Innovations in Identity

Bahrain, Georgia, Iceland, Qatar

Trulioo Extends its Verification Capabilities to Bahrain, Georgia, Iceland and Qatar

Bahrain, Georgia, Iceland, Qatar

Every person deserves a reasonable sense of financial security, to keep the wolves of poverty at bay. Trulioo’s mission is to help that cause by providing the ability to verify every person on the planet, all 7.7 billion of us. Currently, two billion people are unable to access financial and other vital services simply because they don’t have a way to prove their identity. Providing a pathway to financial inclusion has material impact on those people, as well as increasing opportunities for global economic growth.

To that end, Trulioo is excited to announce that it is now able to verify customers in Bahrain, Georgia, Iceland and Qatar through GlobalGateway, its marketplace of identity data and services.  This extends Trulioo’s mission to advance greater financial inclusion and provides critical identity verification capabilities to countries facing significant fraud and money laundering challenges.

“Fraud and money laundering have hit these four countries especially hard and as a result they are navigating complex regulatory waters. Adhering to strict compliance requirements while successfully fighting financial crime is no easy task,” said Stephen Ufford, CEO and founder of Trulioo. “By extending our identity verification capabilities, organizations can quickly verify the identities of consumers in these markets, while also increasing trust, privacy, and access to digital financial services.”

In recent months, all four countries have committed to making a concerted effort to strengthen their fight against money laundering, which is estimated to cost the world between $800 billion to $2 trillion annually. For Bahrain and Iceland, this move follows recent assessments completed by the Financial Action Task Force (FATF), which recommended that Iceland do more to combat the laundering of illegitimate funds. FATF also noted that while Bahrain had the foundation for effective regime AML and Counter Terrorist Financing (CTF) systems, it needed to further develop its measures based on risk.

Meanwhile Qatar, which boasts an exceptionally low crime rate, is also combatting rising fraud and money laundering by means of a Memorandum of Understanding signed by both the General Authority of Customers and the Financial Information Unit. Furthermore, Georgia is participating in an EU partnership program to control money laundering and terrorist financing in accordance with European and international standards.

The new ability to verify customers in these four countries extends verification capabilities to the countries’ 8+ million combined residents and helps further Trulioo’s mission to provide cross-border Know Your Customer (KYC) and Anti-Money Laundering (AML)-compliant identity verification for every individual around the globe. Trulioo recently expanded its global identity verification coverage to Malta, Bangladesh, Poland, and the Philippines, and is now able to verify more than two-thirds of the world’s population.

The information in this blog is intended for public discussion and educational purposes only. It does not constitute legal advice.

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