Advancing auditing systems and reporting
• Integrating third-party analysis
• Understanding consumer and business customer transaction patterns

Numerous other communications will help guide the organization. Ongoing informative and engaging training helps keep employees on their game. Presentations from key stakeholders on company guidelines and the importance of AML help build awareness. AML should not be an afterthought but seen as crucial protection for the organization.

An impactful AML program is about being proactive with elements such as:

• Tough auditing practices that help uncover lapses
• Risk assessments that are dynamic and account for ongoing regulatory, technological and institutional changes
• Review plans that reassess programs on a scheduled basis
• Organizational, divisional and team responsibilities that are clearly defined and refined as members and roles change

A successful AML program goes beyond simply meeting compliance requirements. It helps detect problems before they occur and protects the organization and its clients from risk. It allows the bank to have better insights into customers and their transactions, creating opportunities to deliver better value and additional services.

Banks with impressive AML programs demonstrate to regulators, investors, customers and employees that they care about the details and properly invest in people and technology. Excellence in AML indicates excellence in banking, and those institutions that understand this will propel their organization forward. Ensure the right balance between identity verification and user experience to create trusted, sustainable relationships with your customers. Leverage risk mitigation, fraud prevention, and trust and safety programs to stop bad actors before they can do damage.

Meet the leader behind the success of Trulioo

Steve Munford, CEO is an accomplished leader in security and enterprise software with extensive experience leading companies through rapid growth. He is deeply engaged with product vision and execution, and his commitment to high standards has helped him lead companies to realize their maximum potential. Steve is active in the community as a board member at Covenant House, a development committee member for Social Venture Partners and a member of the Science World Advisory Council.

“Trulioo accurately verifies digital identity around the world with industry-leading regional match rates, data and local results. Easily expand across borders and onboard more users.”