Friday, October 23, 2020

Trulioo Adds Malta to its Global Identity Verification Coverage

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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.

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“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.

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