Developed to help businesses automate their customer onboarding processes and comply with AML and KYC requirements, GlobalGateway powers fraud prevention and compliance systems for financial institutions, payments, banks and online marketplaces worldwide. The service is now helping mitigate money laundering and fraud in two of the world’s fastest growing markets.
Expanding the company’s solution to both the Czech Republic and Slovakia is critical, said Stephen Ufford, CEO and founder of Trulioo. 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 continued.
The Czech Republic and Slovakia are both taking steps to thwart rising fraud and money laundering. According to the U.S. Department of State’s report on the Czech Republic, in recent years, the country’s government has put legislation in place to combat the high level of fraud and continues searching for solutions to the large scale of fraud faced today.
Meanwhile, the Slovakian government recently approved a proposal that amends an existing act to increase the transparency of ownership of legal entities and the preservation of information. Under the amended act, all legal entities and special purpose asset arrangements are obligated to register and maintain documentation on ultimate beneficiary owners (UBOs).
Trulioo is a global identity verification company that offers instant electronic identity and address verification for its users. To find out more about in terms of their services and offering, please visit our dedicated web fraud & e-identity company database.
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