Trulioo adds Czech and Slovakian customers to verification services to fight money laundering
Trulioo has added the capacity to verify customer in the Czech Republic and Slovakia via its GlobalGateway identity verification platform to help mitigate money laundering in the fast-growing markets.
“Expanding our solution to both the Czech Republic and Slovakia is critical,” says Trulioo CEO and Founder Stephen Ufford. “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.”
The company cites research from financial services firm National Check and Currency which indicates that money launderers are using complex networks and covers to defraud traditional and alternative financial companies. The U.S. State Department has identified the Czech Republic as strategically attractive to money launderers, and both countries have recently made moves to curb fraud and money laundering.
“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,” Ufford continues.
The regtech company announced in October that it was able to verify the identity of more than two-thirds of the global population. There are approximately 10.6 million people in the Czech Republic, and 5.4 million in Slovakia. Trulioo also recently expanded its international footprint with a new office in Dublin.