Trulioo Helping Financial Institutions Verify Businesses and Beneficial Owners for FinCEN CDD Rule

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FIs Must Comply with FinCEN’s Final Rule on Customer Due Diligence by May 11, 2018

Zac Cohen, General Manager at Trulioo, the leading global identity verification provider.

“In light of these [FinCEN CDD] changes we’ve augmented our technology to include a multi-layer business verification service that seamlessly and cost-effectively identifies and verifies business entities and its owners – particularly merchants and SMBs” - Zac Cohen, General Manager at Trulioo.

The U.S. government has taken a stronger stance in the fight against money laundering, terrorist financing and other financial crimes with a new set of FinCEN rules directed at financial intuitions (FIs). These new Customer Due Diligence (CDD) Final Rule requirements, originally devised in 2016, must be applied by May 11, 2018. To assist covered FIs in meeting the deadline, Trulioo, the leading global identity verification provider, expanded its GlobalGateway platform to include business and beneficial ownership verification capabilities.

Known as “The Final Rule,” this latest round of FinCEN regulations requires financial institutions to amplify their CDD procedures. One of the most significant changes includes a requirement for financial institutions to collect, maintain and report on beneficial ownership information when creating accounts for business clients. This also means that beneficial owners of legal entity customers – including corporations, limited liability corporations, limited partnerships and general partnerships, small and medium-sized businesses, individual merchants and micro-businesses – must be identified and verified.

“The significant update in FinCEN’s Final Rule is the expansion of customer due diligence requirements to include beneficial owners,” said Zac Cohen, General Manager at Trulioo. “In light of these changes we’ve augmented our GlobalGateway technology to include a multi-layer business verification service that seamlessly and cost-effectively identifies and verifies business entities and owners – particularly merchants and SMBs.”

Trulioo’s GlobalGateway platform is used by organizations to identify and verify business records, including ultimate beneficial ownership (UBO), for over 250 million businesses in more than 80 countries. With real-time access to over 400 data sources around the world, GlobalGateway helps companies build greater trust online and stay compliant with due diligence regulations through a single API.

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 over 500 global clients to instantly verify 4.5 billion customers and 250 million business entities in over 100 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. For more information visit

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Kim Hong
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