Global approach is the only way to address money laundering, says identity verification expert

Banks are spending $20 billion on compliance in an effort to combat money laundering, yet only one percent of illicit financial flows are seized by authorities every year. While regulations have been introduced to crack-down on money laundering, so far they have had a limited effect.

European countries have collected data on numerous suspected money-launderers and terrorist financiers, but currently cooperation between countries is minimal. Uncertainty around Brexit threatens to further diminish this.

This is a particular problem for Britain, with 65 percent of all suspicious transactions coming from the UK and the Netherlands alone, according to figures from Europol.

According to identity verification experts Trulioo, it’s clear that a secure, reliable global solution is required to fight money laundering and the financing of terror.

Trulioo’s General Manager, Zac Cohen says, “A particular focus must be put on collaboration between policymakers, regulators and governments to leverage new technology and close gaps and loopholes. International threats from money laundering and the financing of terrorism are constrained by a national approach. The data that European governments and companies hold on their citizens and consumers serves little purpose if kept in siloed departments. Uncertainty around the UK’s future relationship with the continent post-Brexit only intensifies the issue,” he continued.

Cohen theorizes that a combination of new technology, alongside ironclad secure sharing policies, could help European countries tackle the looming threat of money laundering, terrorist financing, fraud and tax evasion.

“Leveraging, shared technologies and data can help bridge the gap and sharpen our skills to fight against money laundering. With that said, one of the most important factors is ensuring these technologies share information securely, especially on such a large scale.

“By working together to develop a global solution, we can make the whole much more than the sum of its parts and get out of the position of always playing catch-up to criminals.”

About Trulioo

Trulioo is a global identity verification company that provides secure access to traditional and alternative data sources worldwide to instantly verify consumers and businesses online. Trulioo’s bank-grade online verification platform, GlobalGateway, helps organisations comply with Anti-Money Laundering (AML) and Customer Due Diligence (CDD) requirements by automating Know Your Customer (KYC) and Know Your Business (KYB) workflows. Trulioo’s solution leverages Optical Character Recognition, Natural Language Processing, and Artificial Intelligence technology to provide a reliable and trustworthy way for clients to evaluate new and existing customers and business entities in real-time. Trulioo supports over 500 global clients to instantly verify 4.5 billion customers and 250 million business entities in over 80 countries – all through a single API integration. Named as a 2017 CNBC Disruptor 50 Company, Trulioo’s mission is to solve global problems associated with verifying identities by powering fraud prevention and compliance systems for customers worldwide in an effort to increase trust and safety online.


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