TruNarrative is looking to simplify the identity verification process for smaller businesses that need to comply with Europe’s strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. To that end, the company has released a new TruPortal solution that makes it easier for an organization to conduct a number of different checks before entering into an agreement with a customer or a potential business partner.
TruPortal is designed primarily for real estate agencies, law firms, accounting firms, and other low-volume businesses that deal with sensitive information. The platform provides document-based identity verification for individual customers, and supplements that with credit checks and sanctions checks to make sure that someone is not on a list of Politically Exposed Persons.
The solution offers similar assurances at the corporate level. With TruPortal, businesses will know that a company and its director are legitimate, and will have access to basic information about its shareholders and its ultimate beneficial owners. TruPortal will also provide business credit reports, and alert users about any bad press that a company has received. The platform was built to be affordable for small businesses, with no cap on the number of users and a starting price point that comes in below £500.
TruNarrative’s Software-as-a-Service AML platform leverages nearly 100 third-party data sources, and provides coverage for more than 50 countries. The company’s technology is compliant with the European Union’s latest Anti-Money Laundering Directives, and can streamline customer onboarding in addition to other functions.
“With one of the lowest entry costs in the market, TruPortal is accessible to smaller firms and those with low-volume customer bases – an area which is currently under-served and under increasing regulatory scrutiny,” said TruNarrative Founder and CEO John Lord. “We’re planning to transform and massively improve the way that high street businesses verify their clients.”
TruNarrative recently partnered with TrustID to improve its document review capabilities. The company is currently providing identity verification and risk assessment services for Paragon Bank and the ikigai banking app.