Source: Trulioo
Trulioo, the leading global identification company, has launched its Global Business Verification solution to provide an innovative, effective, and low-cost way to perform due diligence on business entities around the world to determine the authenticity of the business in order to help organisations detect fraudulent behavior and criminal activity, such as tax evasion and money laundering.
Offered through the GlobalGateway platform, Trulioo’s Business verification solution provides clients with the ability to automatically validate company vitals - including business registration number, company name, address, status, key management personnel, and date of incorporation - by querying hundreds of government registers and public records in real-time.
Clients also have the option to request business registration documents - containing shareholder information and annual reports - from the applicable in-county register, identify the primary beneficiaries or Ultimate Beneficial Owners (UBOs), and perform watch list checks.
“The application of Optical Character Recognition (OCR) technology in our Global Business Verification product helps automate compliance workflows by extracting data from official documents retrieved from government registers,” said Stephen Ufford, CEO of Trulioo. “And with use of both Artificial Intelligence (AI) and Natural Language Processing (NLP), extracted data can be reliably allocated into searchable fields where it is then delivered into a formatted and consumable report, which can be reviewed during the due diligence process.”
“Our Business Verification solution empowers organisations with the necessary information required for Know Your Business (KYB) due diligence to help meet regional and international AML/KYC compliance requirements,” Ufford continued.
By combining Trulioo’s Global Business Verification, Electronic Identity Verification (eIDV) and ID Document Verification solutions, customers gain access to secure and reliable data sources and are able to instantly verify entity details, perform watch list checks, and identify and verify UBOs - all through a single API integration. Trulioo assists clients in satisfying compliance requirements as they seamlessly onboard customers, while also mitigating risk, reducing fraud and adhering to a diverse range of current and future compliance regulations.
Trulioo’s innovative Business Verification technology represents another step forward in the identity sector, making it easier for people and organisations to trust the businesses they are transacting with online on a global scale.