Trulioo Expands Data Sources for Canada’s New AML Rules for Remote Identity Verification

Trulioo Adds New Reliable Data Sources to Help Businesses Verify Thin-File Customers 

Trulioo, the leading RegTech company that provides instant electronic identity verification for cross-border Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance, today announced that its award-winning solution, GlobalGateway, has added new Canadian data sources geared towards helping regulated money services businesses (MSBs) meet Canada’s financial intelligence unit, FINTRAC’s (The Financial Transactions Reports Analysis Centre of Canada) amended Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

The expansion is part of Trulioo’s ongoing effort to provide businesses with secure access to the most comprehensive, reliable, and real-time data marketplace. The new data sources provide both enhanced breadth and depth of coverage so businesses can have unprecedented access to over 200 trusted data sources to verify 4 billion global identities.

“Access to a rich data source market is the cornerstone towards furthering financial inclusion in Canada, enabling individuals with thin-files, lack of identity records or financial history such as immigrants, foreign workers, fresh graduates, and refugees to be verified and participate in the Canadian financial system,” said Stephen Ufford, CEO of Trulioo. “We help MSBs implement a frictionless identity verification program that adheres to FINTRAC’s Single and Dual Process methods to verify customers in a matter of seconds.”

The amended Canadian law was enforced as of June 30, 2016 and will come into full effect on June 30, 2017. The new rules detail acceptable methods to ascertain the identity of individual clients to ensure compliance with AML and KYC regulations. GlobalGateway’s quality data sources boosts identity checks with higher pass rates against a wide variety of Canadian data sources, such as credit, mobile, and utility data to quickly verify customers and onboard them in real-time.

FINTRAC’s new AML rules impact the 31,000 regulated Canadian businesses, which are required to comply or risk monetary penalties and loss of reputation. Since 2008, 79 Canadian persons or entities have been fined $3.5 million by FINTRAC for violation of the PCMLTFA act. The new changes pave the way for more clarity on due diligence requirements that businesses need to meet. Regulated businesses that are governed by this act include banks, money services businesses, and financial services providers, casinos, credit unions, dealers in precious metals and stones, life insurance, remittances business, securities dealers and real estate.

Since FINTRAC was created, there have been many changes in how criminal financial activity takes place and how regulators combat it. The development of new technologies and access to reliable, independent data sources creates more impetus to leverage flexible methods for verifying identities online.

With the emergence and rapid growth of online financial services such as robo-advisors, mobile banking, bitcoins and digital payments, non face-to-face transactions are becoming the new normal in the digital era and what consumers are expecting.

“Consumers want ease-of-use and convenience. If they are made to jump through hoops to register, they will abandon the whole process for a better user experience elsewhere,” said Ufford. “It’s time the rules kept up with the pace of technology without inhibiting business growth and innovation.”

An identity verification program is only as good as the data sources that power it. Data quality is the single most important factor in regulatory compliance and risk mitigation verification. Available through a single API integration, GlobalGateway streamlines the deployment process while providing a powerful bank-grade tool to businesses without the hefty costs.

GlobalGateway verifications return comprehensive match information, providing results on each individual attribute including: first name, last name, national ID, address, date of birth and telephone number from multiple data sources simultaneously.

Trulioo is a global ID verification company that provides advanced analytics from traditional and cyber data sources to instantly verify identities online. The company’s mission is to solve global problems associated with verifying identities online by powering fraud prevention and compliance systems for hundreds of clients worldwide in an effort to increase trust and safety online. Trulioo’s bank-grade identity verification product, GlobalGateway, enables businesses to perform frictionless identity verification for 4 billion people in over 60 countries via more than 200 data sources – the widest coverage in the market. GlobalGateway helps businesses comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) identity verification needs, and provides a reliable and trustworthy way for businesses to evaluate new and existing users through one, single portal or API. For more information, visit