About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Refinitiv Deploys Trulioo Digital Identity Verification Technology to Strengthen Fight Against Financial Crime

Subscribe to our newsletter

Refinitiv and Trulioo, a provider of digital identity verification technology, have partnered to offer access to digital identity solutions that could strengthen the fight against financial crime and foster financial inclusion. The partnership plans to deliver innovative solutions that will help financial institutions reduce fraud and financial crime by verifying billions of customers online while adhering to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

Trulioo operates a digital identity network that provides access to over 400 procured, vetted, and trusted data sources around the world through a single integration. Its GlobalGateway combines security and privacy standards with innovation in AI, biometrics and cloud computing to provide access to information on more than 5 billion people, enabling organisations to run identity verification checks with accuracy, reliability, speed and scale.

The partnership acknowledges the results of Refinitiv’s second annual survey of more than 3,000 compliance professionals  –  that shows nearly three-quarters of organisations have been victims of financial crime over the past 12 months – with a lax approach to due diligence checks when onboarding new customers, suppliers and partners taking its toll – and intend to spend just over 50% more to detect and prevent such crime.

Refinitiv chose to partner Trulioo on the basis of its ability to verify identity on a global basis and deploy solutions at scale within financial institutions. Phil Cotter, managing director of the risk business at Refinitiv, says: “Our customers operate in a fast changing and dynamic market, when it comes to managing KYC, due diligence and financial crime risks, rapid changes in technology and digitalisation provide the support they need.” The partnership will build on Refinitiv’s World-Check solutions that simplify onboarding and monitoring decisions to help meet regulatory obligations and will focus on delivering faster innovation to help customers meet new demands and regulatory obligations.

Stephen Ufford, CEO of Trulioo, adds: “The partnership will bring modernised KYC processes to thousands of financial institutions around the world, and in turn, help millions of underbanked gain access to financial services.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: ESG: A Growth Opportunity and a Regulatory Challenge

ESG investing, regulation and compliance are central concerns for financial institutions, although not all jurisdictions are equal. In the US, ESG has become a partisan issue making SEC regulation uncertain; the EU is on good form and has already implemented multiple regulations; and Asia Pacific is advancing as regulators and exchanges deploy ESG rules. Greenwashing...

BLOG

Kaizen Acquires Red Deer to Add Surveillance to Compliance Platform

Kaizen Reporting has acquired Red Deer, a provider of integrated compliance solutions for surveillance and research workflows. Red Deer’s surveillance and research tools will be available via the Kaizen Hub, a web-based platform for accessing a range of compliance tools. Terms of the deal weren’t disclosed. The Red Deer platform aims to help middle office...

EVENT

RegTech Summit London

Now in its 6th year, the RegTech Summit in London will bring together the RegTech ecosystem to explore how the European capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

ESG Handbook 2023

The ESG Handbook 2023 edition is the essential guide to everything you need to know about ESG and how to manage requirements if you work in financial data and technology. Download your free copy to understand: What ESG Covers: The scope and definition of ESG Regulations: The evolution of global regulations, especially in the UK...