Registering of SIM phone information provides another powerful data point for improving security and decreasing friction What makes you unique? In terms of identification, we can start with the obvious, your name and date of birth. We can add in data about your life such as address, and in the US, a Social Security Number

Third party risk management is easily one of the most challenging risks for compliance officers. With all the attention and hype surrounding third party risk, companies have marshaled attention and resources to mitigate the risk created by third party intermediaries. In the last five years, companies have embraced new technologies to automate their third party

Yesterday, we reviewed the first part of 2016 in regards to changes in the technology, innovation and regulatory landscape for the online identity industry. Continuing on, here’s what happened in the last half of the year. July In July 2016, FinCEN (The U.S. Treasury Department’s Financial Crimes Enforcement Network), enacted new rules to close loopholes

Surprising. Incredible. Unbelievable. The superlatives for 2016 can’t do justice for the type of year it’s been. While we can’t cover all the year’s events in just one blog post, we’ll take a look at changes in the technology, innovation and regulatory landscape for the online identity industry. And, as identity has wide-ranging impacts on

Beneficial ownership laws now extend to all business relationships. Learn how companies can protect themselves with an effective AML (anti-money laundering) and KYC (know your customer) compliance program. Your company works with a huge network of vendors, suppliers, customers and third-party intermediaries. Question, do you really know who you’re doing business with? You better, companies

KYC: 3 Steps to Know Your Customer

Monday, 17 October 2016

Know Your Customer (KYC) procedures are a critical function to assess and monitor customer risk and a legal requirement to comply with Anti-Money Laundering (AML) Laws. Do you know your customer? You better, if you’re a financial institution (FI) or you face possible fines, sanctions and maybe even public ridicule if you do business with

Trulioo feels privileged being the WATCH LIST COMPANY IN FOCUS for the Canadian Technology Review* of September 30, 2016. As the article points out, there’s “tremendous attention to digitalization of the banking industry with regulation, AML and KYC,” which was the focus of numerous sessions at the recent Sibos Conference, the world’s premier financial services

Compliance is expensive. Compliance failures can be even more costly — $13.4 billion in 2014 according to Booz Allen Hamilton. In its report on automation in anti-money laundering (AML) investigations, the consultancy notes that financial firms have been hiring rapidly, some increasing head count in their AML operations by 500 percent over a few years.

KYC (Know Your Customer) is not just a compliance issue anymore. It’s a fundamental, bottom-line concern that impacts the number of banking clients, costs, margins and total profits. In terms of human resources, senior management is spending increasingly more on time on KYC and Customer Due Diligence (CDD), staff is getting bogged down on fulfilling