Do your due diligence. That’s a fundamental rule of business and basically comes down to knowing who you are dealing with. For any financial institution, one of the first analysis made is to determine if you can trust a potential client. You need to make sure any potential customer is worthy; customer due diligence (CDD) is a

For most countries, citizens and residents are issued national identification numbers in order to have access to government benefits and services. Another common use for these ID numbers is also for identity verification purposes. For China, the Resident Identity Card is the national standard for proof of identity. When doing business with Chinese citizens, it

Compliance is Good Business

Tuesday, 26 July 2016

As businesses are faced with greater regulatory demands, companies are placing more emphasis on building stronger compliance regimes. In its 2016 global Cost of Compliance annual survey, Thomson Reuters found that over a third of companies spend at least a full day every week to keep up with the continual changes in regulations. Eighty-three percent

Financial regulators in the U.S. have a reputation for strict enforcement of their rules, especially since the end of the global financial crisis with U.S. banks being hit with a whopping $204 billion in fines. However, recent events have raised questions about the potential weaknesses in the country’s regulatory framework. The leak of the now

In the past, whenever someone wanted to open a new account at a financial institution, it involved a lengthy process. First, the person had to fill out an application form that was used to collect any relevant personal information, such as name, address, occupation, and income. And, to prevent account opening fraud, financial institutions would

RegTech: A Dream Come True for FinServ

Wednesday, 13 April 2016

Regulation technology, or RegTech, is an area that is growing rapidly. The Institute of International Finance (IIF) defines RegTech as the use of new technologies to solve regulatory and compliance requirements more effectively and efficiently. It’s no wonder that RegTech is taking the financial services industry by storm. In our previous blog post about RegTech,

At Trulioo, we are committed to providing the best identity verification service to better serve our customers. Based on feedback from our customers, we’ve been busy redesigning the GlobalGateway portal to make it faster and easier to use. The team has been working around the clock to build a new and improved user experience that incorporates intuitive

Around the world, the popularity of online payments continues to grow each year, and this is especially the case in China. In the third quarter of 2015 alone, Chinese third-party mobile payment transaction volumes exceeded $370 billion, representing an increase of 5 percent over the same quarter in 2014 and 64 percent compared to the

Regulation technology, or RegTech, encompasses any technological innovation that helps improve efficiency and transparency in regulation. RegTech has come about as a result of the growing need for more effective and efficient means of ensuring that businesses, both traditional and startup, stay compliant in industries facing increased regulatory protocols and complex regulatory transitions. Financial technology,