Trulioo Adds Malta to its Global Identity Verification Coverage

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The product expansion comes at a time when Malta is tightening KYC, AML requirements

Zac Cohen, General Manager at 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,” - Zac Cohen, General Manager of Trulioo.

Trulioo, the leading global identity verification provider, today announced that it has added another country to its global identity verification coverage. Organizations can now use GlobalGateway, Trulioo’s marketplace of identity data and services, to verify the identities of individuals and businesses in Malta.

Used by some of the world’s largest tech companies, banks, payment processors, online marketplaces, and gaming companies, GlobalGateway digitizes and automates due diligence processes to help mitigate risk, prevent fraud and meet compliance requirements such as Know Your Customer (KYC) and Anti-Money Laundering (AML) rules.

The development comes at a significant time, given the regulatory environment in Malta; as one of the first countries in the world to create a national regulatory framework for virtual currencies, the country is quickly becoming a cryptocurrency hub. Likewise, Malta is also emerging as a mecca for gaming companies, with major gaming companies moving their operations there. Last year, the Maltese Gaming Authority (MGA) announced the Gaming Act, which calls for strict adherence to KYC and AML laws.

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.

“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.

This year, Trulioo recently added four other new countries to its global identity verification coverage – Bangladesh, the Czech Republic, Slovakia and Poland. Since its inception, Trulioo’s mission has been to deliver a truly global impact. The company’s goal is to verify the entire global adult population so that everyone, regardless of circumstance, has access to the opportunities created by today’s borderless online economy.

About Trulioo
Trulioo is a global identity and business verification company that provides secure access to reliable, independent and trusted data sources worldwide to instantly verify consumers and business entities online. Trulioo’s bank-grade online verification platform, GlobalGateway, helps organizations 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 supports global clients to instantly verify five billion customers and 250 million business entities in over 100 countries - all through a single API integration. Named as a 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. For more information visit trulioo.com.

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Kim Hong
Trulioo
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