kyc - Blog - Global Risk Community2024-03-28T11:25:20Zhttps://globalriskcommunity.com/profiles/blogs/feed/tag/kycTop 7 Challenges to Efficient KYC Remediationhttps://globalriskcommunity.com/profiles/blogs/top-7-challenges-to-efficient-kyc-remediation2020-10-03T07:43:12.000Z2020-10-03T07:43:12.000ZRebecca Angushttps://globalriskcommunity.com/members/rebeccaangus<div><p>Due to time, cost and loss of productivity required to deliver a KYC remediation project, many firms delay activity or avoid the challenge altogether until the regulator comes to call. </p><p></p><p>However, with the current market volatility and increasing levels of financial crime, sitting on a back-book of inaccurate or out-dated client data will expose your business to significant commercial risk and reputational damage. </p><p>Although the future remains uncertain - one thing is for sure: remediation and periodic client reviews will be of greater importance in 2021 as firms navigate the new business environment. </p><p></p><p>Despite remediation being common practice within the financial services industry remediating past client data, some of which may be over 5 or 10 years old, can be an enormous compliance headache. </p><p></p><p>After working with key financial services firms to deliver more efficient and effective remediation projects, we are sharing below the 7 top challenges firms face when it comes to delivering<span> </span><a href="https://www.northrow.com/blog/kyc-remediation-project/?utm_source=publisher&utm_medium=global_risk_community&utm_campaign=kyc_remediation&utm_term=kyc_remediation&utm_content=top%207%20challenges%20kyc%20remediation">KYC remediation</a>:</p><p></p><p><strong>1. Lack of understanding from Board level</strong></p><p>The Board sees the project as uncomplicated, but in real terms, the delivery of KYC remediation is never straightforward. Due to a lack of understanding from the board on the true scoop of the project, it means remediation projects are delayed or escalate into far larger scale activities than initially scoped.</p><p></p><p><strong>2. The quality KYC Data</strong></p><p>A weak initial client onboarding process can create challenges for remediation later on. If your onboarding team does not fulfil appropriate Due Diligence, Anti-Money Laundering or Know Your Customer verification from the onset, remediation teams firms often find it difficult to prioritise high-risk customers for remediation.</p><p></p><p><strong>3. Sheer volume of KYC data</strong></p><p>The sheer volume of data and ID documents that need to be remediated when performing periodic reviews often presents a daunting task for firms. Relying on manual processes for data collection and client due diligence not only increases the risk of human error but also dramatically slows the project down, to reverify an institutional customer, for example, can take anywhere between 100 and 200 days.</p><p></p><p><strong>4. Legacy Platforms</strong></p><p>Client data is often held on multiple different legacy systems within different departments which often contain inconsistent information. This hampers the ability to understand the customer and then prioritise the work to review them. To remediate the data inconsistencies, organisations often fall back to manual processes, spreadsheets and temporary measures which bring with them associated time and budget implications. Highly configurable digital solutions can not only work with a variety of legacy systems but will also deliver results in far shorter timeframes.</p><p>Banks and financial services are reluctant to dispose of their numerous legacy systems, as remediation is not seen as a priority or easy task to deliver. However, not investing in the digital transformation of remediation can lead to significantly increased pressures on the business further down the line.</p><p></p><p><strong>5. Different products have different risk ratings</strong></p><p>Financial institutions often have a wide range of financial products and services they offer. These can vary from simple to complex and from execution-only advice-driven delivery. These different nuances in the product set must also be addressed in the compliance process as each product or service will be given its own weighting when it comes to risk - from high down to low. The process of remediation needs to prioritise those records that are higher in risk and allocate resources accordingly.</p><p></p><p><strong>6. Customers can be in a variety of countries, including sanctioned countries</strong></p><p>A seemingly simple<span> </span><a href="https://www.northrow.com/blog/kyc-remediation-project/?utm_source=publisher&utm_medium=global_risk_community&utm_campaign=kyc_remediation&utm_term=kyc_remediation&utm_content=top%207%20challenges%20kyc%20remediation">Remediation project</a><span> </span>can quickly escalate into a complicated one. For example, if you had a back-book of 5,000 UK based companies that need to be remediated this seems like an easy list to tackle right? Also, what if each of those UK companies is owned by a foreign Ultimate Beneficial Owner (UBO), and if some UBOs were on a PEPs and Sanction list and currently based in a high-risk country? The seemingly simple project turns very quickly into a complex one. Furthermore, if your clients are politically exposed, or based in a high-risk third country, you may also need to establish a client's source of wealth which can be intrusive.</p><p></p><p><strong>7. There is a lack of experienced internal resource</strong></p><p>Skilled remediation resources are not easy to find, let alone retain. Lack of compliance and legal knowledge can be an issue when delivering remediation projects.</p><p>By providing your compliance teams with a digital solution the laborious tasks can be removed, allowing them to focus on using their skills and knowledge on areas that will ensure employee engagement and deliver complex remediation cases that require enhanced due diligence.</p><p></p><p><strong>In Summary</strong></p><p>The traditional response to client and project reviews has largely been to throw additional headcount and budget to the problem in order to resolve it. However, this only ever succeeds in driving up the overall cost of compliance and is unsustainable given the volume of newly-introduced or impending regulations that will require periodic client reviews. </p><p>Instead, if we see this as an extension of the onboarding process and look at the entire customer life cycle, then we can achieve effective monitoring and remediation efficiencies with automated solutions to carry out routine tasks. Single API driven solutions can solve much of the headaches as they are highly configurable to each organisation according to their appetite for risk and approach to amber management.</p><p>The future remains uncertain, if President Trump is re-elected and there are changes to US regulation or if more banks merge across Europe and there is consolidation across back-books we could see a new era of remediation - one thing is for sure: remediation and periodic client reviews will be of greater importance during 2021 as we increase our borrowing and online activities.</p><p></p></div>A risk-based approach to digital identity verification that works across bordershttps://globalriskcommunity.com/profiles/blogs/a-risk-based-approach-to-digital-identity-verification2020-07-18T05:43:08.000Z2020-07-18T05:43:08.000ZGlobalRiskCommunityhttps://globalriskcommunity.com/members/GlobalRiskCommunity<div><p><span style="font-size:14pt;">Being part of a trusted network has its benefits. The connections you make help you stay informed, agile, and prepared to tackle new challenges.</span><br /> <br /> <span style="font-size:14pt;"><a href="https://id.trulioo.com/grc-identity-network-research-paper.html" target="_blank"><img src="{{#staticFileLink}}8028326669,original{{/staticFileLink}}" class="align-left" width="200" alt="8028326669?profile=original" /></a></span></p>
<p><span style="font-size:14pt;">A digital identity network is quite similar. It’s a trusted network of data partners and integrated technologies that leverages identity verification intelligence to support an effective risk-based approach to identity verification across borders.</span></p>
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<p><br /> <span style="font-size:14pt;"><a href="https://id.trulioo.com/grc-identity-network-research-paper.html"><span style="font-size:18pt;"><strong>Learn about Identity Networks</strong></span></a></span><br /> <br /> <span style="font-size:14pt;">A digital identity network can:</span></p>
<ul>
<li><span style="font-size:14pt;">Streamline internal KYC operations and automate manual processes</span></li>
<li><span style="font-size:14pt;">Access a global marketplace of vetted data sources that have been integrated and tested</span></li>
<li><span style="font-size:14pt;">Deliver custom identity verification workflows to balance speed and security at onboarding</span></li>
</ul>
<p><span style="font-size:14pt;">We invite you to learn how organizations are leveraging <strong><a href="https://id.trulioo.com/grc-identity-network-research-paper.html">The Digital Identity Network</a></strong> in the latest reference paper from Trulioo.</span></p>
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<p><span style="font-size:14pt;"> </span></p></div>Interview with Zac Cohen, COO at Trulioohttps://globalriskcommunity.com/profiles/blogs/interview-with-zac-cohen-coo-at-trulioo2020-06-27T05:57:34.000Z2020-06-27T05:57:34.000ZBoris Agranovichhttps://globalriskcommunity.com/members/BorisAgranovich<div><p><span style="font-size:12pt;">This is a transcript of our interview with Zac Cohen, COO at Trulioo.</span></p>
<p><span style="font-size:12pt;">You can watch the original interview <a href="https://globalriskcommunity.com/video/interview-with-zac-cohen-coo-at-trulioo" target="_blank">here</a></span></p>
<p><a href="https://globalriskcommunity.com/video/interview-with-zac-cohen-coo-at-trulioo" target="_blank"><img class="align-left" src="{{#staticFileLink}}8028320485,original{{/staticFileLink}}" alt="8028320485?profile=original" width="400" /></a></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Hello ladies and gentlemen and welcome to our interview with Zac Cohen. Zac is a Chief Operational Officer at Trulioo. Trulioo is a hyper growth Vancouver startup solving global identity challenges associated with international regulatory compliances, fraud, prevention and trust and safety online. Zac, thank you for taking your time and coming to our interview today.</span></p>
<p><span style="font-size:12pt;"><strong>Zac:</strong> It’s a pleasure Boris.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Thank you, can you tell us a short story about Trulioo? Why there was a need for your solution?</span></p>
<p><span style="font-size:12pt;"><strong>Zac:</strong> I think Boris, it’s really a part three story to be honest. The first is the evolution of the global citizen, who now we see moves from country to country, engages in crossed border activity regularly.</span></p>
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<p><span style="font-size:12pt;">The second part of the story is really the reality of our transition from a physical interaction to the majority of a digital world today. And more importantly, the last part of our story is the equality in financial inclusion angle. Whereas in our belief everyone regardless of their background or their demographic or the country that they live in should have the same ability to access the online economy.</span></p>
<p><span style="font-size:12pt;">So when you look at those three stories holistically and the challenges that they all present, it really boils down to identity and how do you establish trust online? How do you prove that you are who you say you are online? And the like.</span></p>
<p><span style="font-size:12pt;">So it’s really with those in mind that we chose to challenge and focus on that mission. And that’s how Trulioo grew one of the largest online identity verification market places today. We connect our customers to a single plug and play solution. It includes hundreds of identity sources and services, we cover about 5 billion people and close to over 150 countries around the world.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Can you perhaps explain what Trulioo offers to the industry in terms of products and solutions? How it differs from other software providers, because there are a lot in this category. And what are some examples of your customers use cases?</span></p>
<p><span style="font-size:12pt;"><strong>Zac:</strong> The industry has grown a lot in the last several years and I’ll answer the last part of your question first. When we talk about use cases that we typically encounter, the two most common are regulatory and then trust and safety.</span></p>
<p><span style="font-size:12pt;">So the first one, a regulatory use case, is a compliance and around that compliance obligation that you have, that typically comes as a know-your-customer KYC or anti-money launder AML, a fraud prevention type use case.</span></p>
<p><span style="font-size:12pt;">Essentially that arises anytime an account is created online, it all can result in money changing hands. So you need to identify the individual or the business that is creating that account while they’re doing it. We see that a lot in e-commerce market places, payment services, fintech, traditional financial services etc.</span></p>
<p><span style="font-size:12pt;">The other use cases is more a trust than safety one, and that is actually almost faster growing today. It’s often around the risk and fraud, the security of your eco system, how do you eliminate fake profiles or bad actors or frauds or attempts on your network etc.</span></p>
<p><span style="font-size:12pt;">So it’s a similar verification process of a person or a business but you take a different approach. And we see it very often in the sharing economy, the gig economy social networks, any services that’s not really in a financial regulator.</span></p>
<p><span style="font-size:12pt;">Those are the primary use cases we see for online identify verification, I think when we talk about differentiation we could have a conversation about that all day. But if I have to it’s really down to the single most important one in the complex environment that we face today. It really comes down to a holistic view, when you scour the internet in solutions for identity verification providers you’ll find a lot of point solutions.</span></p>
<p><span style="font-size:12pt;">But what Trulioo approach has always been is a holistic and layered one and what that means is we want you to apply the right solution for the right risk based approach on a right use case. So if we talk about those two different use cases I just mentioned there might be very different solutions and services that you want to apply and having a holistic view really allows you to include a flexibility in that approach.</span></p>
<p><span style="font-size:12pt;">That can also evolve overtime if the regulatory environment changes or if you want to launch in a new country tomorrow. You don’t want to make a bunch of technical changes or have to add a variety of new solutions each time you encounter a change. You want to be able to use something that has already scoped that out and have the marketing methodology having seen hundreds of millions of transactions in that network. To be able to choose the right solution at the right time for the customers. So that’s the biggest differentiator that we bring in the market for our customers.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Ok, We are currently in the midst of a major crisis, the most disruptive period to our society in the piece-time history. The pandemic is having a serious implication for businesses across the globe as they adapt to the new normal of operations and it is important to establish trust remotely and fight cyber fraud. Can you perhaps elaborate more on this topic and how you guys are helping your customers in the society as a whole during this time? What tips do you have for risk managers to help their organizations to stay their course during the COVID crisis?</span></p>
<p><span style="font-size:12pt;"><strong>Zac:</strong> Boris, you hit the nail on the head, it’s a situation that we’ve never seen before and its very unique. I think one of the biggest factors that’s pointed at is a digital interaction has gone from a nice-to-have in many cases to a must-have.</span></p>
<p><span style="font-size:12pt;">If you don’t have a digital channel today, your businesses are pretty much folding up in large part. It’s very risky not to have that. And what that also increased from a user perspective is a lot of new participants of folks and demographics that might not have been inclined to use an online channel before.</span></p>
<p><span style="font-size:12pt;">And now been forced to they need their critical services or access to new solutions that they didn’t had before. And when you have more people, it naturally creates two different results from that. One is it increases scrutiny from the consumer, right now I’m going to be experimenting with a lot of different solutions online. So the one I choose is going to represent the best experience possible, and also it’s fraud.</span></p>
<p><span style="font-size:12pt;">Wherever there’s going to be massive increases in volume and transactions. The bad actors and the fraudulent attempts are going to subsequent and also increase. So those are how they seem in the market, the changes since COVID really started escalating around the world.</span></p>
<p><span style="font-size:12pt;">And I think that Trulioo talked about how we’re helping how we’re trying the address that situation. We really come off on it from an experience that if we can create those digital interactions safer, if we can create a safe environment for those interactions we’re all better off.</span></p>
<p><span style="font-size:12pt;">So we focus very heavily on how we can create an on-board users a lot easier, make it very simple to launch in the same day. Be able to provide that intelligence about which services you should use, considering your use case that you’re encountering specifically.</span></p>
<p><span style="font-size:12pt;">We’ve even offered a lot of free or low cost solution to bridge that gap for organizations that are all of a sudden are in a panic situation that need to go online quickly. You mentioned risk managers, which are a great aspect, I really believe that risk managers should start thinking about technology solutions as a partnership model.</span></p>
<p><span style="font-size:12pt;">Doing your own diligence is very important, but you need to find partners who aren’t just selling a solution that are really talking you about a strategy and that strategy about how it can work and how it can evolve overtime and how it can address the multiple challenge that you’re particularly facing and the one you’re forecasting might face in the future. So it’s really around that partnership model and having someone that can bring multiple options to the table, that your specific use case is the best.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Advance of A.I, specifically Deep Fakes and fraud in general makes us all concerned especially concerning the upcoming elections in the US. Now we’re also facing a perspective of health surveillance state, the governments of many countries spy on their citizens to prevent a spread of the disease. Do you have some special view on that?</span></p>
<p><span style="font-size:12pt;"><strong>Zac:</strong> Yes we do. It’s a very serious and topical conversation. When we think about it, it really has come down to balance. Balance of getting the outcome you desire but balance between maintaining <strong>data privacy and protection</strong> and the <strong>security of your consumer information</strong>. We’ve seen some very dramatic data breaches in recent memory and we’ve seen the abuse of consumer data across a variety of different cases. And none of that is good. And I think the regulator has come up with that in terms of how do we protect data privacy, how do we mandate appropriate use of data to the best of our ability.</span></p>
<p><span style="font-size:12pt;">And consumers are becoming more disturbing as well. We’ve just got a huge survey in the US and in the UK. Do the users want more speed or security of their data? And the pendulum swing is very clearly towards security.</span></p>
<p><span style="font-size:12pt;">So consumers’ rights, in terms of how we protect their data, is very important for them. When we’re talking about AI solutions and what we’re wanting again, you really have to balance those needs without sacrificing one or the other. And I think the other aspect that’s important is that I don’t believe you can detach the technology from the application.</span></p>
<p><span style="font-size:12pt;">We’ve seen businesses that are pursuing certain applications of their technology from an economic standpoint, like it’s an opportunistic situation where perhaps your technology wasn’t been dying for that use case or for that purpose. But hey, we’ll make it work or we just stack technology on top of it. But if you discount or disregard the pitfalls of the conversation of the question overall, then you are doing technology a disservice to technology as a whole and to the original designer of the technology.</span></p>
<p><span style="font-size:12pt;">I know it’s really close to our founders and our management and our entire companies, views in terms of how we use our technology and it’s not opportunistic. It drives admission based principle, in terms of including more people not excluding them and doing it safely, not potentially risking their data being shared with organizations or individuals. So we feel pretty strong about that but I do believe that, again, we can work together for getting a solution but keeping those data in mind.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Could you elaborate more about what are the major trends in the identity verification space? And what we should expect from you guys in the future?</span></p>
<p><span style="font-size:12pt;"><strong>Zac:</strong> This is an exciting one for us, I think for a lot of people. Because what we’re realizing is that every single interaction we have online, your identity is tied to it. And the way your identity changes overtime and how persistent it is throughout the network, it creates a really cool opportunity to a forecast the future of the world.</span></p>
<p><span style="font-size:12pt;">So I think that what we’re seeing and particularly what we’re focusing on is the broader and deeper layers of a network approach to identity. So you really want to apply a seamless experience that reduces fraud and reduces risk as well as satisfying the compliance obligations. And what that means for identity in the future is, you need multiple layers of solutions and you need to consider holistically the entire global environment to get there.</span></p>
<p><span style="font-size:12pt;">And I believe that a lot of focus should be put towards that layered approach and broad it even more so we can answer some of these more sensitive questions on fraud and data protection. There are a lot of cases where an individual doesn’t want to share all of their passport information where they want to limit who accesses those types of tools.</span></p>
<p><span style="font-size:12pt;">And we really have to keep that in mind and build a solution that can answer all of that advancement and evolution of the consumer of preference but as well being able to include more people if they don’t have all the documentation or the information that we come to expect. Identifying someone in Africa or a developing country is very different that doing it in the US.</span></p>
<p><span style="font-size:12pt;">And even within the US or the Netherlands or Canada for example you have unbanked individuals so there are cohort within your own country. So you really have to apply multiple tiers and layers and not sort of where I see the market is going. I think the other aspect is today Trulioo is a backend tool in many ways, we talk about a marketplace of solutions you can apply. But more and more we are now launching towards front end tools as well. So you can have a seamless end-to-end experience and take advantage of all of our years of intelligence around what solutions work when and apply that consumer facing directly in the an application. Its a technical advancement but what it means is we are providing even more flexibility and more faster go to markets strategies for customers or for folks that are challenges with ‘how do I identify my population when we’re launching?’</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> And the last questions is, how can we at Global Risk Community from your perspective contribute to the process of better understanding to this complex world of risk?</span></p>
<p><span style="font-size:12pt;"><strong>Zac:</strong> It’s a cool one and you play a big part of it and I do as well, and that’s information sharing. And how do we increase the amount of information sharing we have between risk officers around what approaches work and what we encountered in one country versus another and what are new and increasing threats to our applications that we need to protect ourselves against.</span></p>
<p><span style="font-size:12pt;">And I think that if I look back 5 years ago, compliance officers and risk officers held their cards really close to their chest. It was almost not wise or there were additional risks which is sharing what you do and how you do it. And we need to provide more safe places for that to happen, you can learn so much from someone who has been through it and you don’t make the same mistakes.</span></p>
<p><span style="font-size:12pt;">So we can reduce fraud, we can reduce regulatory fines, we can increase our compliance and our identity measures if we work together. And I think in a similar light those conversations need to happen with the regulators themselves as well.</span></p>
<p><span style="font-size:12pt;">I truly believe that the regulators are there to create a save environment for everybody, they don’t want to inhibit comers, they don’t want to inhibit access but they have to do it in a safe way. So having those conversation with regulators more frequently between risk officers, compliance officers, technology providers, regulators and businesses we can come to a much better solution around how to approach these questions and challenges and do it successful. And I think we have pockets of that that are really great examples of it, in Australia, in the UK, in the US and we just need to do more. And I take the organizational effort but we’ll all be better off it.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Thank you Zac, it was a pleasure to having you in our interview. I wish you and your company a great success with your future x plans and I hope that our members will find this interview very interesting and useful.</span></p>
<p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"><strong>Zac:</strong> I hope so as well Boris, thanks so much for having me if anyone has any questions: trulioo.com it’s very easy. You’ll find your answers there.</span></p></div>RegTech must be a priority in our changing worldhttps://globalriskcommunity.com/profiles/blogs/regtech-must-be-a-priority-in-our-changing-world2020-05-23T06:41:55.000Z2020-05-23T06:41:55.000ZCheri Burnshttps://globalriskcommunity.com/members/CheriBurns<div><div class="et_pb_module et_pb_text et_pb_text_0 et_pb_text_align_left et_pb_bg_layout_light"><div class="et_pb_text_inner"><p><span>During <a href="https://www.encompasscorporation.com/blog/why-regtech-important-businesses-adjust-new-ways-of-working/">these uncertain and challenging times</a>, the way in which banks and financial institutions operate is changing.</span></p></div></div><div class="et_pb_module et_pb_text et_pb_text_1 et_pb_text_align_left et_pb_bg_layout_light"><div class="et_pb_text_inner"><p>With remote working now the norm, and likely to be so for the foreseeable future, reduced human interaction is something that businesses are having to deal with – and, because of that,<span> </span><a href="https://www.encompasscorporation.com/blog/regtech-2020-podcast-future-digital-transformation/">digital transformation</a><span> </span>will, for many, have a bigger role to play than ever before when it comes to Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance and, ultimately, tackling financial crime.</p><p>As compliance teams adapt to working in different locations, and with opportunistic criminals no doubt eager to take advantage of any weaknesses in processes or controls, regtech can support businesses at a time when headcount may have to alter and priorities will shift.</p><p>The importance of remaining vigilant in regards to financial crime only increases as new routines become a reality, which is why there has never been a better time to look to regtech, and specifically automation, to ensure continued compliance in an uncertain world.</p><p>At a time when face-to-face contact is, in many cases, no longer an option, the Financial Action Task Force (FATF) has encouraged “the fullest use of responsible digital customer onboarding and delivery of digital financial services in light of social distancing measures”. Regtech is called out as a key technology in facilitating this.</p><p>The changes to the ways in which businesses operate<span> </span><a href="https://www.encompasscorporation.com/blog/banking-industry-covid-19-crisis/">as a result of COVID-19</a><span> </span>have pushed regtech to the top of the agendas of many banks and regulated firms.</p><p>In many instances, this is leading those in question to accelerate existing regtech implementations, or for many, start looking into how they can benefit from technologies as a matter of urgency.</p><p>The challenges of remote customer onboarding are especially acute as lenders are under pressure to approve business loans fast, and this is an area in which Encompass is working with customers to support their current needs</p><p>The<span> </span><span class="ecname">Encompass</span><span> </span>platform, which automates critical KYC activities, is well suited to support regulated firms through these changing, complex circumstances.</p></div></div><div class="et_pb_module et_pb_text et_pb_text_2 et_pb_text_align_left et_pb_bg_layout_light"><div class="et_pb_text_inner"><h3><strong>Software</strong><span> </span>as a<span> </span><strong>Service</strong><span> </span>(SaaS)</h3><p>SaaS solutions are fast to implement and require very little IT resource. Standard, out of the box solutions can be up and running in a matter of days and can be easily accessed remotely, via computers or mobile devices, without having to contend with firewall issues – something that has posed significant challenge to many organisations in this transition to home working. </p><p><span class="ecname">Encompass</span><span> </span>automates<span> </span><a href="https://www.encompasscorporation.com/blog/how-ipa-support-robust-sanctions-compliance/">the repetitive and manual tasks</a><span> </span>of gathering and analysing information required for KYC in line with an organisation’s existing policies, processes and procedures. With a global portfolio of trusted data providers already integrated into the platform, Encompass can be implemented in a matter of weeks, with interactive online training delivered to end users.</p></div></div><div class="et_pb_with_border et_pb_module et_pb_cta_0 et_pb_promo et_pb_text_align_center et_pb_bg_layout_light"><div class="et_pb_promo_description"><div><h5>on demand webinar</h5><h3><b>KYC</b><span> </span>and<span> </span><b>IDV</b></h3><h4>a<span> </span><b>new approach</b><span> </span>to support you in a<span> </span><b>new world</b></h4></div></div><div class="et_pb_button_wrapper"><a class="et_pb_button et_pb_promo_button" href="https://www.encompasscorporation.com/encompass-webinars/kyc-and-idv/" target="_blank">watch the webinar</a></div></div><div class="et_pb_module et_pb_text et_pb_text_3 et_pb_text_align_left et_pb_bg_layout_light"><div class="et_pb_text_inner"><h3><strong>Customer</strong><span> </span>experience</h3><p>At<span> </span><span class="ecname">Encompass</span>, ensuring our clients realise the true benefits of our platform in the most impactful way to them is of the utmost importance to us.</p><p>In the current pressured environment that we find ourselves in, enabling a seamless<a href="https://www.encompasscorporation.com/blog/in-the-spotlight-tom-artingstall-and-steven-spark-customer-success/"><span> </span>customer-friendly experience</a><span> </span>is more important than ever and our experienced and dedicated Customer Success specialists are on hand to ensure that businesses get the best from us through continued expertise and support that will allow them to, in turn, reap rewards.</p><p>Looking at the industry as a whole, financial service providers are in a unique position, whereby they can work to regain the trust of the public by showing dedication towards their customers and business in general.</p><p>Recommendations from the Financial Action Task Force (FATF) and updated legislation from<span> </span><a href="https://www.encompasscorporation.com/blog/webinar-recap-understanding-5mld/">the Fifth Money Laundering Directive (5MLD)<span> </span></a>has increasingly pushed banks towards using automation. Automated customer onboarding is effective, efficient and empowers analysts at a time when human interaction is, in many cases, no longer an option during this unprecedented time. </p><p>Through Intelligent Process Automation (IPA), our platform assists in promoting effective cost and time management, by reducing the total cost of ownership associated with client and third-party due diligence and improving analyst productivity by eliminating inefficient manual processes. </p><p>IPA dramatically reduces the time taken to search, review, collate and report on multiple, structured and unstructured data sources, allowing analysts to focus on more business critical tasks, which ultimately boosts business productivity.</p><p>It also automates repetitive manual tasks, like data gathering, saving you time and money while eliminating human error. It provides the opportunity to streamline and bring consistency to onboarding efforts across the organisation.</p><p>With IPA delivering a<span> </span><a href="https://www.encompasscorporation.com/blog/encompass-survey-kyc-onboarding-challenges/">faster and more accurate KYC onboarding process</a>, productivity increases. <span class="ecname">Encompass</span><span> </span>can gather and analyse large volumes of information from multiple sources and compiles this data into easily digestible reports that speed up onboarding decisions, making the KYC process smoother and easier than ever before. In today’s world, when consumers have come to expect instant services and the best experience throughout, this is all the more crucial.</p></div></div><div class="et_pb_module et_pb_text et_pb_text_4 et_pb_text_align_left et_pb_bg_layout_light"><div class="et_pb_text_inner"><h3><b>Control</b><span> </span></h3><p>Control is a critical element of a robust, successful KYC programme. However, maintaining effective oversight of remote teams of hundreds, if not thousands, of KYC analysts may seem impossible.</p><p>As a single platform for KYC discovery, screening, IDV and ongoing monitoring,<span> </span><a href="https://www.encompasscorporation.com/blog/waves-of-change-process-automation-effective-efficient-kyc/"><span class="ecname">Encompass</span><span> </span>automates these activities</a><span> </span>in line with a firm’s documented policies and procedures. </p><p>Utilising automation means that each task is completed consistently, and a detailed audit trail ensures every search and action is accurately recorded for regulatory purposes. Furthermore, KYC files can be accessed by analysts as and when needed to onboard or refresh, ensuring a level of confidence and consistency that could not be felt otherwise.</p><p>Using IPA,<span> </span><a href="https://www.encompasscorporation.com/blog/identifying-ubos-robotic-process-automation/">our platform completes UBO discovery</a><span> </span>and AML/KYC screening in minutes as opposed to hours, days, weeks or, in some cases, months, ensuring a fast, frictionless onboarding experience.</p><p>The current global crisis has put consumers in an unknown position, as thousands are having to lean on traditional banks, modern fintechs and lenders, making it the ideal time to trust in the power of regtech solutions to improve processes.</p></div></div></div>Interview with Dean Nicolls, VP Marketing at Jumiohttps://globalriskcommunity.com/profiles/blogs/interview-with-dean-nicolls-jumio2020-05-23T06:30:00.000Z2020-05-23T06:30:00.000ZBoris Agranovichhttps://globalriskcommunity.com/members/BorisAgranovich<div><p><span style="font-size:12pt;"><strong>This is a transcript of our interview with Dean Nicolls, VP Marketing at Jumio</strong></span></p>
<p><span style="font-size:12pt;"><strong>You can watch the <a href="https://globalriskcommunity.com/video/interview-with-dean-nicolls-vp-marketing-at-jumio" target="_blank">original video interview here</a></strong></span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Hello ladies and gentlemen and welcome to our interview with Dean Nicolls. Dean is a VP of marketing at Jumio corporation and in this role he is helping Jumio become the number one global brand in digital identity verification.</span><span style="font-size:12pt;"> </span></p>
<p><span style="font-size:12pt;">Jumio is the leading ID credentials authentication company that helps businesses reduce fraud, meet regulations and increase revenue while providing a fast <strong>seamless</strong> customer experience. Dean, thank you for taking your time and for coming to our interview today.</span></p>
<p><span style="font-size:12pt;"><a href="https://globalriskcommunity.com/video/interview-with-dean-nicolls-vp-marketing-at-jumio" target="_blank"><img class="align-left" src="{{#staticFileLink}}8028319076,original{{/staticFileLink}}" alt="8028319076?profile=original" width="350" /></a> </span><span style="font-size:12pt;"><strong>Dean:</strong> Thank you Boris, happy to be here.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Can you tell me a short story about Jumio? Why there was a need for your solution?</span></p>
<p><span style="font-size:12pt;"> </span><span style="font-size:12pt;"><strong>Dean:</strong> Well we started back about 10 years ago and the ways that people did their identity verification back then were mostly based on database lookups. There wasn’t really methods of doing identity verification that provided higher levels of identity assurance, so me saying that I’m Dean Nicolls when I’m filling an online form, well nowadays virtually anyone can say they’re Dean Nicolls and they can provide my address, my phone number and my social security number because all of that information is on the Dark Web.</span></p>
<p><span style="font-size:12pt;">So the reason we came into being is that companies were looking for higher levels of identity assurance and what they were getting just frankly a database <strong>ping</strong>. So that was the reason that we came into being and the idea was why not connect to a government-issued ID. And part of that is we think that’s most reliable trust anchor and then you take that and you <strong>corroborate</strong> that with a selfie, coupled with live detection and then we feel like we have a really good solution for determining if, in fact, I am what I claim to be online.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Alright, so your company is obviously at the forefront of artificial intelligence, biometrics, ML and according to <strong>Gartner</strong> you are a category leader in identity proofing and authentication. Can you explain what Jumio offers to the industry? How it differs from other software providers? And what are some examples of your customers' use cases?</span></p>
<p><span style="font-size:12pt;"><strong>Dean:</strong> Ok, so I’ll start with your last question. So we normally get involved in when people are creating new accounts online, so this is often in financial services but it spans a lot of other industries as well. So we’re very much involved in sharing economy, the <strong>gig</strong> economy, we’ve also involved in healthcare and telcos and a variety of other emerging use cases.</span></p>
<p><span style="font-size:12pt;">But again, where we are <strong>often</strong> used is when people are creating accounts online and they need to establish trust with strangers, we need to know of some levels of assurance that that person is who they say they are. So the use cases typically people will buy for one of three reasons, they will buy our service for compliance, for KYC and <strong>AML</strong> compliance to make sure that the people are saying who they say they are or they’re doing it for risk mitigation to make sure to reduce fraud.</span></p>
<p><span style="font-size:12pt;">And the third one, perhaps the most important, is around user conversions and how can we get more. If we bring 100 people to our website to create accounts how can we end up with 100 new accounts at the end of the funnel, when in fact in most cases they are losing 40 or 50% of those people because the onboarding process is too clunky or too time-consuming or <strong>onerous</strong> on the end-users.</span></p>
<p><span style="font-size:12pt;">So those are often the use cases where we get involved, some of the key differentiators that make us different are that first and foremost we created this whole category of leveraging an ID and a selfie that we’ve been doing for the last 10 years and that actually gives us a number of advantages.</span></p>
<p><span style="font-size:12pt;">One of the advantages is because we’ve seen over 250 million identity verification transactions, we’re actually able to build a really rigorous AI algorithm that helps us better detect fraud as well. So what that means is that smaller providers they might see for example maybe 30 IDs from Lithuania, we’ll see 20.000 on a daily basis and that kind of volume allows us to see which IDs are fraudulent and which ones are legitimate, and build better and stronger algorithms.</span></p>
<p><span style="font-size:12pt;">So one of our key differentiators is really round our accuracy and that is also fueled by what we call informed AI. Another differentiator is our global reach, so we support more than 4000 IDs across the globe so if you’re a growing company and you have aspirations of growing outside of your country or outside of your state, we can support those IDs whether they be passports, whether they be driver license or IDs, even IDs that are maybe 5 years or 10 years old, we can support them all.</span></p>
<p><span style="font-size:12pt;">And I think a third area is really round conversions so even our website which we just re-launched this week, we have the tagline: “loved by users, loathed by fraudsters”. As much time as we spend building a really good fraud detection and KYC solution, we’re spending as just as many cycles making sure the process is simple and easy on the end-user so that we end up with more conversions at the end of the funnel. That provides maybe a few examples of I think how we are different than some of the other players out there.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Ok, fantastic. We are in the midst of a major crisis. The most disruptive period to our society in a piece-time history. And the impact on the public and our healthcare system has been devastating, and our economy is facing the prospect of recession much deeper and more painful than in 2008. The pandemic is having serious implications for businesses across the globe as they adapt to the new normal of operations and it’s important to establish trust remotely and fighting increasing cyber fraud.</span></p>
<p><span style="font-size:12pt;">I saw that Jumio recently launched a free AI power identity verification service for COVID19 relief, can you perhaps elaborate more on this topic and how you guys are helping your customers and society as the whole during this time? What tips do you have for risk managers to help them stay the course during this time?</span></p>
<p><span style="font-size:12pt;"><strong>Dean:</strong> So the things that we are seeing during this time there are two things going on. With branch offices are getting shutting down, for example, if you are a bank, people can’t onboard new customers because often they haven’t digitized their operations so when their branch office is closed they’re effectively getting shut down. So we can help financial services companies onboard more customers by simply having an online onboarding process and we could help facilitate their digital transformation efforts.</span></p>
<p><span style="font-size:12pt;">Perhaps, more importantly, is the area of telehealth and telemedicine, so in this case, again people aren’t going down to their clinic or to their doctors’ office. Everything is being done online, they’re having consultations through Zoom meetings like we’re having right now. So in light of this and also in light of the fact that you are starting to see a fraud creep up as a result of the pandemic as people are losing jobs, people are turning to fraud and the rate of fraud is increasing.</span></p>
<p><span style="font-size:12pt;">So in light of these trends we launched what we call “Jumio go for good”, it’s initiative that provides any organization that’s involved with COVID relief, whether it be banks who are trying to give out loans to small businesses to keep them afloat. Or healthcare organizations that are providing telehealth services or even universities that are trying to keep the lights on or keep students enrolled in classes in test-taking. If you are involved in any kind of COVID relief and we have a pretty broad definition of that, we’re going to provide you free identity verification services until essentially the situation subsides but that’s only able to tell in the foreseeable future.</span></p>
<p><span style="font-size:12pt;">So we created a little microsite which you can access from in our website, it’s all about “Jumio go for good”, essentially you fill out a short form, tell us who you are and how you’re helping COVID relief and we’re essentially going to onboard you with a free service to do identity verification.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> That is very good. Advancing AI, DeepFake, and fraud, in general, makes us all concerning, especially considering the upcoming elections in the US. Now we are also facing a perspective of the health surveillance state, the governments of many countries are spying on their citizens to prevent the spread of the disease. What is your view on that?</span></p>
<p><span style="font-size:12pt;"><strong>Dean:</strong> So I’m obviously not pro surveillance from spreading the disease so I think that technology can help a lot and I think technology companies can play a large role in <strong>disseminating</strong> the information, the right kind of information, during this crisis. I do think that when it comes to DeepFakes which you started with, that is posing a challenge to people creating new accounts because again what we find is that as we develop new fraud measures, the fraudsters will come up with new innovative ways to get around our systems.</span></p>
<p><span style="font-size:12pt;">And one of those ways they kind of innovate is through DeepFakes so normally we just used to require when someone provides a picture of their ID and then take a selfie. But what we discovered is that fraudsters instead of using a selfie they were using a picture of a picture.</span></p>
<p><span style="font-size:12pt;">More recently what we discovered is they are using DeepFakes of videos. I can potentially record a video of Boris and I can literally create and take a two-dimensional picture of Boris from your LinkedIn page and I can actually make your eyes and lips move with software that’s right off the shelf.</span></p>
<p><span style="font-size:12pt;">And we’re finding is we needed to implement something we call license detection to make sure that the person’s selfie is, in fact, a real selfie and the person is physically present when they’re creating that account. So I do think technology can play a role in terms of ensuring we’re rooting out the bad actors, but at the same time, I think technology and services we’re talking about that telehealth can really allow doctors to better triage patients during COVID without making them come down to a clinic. They can assess their symptoms online and technology can play a role in facilitating those non-face-to-face interactions.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Fantastic, so what are the major trends in identity verification space and what will we expect from you guys in the future?</span></p>
<p><span style="font-size:12pt;"><strong>Dean:</strong> I think there are a few trends going on, so first of all in terms of fraud one of the things we’re seeing a lot more of is account takeovers. This is also being fueled by large scale data breaches which we hear about almost every week being fueled by the Dark Web and there is this new kind of threat factor called <strong>credential stuffing</strong>.</span></p>
<p><span style="font-size:12pt;">What credential stuffing does is essentially if you are a fraudster you can literally buy tens of thousands usernames and passwords off the Dark Web for fractions of a penny each. What you can then do is leverage bots and you can, essentially because people are using the same passwords over multiple sites they will essentially try to log into ten thousand or twenty thousand websites hoping that the person reuses their credential or their password.</span></p>
<p><span style="font-size:12pt;">And then once they can access that account they can take over, they can do a password reset, they can do other damage. So in addition to verifying people upfront, we also offer an authentication service that’s also tied to a biometric and the real value with that is often when you think about your bank and if you think about when you have a high-risk transaction like you’re going to send 15.000 dollars to the Cayman Islands.</span></p>
<p><span style="font-size:12pt;">You’d like to think if it’s an a typical high risk transaction that there are other measures in places to make sure that Boris is Boris and he’s the one in fact initiating that wire transfer.</span></p>
<p><span style="font-size:12pt;">Still today many financial institutions might ask you before you authorize that 15.000 dollars that’s draining your account, what is your mothers’ maiden name or what was your first car.</span></p>
<p><span style="font-size:12pt;">Knowledge-based authentication questions, unfortunately, the fraudsters already have that information so if I can take over your account and the measures to protect that account are weak and they leverage <strong>knowledge-based</strong> identification the fraudsters can drain your account quite quickly. So again I think this speaks to why biometric-based authentication, as opposed to just a simple username password are coming in <strong>play</strong>. So those are a couple of trends that are staying, I think specifically in identity verifications space I think there are two areas we’re innovating on.</span></p>
<p><span style="font-size:12pt;">One is how can we make the process faster, so instead of taking 30 seconds how can we do it in 7 seconds which is a very difficult technology problem to do. And we actually launched a fully automated solution that does that. The second is how can you make sure that the answers we’re getting back are as accurate as possible when we’re talking about accuracy we’re typically talking about two things: how well do we let the good guys sail through the process because <strong>we identified them as good customers</strong> and how well do we catch the bad actors?</span></p>
<p><span style="font-size:12pt;">So I think improving our <strong>scoring</strong> algorithms and improving all the different ways we capture fraud signals that allow us to render a yes or no decision or accept or reject any giving a person to provide back to the institution. I think those are the ones we’re going to iterate on, one is improving the speed and second is improving the accuracy of our solution.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Thank you, and the last question is how can we at Global Risk Community can contribute to the process of a better understanding of this complex world of risk from your perspective?</span></p>
<p><span style="font-size:12pt;"><strong>Dean:</strong> I think, it’s 2020 and if you’re still relying on the ways you did identity <strong>proofing</strong> 20 years ago you need to reassess. So if you’re pinging a database and asking “is this person Boris” based on a name or an address without any corroborative information like a government issue ID or a biometric. How can you have any confidence in the person you are onboarding is that person, so you need to understand the kind of measures you are kind of putting in place and what level of assurance do you have that person claims who they are to be.</span></p>
<p><span style="font-size:12pt;">I think even if you are only protecting your accounts of your users with simply a username or a password that is holy insufficient in today's world. If you decide not to use, I’m obviously advocating biometric authentication, but even two factor SMS authentication is at least a step in the right direction.</span></p>
<p><span style="font-size:12pt;">You need to look essentially and be aware of all the threats that are out there so reading up on blogs and understanding what threats are out there that are a risk to your institution is pretty important to stay <strong>abreast</strong> of these threats and if you’re aware of that you realize pretty quickly that account takeovers is a major threat and <strong>synthetic fraud</strong> is a major threat that is emerging. And you simply need to educate yourself on what is the threat, how real is the threat and how do you mitigate against that with systems and processes.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Dean, thank you very much for your interview and I wish you great success with growing your company and I hope that our members will find this interview very useful.</span></p>
<p><span style="font-size:12pt;"> <strong>Dean:</strong> Thank you Boris, appreciate the time.</span></p></div>Identity verification and Health industry- the data on the targethttps://globalriskcommunity.com/profiles/blogs/identity-verification-and-health-industry-the-data-on-the-target2019-08-06T07:08:08.000Z2019-08-06T07:08:08.000ZSmith Clarkhttps://globalriskcommunity.com/members/SmithClark<div><p><span style="font-weight:400;">In any service identity verification works as the backbone of the system.</span> <span style="font-weight:400;">The</span> <span style="font-weight:400;">same is the case with the healthcare system. Proper identity verification is a necessity, because it's how a doctor knows that he is treating the right person with this specific medical history; a pharmacist knows he is handing over the right drug to the right person with this medical record; and it’s how a billing office knows he is mailing</span> <span style="font-weight:400;">the</span> <span style="font-weight:400;">right receipt to the right patient.</span></p><p></p><p><span style="font-weight:400;">Healthcare</span> <span style="font-weight:400;">identification</span> <span style="font-weight:400;">needs to be</span> <span style="font-weight:400;">an efficient and crucial delivery service by healthcare and public health management and a baby step towards achieving Sustainable Development Goals (SDGs). This service helps in providing continuous and consistent care for the patient having relevant medical and treatment history. These documentations</span> <span style="font-weight:400;">are</span> <span style="font-weight:400;">also required to acquire insurance programs and safety nets that cover medical expenses. </span></p><p></p><p><span style="font-weight:400;">Data is managed through a unique patient ID so it can be aggregated and can be shared into a separate health database. It will ensure effective action at the time of emergency and provides results in real-time - which will further improve the treatment and disease management, without any</span> <span style="font-weight:400;">possibility</span> <span style="font-weight:400;">of identity theft. Secure</span> <a href="https://shuftipro.com/identity-verification/"><b>kyc identity verification</b></a> <span style="font-weight:400;">in healthcare is a win-win situation for the medical department and patient for effective service.</span></p><p></p><p><b>The World Bank,</b> <span style="font-weight:400;">gives few figures to provide back to their claim of the requirement of an E-health service. According to the World Bank’s record around 1.1 billion patients globally lack legal identity documents in 2017, they are unable to prove their identity</span> <span style="font-weight:400;">in order</span> <span style="font-weight:400;">to claim their eligibility in any government scheme or service,</span> <span style="font-weight:400;">Thus, they receive</span> <span style="font-weight:400;">no service from the government. As a</span> <span style="font-weight:400;">result, government</span> <span style="font-weight:400;">machinery</span> <span style="font-weight:400;">has a hard time providing</span> <span style="font-weight:400;">a rationalized service when the data is so incomplete and even difficult to establish the identity of existing and excluded beneficiaries.</span> <span style="font-weight:400;">There are 3.5 billion worldwide</span> <span style="font-weight:400;">who have no access to the quality health service.</span></p><p><span style="font-weight:400;">The adoption</span> <span style="font-weight:400;">of digital information service electronic health records(EHRs) allows countries to overcome such</span> <span style="font-weight:400;">above</span> <span style="font-weight:400;">inefficiencies. Some 47% of countries adopted EHR,</span> <span style="font-weight:400;">and</span> <span style="font-weight:400;">83% of countries adopted at least one mobile application.</span></p><p> <a href="https://1.bp.blogspot.com/-oh6bv1xdh1Y/XUkcOd1d_zI/AAAAAAAAADA/QS9IGaDuhyEAtn2FuW_KQ5mhNhezmLzdQCLcBGAs/s1600/5d491be258ac3.png"><img src="https://1.bp.blogspot.com/-oh6bv1xdh1Y/XUkcOd1d_zI/AAAAAAAAADA/QS9IGaDuhyEAtn2FuW_KQ5mhNhezmLzdQCLcBGAs/s320/5d491be258ac3.png" border="0" width="320" height="176" alt="5d491be258ac3.png" /></a></p><p><b>Reasons for</b> <b>mis-identification</b> <b>of patients, </b></p><ul><li style="font-weight:400;"><span style="font-weight:400;">Patient’s incorrect identification at the time of registration.</span></li><li style="font-weight:400;"><span style="font-weight:400;">Slow and ineffective registration procedure.</span></li><li style="font-weight:400;"><span style="font-weight:400;">Provide confused data, duplicates or multiple results for the same name and date-of-birth patients. </span></li><li style="font-weight:400;"><span style="font-weight:400;">Inefficiency in the health department and workflow.</span></li><li style="font-weight:400;"><span style="font-weight:400;">Reliance on a DIY system</span> <span style="font-weight:400;">that is not competent enough to match today's needs.</span></li><li style="font-weight:400;"><span style="font-weight:400;">The patien</span><span style="font-weight:400;">ts themselves providing</span> <span style="font-weight:400;">false information.</span></li><li style="font-weight:400;"><span style="font-weight:400;">Chances of human error.</span></li><li style="font-weight:400;"><span style="font-weight:400;">Treatment pressure - for example, when the patient cannot wait 30 minutes for the processing time required to get results.</span><span style="font-weight:400;"> </span></li></ul><p><b>Perks of having an advanced system:</b><span style="font-weight:400;"> </span></p><p></p><ul><li><b>Highlights the efficiency in the identity ecosystem:</b></li></ul><p></p><p><span style="font-weight:400;">Identity verification in health services is a must because it has a long shelf life. As compared to any other identity theft, credit card scams may be catered</span> <span style="font-weight:400;">to in</span> <span style="font-weight:400;">about a week or two. But</span> <span style="font-weight:400;">healthcare services contain</span> <span style="font-weight:400;">the identity data like</span> <span style="font-weight:400;">the</span> <span style="font-weight:400;">social service number,</span> <span style="font-weight:400;">the</span> <span style="font-weight:400;">name, and</span> <span style="font-weight:400;">the</span> <span style="font-weight:400;">medical insurance number with</span> <span style="font-weight:400;">the</span> <span style="font-weight:400;">medical history that can not be changed or canceled. So by</span> <span style="font-weight:400;">such</span> <span style="font-weight:400;">efficiency, if such a system works effectively that can reduce the need for any health application</span> <span style="font-weight:400;">anomalies</span><span style="font-weight:400;">. </span></p><ul><li style="font-weight:400;"><span style="font-weight:400;">It provides opportunities for inter-operationality.</span></li><li style="font-weight:400;"><span style="font-weight:400;">Integration between foundational identification and health care system</span><span style="font-weight:400;">s</span><span style="font-weight:400;">.</span></li></ul><p><br /><br /><br /><br /><br /><br /></p></div>Trulioo Extends Global Identity Verification Solution to the Czech Republic and Slovakiahttps://globalriskcommunity.com/profiles/blogs/trulioo-extends-global-identity-verification-solution-to-the2019-01-23T19:28:50.000Z2019-01-23T19:28:50.000ZCaitlin Porterhttps://globalriskcommunity.com/members/CaitlinPorter<div><p class="responsiveNews">Trulioo, the leading global identity verification company, today announced that it now verifies customers in the Czech Republic and Slovakia through its electronic identity verification platform,<span> </span><a href="https://www.trulioo.com/product/identity-verification/" title="GlobalGateway">GlobalGateway</a>, helping to mitigate money laundering and fraud in two of the world’s fastest growing markets.</p><p class="responsiveNews">“Expanding our solution to both the Czech Republic and Slovakia is critical,” said Stephen Ufford, CEO and founder of Trulioo. “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,” said Ufford.</p><p class="responsiveNews">Keeping pace with new regulations and technologies in growing markets, however, is an ongoing process. As technology, consumer behaviors, laws and international standards continue to evolve, so do fraud schemes. Today’s fraudsters are well-funded, skilled and equipped with the latest technology, which makes staying ahead of them more difficult than ever before. In fact, according to<span> </span><a href="https://www.natcnc.com/msb/evolution-money-laundering/" title="National Check and Currency">National Check and Currency</a>, money launderers now employ complex networks and covers and use modern accounting and financial tools to defraud both the traditional and alternative financial industries. These evolving methods have enabled criminals to conceal their identities in a new way, which presents a huge challenge for financial institutions and law enforcement agencies.</p><p class="responsiveNews">“Both member states will be required by the EU’s Fifth Anti-Money Laundering Directive (<a href="https://www.trulioo.com/blog/5amld/" title="5AMLD">5AMLD</a>) to implement new provisions that close loopholes, consider new technologies and improve transparency while still protecting personal data and adhering to international agreements,” Ufford continued.</p><p class="responsiveNews">The Czech Republic and Slovakia are both taking steps to thwart rising fraud and money laundering. According to the<span> </span><a href="https://www.state.gov/j/inl/rls/nrcrpt/2014/supplemental/227766.htm" title="U.S. Department of State">U.S. Department of State</a>’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<span> </span><a href="https://www.business-anti-corruption.com/anti-corruption-legislation/united-nations-convention-against-corruption/" title="United Nations Convention against Corruption (UNCAC)">United Nations Convention against Corruption (UNCAC)</a><span> </span>as well as the<span> </span><a href="http://www.oecd.org/corruption/oecdantibriberyconvention.htm" title="OECD Anti-Bribery Convention">OECD Anti-Bribery Convention</a>.</p><p class="responsiveNews">Meanwhile, the Slovakian government recently approved a<span> </span><a href="https://www.konecna-zacha.com/en/slovakia-revision-of-the-anti-money-laundering-act/" title="propsal">proposal</a><span> </span>that amends an existing act to increase the transparency of ownership of legal entities and the preservation of information. Under the amended act, all legal entities and special purpose asset arrangements are obligated to register and maintain documentation on ultimate beneficiary owners (UBOs). The UBO’s identification details must be recorded by a legal entity each year and for a period of five years after the termination of the UBO’s status, according to<span> </span><a href="http://www.cechova.sk/EN/Default.aspx?CatID=140" title="Cechova and Partners">Cechova and Partners</a>.</p><p class="responsiveNews">Developed to help businesses automate their customer onboarding processes and comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements, GlobalGateway powers fraud prevention and compliance systems for hundreds of financial institutions, payments, banks and online marketplaces worldwide.</p><p class="responsiveNews"><strong>About Trulioo </strong><br />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<span> </span><a href="https://www.trulioo.com/blog/kyc/" title="Know Your Customer">Know Your Customer</a><span> </span>(KYC) and<span> </span><a href="https://www.trulioo.com/product/global-business-verification/" title="Know Your Business">Know Your Business</a>(KYB) workflows. Trulioo supports over 500 global clients to instantly verify 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<span> </span><a href="http://www.trulioo.com/" title="trulioo.com">trulioo.com</a>.<span> </span></p></div>[Webinar Invite] Financial Services, Fraud and the Future of Digital Onboardinghttps://globalriskcommunity.com/profiles/blogs/webinar-invite-financial-services-fraud2018-09-14T10:00:00.000Z2018-09-14T10:00:00.000ZBoris Agranovichhttps://globalriskcommunity.com/members/BorisAgranovich<div><p><a href="https://mediaexplorers.lpages.co/onfido-webinar-fraud/">https://mediaexplorers.lpages.co/onfido-webinar-fraud/</a></p>
<p>Hi,</p>
<p> </p>
<p>If you're working in Risk Management, I thought that you might be interested in joining the webinar on Fraud and Future of Digital Onboarding delivered by our partners at Onfido.</p>
<p>If that's the case please register via the link below <a href="https://mediaexplorers.lpages.co/onfido-webinar-fraud/">https://mediaexplorers.lpages.co/onfido-webinar-fraud/</a></p>
<p>or reply in the comments and I will register you manually. </p>
<p><a href="https://mediaexplorers.lpages.co/onfido-webinar-fraud/" target="_blank"><img width="259" src="{{#staticFileLink}}8028274660,original{{/staticFileLink}}" class="align-left" alt="8028274660?profile=original" /></a> </p>
<p><span>Join this webinar with Parker Crockford to learn:</span><font face="ubuntu"> </font></p>
<ul class="list fa-ul role-element leadstyle-text" id="section-content-left-list">
<li class="fa fa-check"><span>What new CDD and KYC regulation means for user onboarding</span></li>
<li class="fa fa-check"><span>Why the SSN is no longer reliable – and what’s going to replace it</span></li>
<li class="fa fa-check"><span>How new technology like biometrics, AI and blockchain can help</span></li>
</ul></div>marcus evans to Host the 2nd Edition Digital Transformation in Wealth Management Conference on September 24-26, 2018 in San Franciscohttps://globalriskcommunity.com/profiles/blogs/marcus-evans-to-host-the-2nd-edition-digital-transformation-in2018-05-03T15:14:36.000Z2018-05-03T15:14:36.000ZAmanda Pinkhttps://globalriskcommunity.com/members/AmandaPink<div><p><strong>marcus evans</strong> will host the <strong>2<sup>nd</sup> Edition Digital Transformation in Wealth Management Conference on September 24-26, 2018 in San Francisco.</strong> This conference will provide wealth managers with practical tools for developing a consistent and firm-wide digital adoption strategy allowing them to expand their client base and offerings. Industry experts will assess the best practices for leveraging and scaling robo-advice alongside traditional advice and how Artificial Intelligence (AI) and new digital capabilities can enhance financial planning and client onboarding processes.</p><p> </p><p><strong>Learn From Key Practical Case Studies:</strong></p><ul><li><strong>Charles Schwab</strong>will discuss where the wealth management industry is heading</li><li><strong>Invesco</strong> will assess the best practices for promoting a culture shift in wealth management</li><li><strong>BMO Financial Group</strong> will examine methodologies for improving client onboarding</li><li><strong>AgentRisk</strong> will explore where AI is bringing the most value to wealth managers</li><li><strong>CUSO Financial Services</strong> will evaluate practices for leveraging robo advice alongside traditional models</li></ul><p> </p><p><strong>Key Speakers Include:</strong></p><ul><li>Tobin McDaniel, Senior Vice President, Digital Advice, <strong>Charles Schwab</strong></li><li>Donie Lochan, Managing Director, Chief Technology Officer, Global Head of Technology, <strong>Invesco</strong></li><li>John Olerio, Senior Vice President, Director, Investment Services, <strong>Webster Investments</strong></li><li>Jon Vlachogiannis, Founder, <strong>AgentRisk</strong></li><li>Richard Keltner, Senior Vice President, Advisory Services, <strong>CUSO Financial Services </strong></li></ul><p> </p><p>For more information, please visit: <a href="http://bit.ly/2HJFBhf">http://bit.ly/2HJFBhf</a> or you can contact Amanda Pink at apink@global-fmi.com.</p><p> </p><p><strong><em>marcus evans</em></strong> <em>conferences annually produce over 2,000 high quality events designed to provide key strategic business information, best practice and networking opportunities for senior industry decision-makers.</em></p></div>