Article 3 min

Trulioo Expands Identity Verification Coverage to Malta

identity verification Malta

April 17, 2019  

identity verification Malta

Trulioo is pleased to announce that it has added Malta to its global identity verification coverage. A member of the EU, Malta is a small archipelago in the Mediterranean and has, over the years, transformed into an important hub for global commerce.

The push into Malta comes at a significant time given the recent changes in the country’s regulatory environment. About a year ago, Malta set a precedent for the rest of the world by creating a national regulatory framework for virtual currencies; since that time, the country has been courting the attention of the crypto industry. Major cryptocurrency exchanges have moved their headquarters to the country as it slowly becomes an importance center of the crypto world.

Likewise, the country is also becoming an adopted home for many online gaming companies. Over the last few years, major gaming companies have moved their operations to Malta; in turn, the Maltese government has been particularly proactive in regulating the sector. Last year, the Maltese Gaming Authority (MGA) announced the Gaming Act, which, among other things, calls for strict adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) laws.

Malta becoming a cryptocurrency and gaming hub

“Malta is at a pivotal moment. It’s fast becoming a cryptocurrency and gaming hub and is being keenly observed by industry watchers. In this climate, regulated entities in Malta should consider RegTech solutions that best fit their business needs while meeting compliance obligations, mitigating risk and preventing fraud,” said Zac Cohen, General Manager of Trulioo.

“The regulatory framework put in place aims to support organizations to run operations in Malta responsibly, fairly and free from criminal activity, and we’re here to assist with that so the industry can continue to develop and innovate,” Cohen added.

Malta’s domestic regulatory requirements, supplemented by the EU’s Fifth Anti-Money Laundering Directive (5AMLD), which goes into effect next year, would make it incumbent for regulated entities to stay ever more compliant and steer clear of any regulatory oversights. The cryptocurrency industry in Malta, in particular, would not only have to comply with domestic regulatory requirements, but also 5AMLD with its expanded ambit covering cryptocurrency exchanges and wallets. In recent years, Malta has also come under the scanner of the International Monetary Fund (IMF) and European regulators on account of its exposure to high-profile money laundering scandals.

This is the fifth country that Trulioo has added to its identity verification coverage in the last four months alone: Bangladesh, the Czech Republic, Slovakia and Poland were the other four countries.