Trulioo Boosts Global AML Watchlist Capabilities

Trulioo Boosts Global AML Watchlist Capabilities
16.08.2016 08:45 am

Trulioo Boosts Global AML Watchlist Capabilities


Trulioo, the leading global identity verification company, today announced that it has enhanced its global AML watchlist capabilities for its flagship solution, GlobalGateway, to include extensive, country-specific sanctions lists and an enhanced PEP watchlist containing over one million entities worldwide. Trulioo’s expanded watchlist provides clients a range of vital features and functionalities to help reduce costs, optimize results and improve efforts to protect against financial crimes.

“Compliance with AML, KYC, and sanctions requirements continues to be a key focus area for financial institutions under pressure to implement a robust and agile compliance program that ensures legal requirements are met at both a regional and global level,” said Rob Hartley, VP of Product at Trulioo. “Financial services companies have too much to risk without an ironclad screening process, that only an automated best-in-class regulatory technology like Trulioo can provide.”

Trulioo’s comprehensive global watchlist allows financial services providers and financial institutions to effectively meet critical compliance obligations with real-time watchlist checks against known or suspected entities and individuals with association to money laundering, terrorism, financial fraud, arms proliferation, drug trafficking or Politically Exposed Persons (PEPs). The enhanced watchlist provides the additional screening, due diligence and compliance checks for global organizations with the highest requirements for screening potential risks to meet global regulations.

Geopolitical uncertainties, tightening policies and regulatory enforcements have combined to make watchlist screening among the greatest challenges for financial institutions. Since 2013 worldwide, financial institutions failing to meet AML and KYC rules have been fined more than $10 billion. With over a billion name checks conducted globally each day, institutions continue to grapple with the sheer volume of screening, while being confronted with the challenge of meeting complex and increasingly vigilant data governance procedures.

“Having access to comprehensive AML/CFT watchlists with flexible configurations helps businesses more effectively identify and mitigate risk,” said Hartley. “Any business moving money online is susceptible to financial crime, making them especially vulnerable to heavy fines if they fail to adequately detect high-risk clients, including the failure to report suspicious transactions.”

Trulioo’s watchlist sources are collated from an extensive network of reputable sources including sanction lists, law enforcement lists (Interpol, country specific government and state agencies, and police forces), and local and global governing regulatory bodies’ (financial and securities commissions). The enhanced data sets also encompasses Adverse Media that analyzes over five million media articles to identify reported criminal activities and relevant risks in real-time.

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