Trulioo, an on-demand global identity verification company, announced on Thursday it now verifies customers in the Czech Republic and Slovakia through its electronic identity verification platform, GlobalGateway, helping to mitigate money laundering and fraud in two of the world’s fastest growing markets. The company reported:
“The Czech Republic and Slovakia are both taking steps to thwart rising fraud and money laundering. According to the U.S. Department of State’s report on the Czech Republic, the country’s central European location and openness as a market economy leave it vulnerable to money laundering. In recent years, its government has put legislation in place to combat this high level of fraud and continues searching for solutions to the large scale of fraud faced today. The country also recently became a party to the United Nations Convention against Corruption (UNCAC) as well as the OECD Anti-Bribery Convention.”
While sharing more details about the launch, Stephen Ufford, CEO and founder of Trulioo, stated:
“Expanding our solution to both the Czech Republic and Slovakia is critical. Not only are they two of the fastest growing economies in Europe, but they’re also home to some of the fastest growing tech companies in Central Europe.”
Ufford added that both Czech and Slovakia will be will be required by the EU’s Fifth Anti-Money Laundering Directive (5AMLD) to implement new provisions that close loopholes, consider new technologies and improve transparency while still protecting personal data and adhering to international agreements.