{"id":27134,"date":"2023-01-25T15:21:08","date_gmt":"2023-01-25T15:21:08","guid":{"rendered":"https:\/\/www.trulioo.com\/?page_id=27134"},"modified":"2024-01-29T17:00:55","modified_gmt":"2024-01-29T17:00:55","slug":"financial-services","status":"publish","type":"page","link":"https:\/\/www.trulioo.com\/industries\/financial-services","title":{"rendered":"Financial Services KYC and AML"},"content":{"rendered":"\n<div class=\"bg-green-500\">\n    <div class=\"section\">\n        <h1 class=\"h2 lg:h1 mt-[180px] mb-[100px] text-green-900\" >What Are KYC and AML Requirements for Financial Services and Why Do They Matter?<\/h1>\n            <\/div>\n<\/div>\n\n\n\n<div\n    class=\"section mb-16\"\n    x-data=\"{ current: 0 }\"\n>\n\t<article class=\"relative lg:grid lg:grid-cols-4 lg:gap-10\">\n\t\t<div class=\"mt-12 lg:mt-24\">\n\t\t\t<aside class=\"lg:sticky lg:top-24 lg:bg-white\">\n\t\t\t\t<p class=\"p-lg subheading text-black mb-10\">\n\t\t\t\tJump to:\t\t\t\t<\/p>\n\t\t\t\t                                                <a\n                                                        href=\"#kyc-aml-and-identity-verification\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 0) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        KYC, AML and Identity Verification                                                <\/a>\n                                                                                        <a\n                                                        href=\"#financial-services-compliance-requirements\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 1) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Financial Services Compliance Requirements                                                <\/a>\n                                                                                        <a\n                                                        href=\"#asset-and-wealth-management-compliance\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 2) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Asset and Wealth Management Compliance                                                <\/a>\n                                                                                        <a\n                                                        href=\"#stock-trading-and-broker-dealer-compliance\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 3) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Stock Trading and Broker-Dealer Compliance                                                <\/a>\n                                                                                        <a\n                                                        href=\"#five-steps-to-financial-services-compliance\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 4) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Five Steps to Financial Services Compliance                                                <\/a>\n                                                                                        <a\n                                                        href=\"#balancing-compliance-with-streamlined-onboarding\"\n                                                        class=\"border-l border-gray-300 pl-4 py-3 block p-xs subheading text-gray-700 hover:text-green-900 hover:border-red-500 opacity-60 transition\"\n                                                        :class=\"(current === 5) &#038;&#038; '!text-green-900 !border-red-500 !opacity-100'\"\n                                                >\n                                                        Balancing Compliance With Streamlined Onboarding                                                <\/a>\n                                        \t\t\t<\/aside>\n\t\t<\/div>\n                <div\n                    class=\"lg:col-span-3\"\n                    x-data=\"{ count: 6 }\"\n                    x-init=\"document.addEventListener('scrollspy:ready', function() {\n                        let debounce;\n\n                        register_scroller($el, function() {},\n                            function(scroller) {\n                                \/\/ Prevent slowdowns by debouncing to 50ms\n                                const now = performance.now();\n                                if (now - debounce < 50) return false;\n                                debounce = now;\n\n                                \/\/ Each scroll event, determine which section is nearest to the top of the viewport\n                                let closest = { value: 99999, index: 5 };\n                                for (let i = 0; i < 6; i++) {\n                                    \/\/ If the sticky anchor is visible, determine if it is closer than prior anchors\n                                    const rect = $refs['sticky_' + i].getBoundingClientRect();\n                                    if (rect.top &gt;= 0 &#038;&#038; closest.value &gt; rect.top) {\n                                        closest = { value: rect.top, index: i };\n                                    }\n                                }\n                                \/\/ Update the visible image accordingly, and return false to keep the event listener enabled\n                                current = closest.index;\n                                return false;\n                            },\n                        )\n                    })\"\n                >\n\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_0\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='kyc-aml-and-identity-verification' >KYC, AML and Identity Verification<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Understanding who financial services clients are and the risks they pose is fundamental to achieving regulatory compliance. Balancing that with fast, convenient onboarding can help organizations build trust and fuel growth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Know Your Customer (<\/span><a href=\"https:\/\/www.trulioo.com\/blog\/kyc\"><span style=\"font-weight: 400;\">KYC<\/span><\/a><span style=\"font-weight: 400;\">) and Anti-Money Laundering (<\/span><a href=\"https:\/\/www.trulioo.com\/blog\/aml-compliance\"><span style=\"font-weight: 400;\">AML<\/span><\/a><span style=\"font-weight: 400;\">) regulations govern financial services nearly everywhere in the world. Those regulations require companies gather and verify identity information, run sanction checks and perform due diligence to achieve compliance and mitigate risk.<\/span><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/player.vimeo.com\/video\/722645086?h=a7b06ba346&amp;color=A4DCB4\" width=\"100%\" height=\"360\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_1\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='financial-services-compliance-requirements' >Financial Services Compliance Requirements<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Financial services are highly regulated in all their forms. Some compliance requirements apply to the entire industry, while others focus on specific sectors, such as wealth management and online trading.\u00a0<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">Financial services regulations vary by country and, in many instances, by state or province. Adding to the complexity, the requirements often change with updates or new guidance.<\/span><\/p>\n \n<p><a href=\"https:\/\/www.trulioo.com\/blog\/compliance\/financial-crime-compliance\"><span style=\"font-weight: 400;\">Financial crime compliance<\/span><\/a><span style=\"font-weight: 400;\"> requirements are designed to counter crimes such as:<\/span><\/p>\n \n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Money laundering<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cybercrime<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bribery<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Corruption<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Securities and commodities fraud<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bank fraud<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mortgage fraud<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insurance fraud<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Embezzlement<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insider trading<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Market manipulation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Credit fraud<\/span><\/li>\n<\/ul>\n \n<p><span style=\"font-weight: 400;\">Despite shifting compliance requirements around the world, there are some consistencies.<\/span><\/p>\n \n<p><b>Program Governance<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">Compliance needs robust corporate governance, ongoing operational controls, sufficient staff and regular training to carry out its mandate.\u00a0<\/span><\/p>\n \n<p><b>Data Privacy and Security<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">There are numerous data laws governing financial information. Privacy laws mandate requirements for personal data. Financial privacy laws determine how personal financial data is handled and shared. Digital records laws dictate standards for securely storing and managing financial records.\u00a0<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">Data lifecycle management processes can help organizations manage storing, using, sharing, archiving and destroying financial information.<\/span><\/p>\n \n<p><b>Risk-Based Approach<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/compliance\/risk-based-approach\"><span style=\"font-weight: 400;\">risk-based approach<\/span><\/a><span style=\"font-weight: 400;\"> is a strategy of systematically analyzing the business, customers, partners, regulators, and the security and risk environment. A solid compliance program is characterized by understanding potential risk and taking corresponding actions.<\/span><\/p>\n \n<p><b>AML and KYC<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">Running identity checks and watchlist screening helps prevent bad actors from getting an account. Those measures also help inform the due diligence process and establish risk profiles.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">Organizations can also apply AML and KYC at key steps in the customer journey, such as in response to unusual account activity, exceeded transaction thresholds, major withdrawals, changes in personal information and account changes.<\/span><\/p>\n \n<p><b>Payment Security<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">Compliance depends on ensuring funds flow securely in and out of accounts. Secure account access controls must be in place to protect against fraud, money laundering, account takeovers and other malicious activities.<\/span><\/p>\n \n<p><b>Account Monitoring<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">It\u2019s not enough to perform due diligence at account opening. Transaction values and types can change, altering the account\u2019s risk profile. Transaction monitoring also can help reduce fraud, mitigate risk and improve operational control.\u00a0<\/span><\/p>\n \n<p><b>Reporting<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">Maintaining complete, transparent records and reporting to regulators are fundamental compliance measures. Communicating with regulators, understanding their requirements and keeping them informed are hallmarks of a good compliance program.<\/span><\/p>\n \n<p><b>Audits\u00a0<\/b><\/p>\n \n<p><span style=\"font-weight: 400;\">Performing continual reviews and audits to ensure systems and processes are robust helps avoid compliance failures.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/lp\/identity-verification-in-financial-services-ensuring-compliance-while-winning-customer-trust\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-identity-verification-financial-services-thumbnail-468x263.jpeg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-identity-verification-financial-services-thumbnail-608x342.jpeg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-identity-verification-financial-services-thumbnail-468x263.jpeg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Financial Services Industry Sheet<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">Identity Verification in Financial Services: Ensuring Compliance While Winning Customer Trust<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Leverage global identity verification for financial services compliance and growth.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_2\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='asset-and-wealth-management-compliance' >Asset and Wealth Management Compliance<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Asset and wealth management represents a significant portion of the global economy, with an estimated $103 trillion in <\/span><a href=\"https:\/\/www.investopedia.com\/articles\/professionals\/111115\/how-big-wealth-management-and-financial-advisor-industry.asp\"><span style=\"font-weight: 400;\">assets under management<\/span><\/a><span style=\"font-weight: 400;\"> as of 2020.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">Wealth management firms offer a range of services including investing, estate planning and tax accounting. Due to the range of services, firms often need multiple licenses and must meet different reporting requirements.\u00a0<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">Many wealth management firms build their compliance programs around industry best practices. That approach helps standardize global operations and shows clients the firm takes security seriously.<\/span><\/p>\n \n<p><b>AML Requirements<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Many investment advisers might not face direct AML requirements, but their activities often require using entities that fall under compliance guidelines.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, executing trades and holding securities requires broker-dealer platforms, which must ensure any investment adviser they do business with isn\u2019t dealing with accounts connected to money laundering or other illegal activities. There are also Office of Foreign Assets Control and Securities Exchange Commission (SEC) guidelines around safeguarding client assets and protecting <\/span><a href=\"https:\/\/www.jackolg.com\/tip-Anti-money-Laundering-As-Applied-To-Investment-Advisers\"><span style=\"font-weight: 400;\">the integrity of the U.S. financial system<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIn light of the increased pressure by the SEC,\u201d according to <\/span><span style=\"font-weight: 400;\">global business advisory firm FTI Consulting<\/span><span style=\"font-weight: 400;\">, \u201cinvestment advisers may be better served viewing customer relationships through an AML lens, even if not currently required, since the fallout of failing to do so may already be at their doorstep.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Learn more information about <\/span><a href=\"https:\/\/www.trulioo.com\/industries\/wealth-management-identity-verification\"><span style=\"font-weight: 400;\">wealth management identity verification and KYC<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>Enhanced Due Diligence<\/b><\/p>\n<p><a href=\"https:\/\/www.trulioo.com\/blog\/enhanced-due-diligence\"><span style=\"font-weight: 400;\">Enhanced due diligence<\/span><\/a><span style=\"font-weight: 400;\"> (EDD) procedures can come into play when wealth management firms are <a href=\"https:\/\/www.trulioo.com\/industries\/wealth-management-identity-verification\/client-onboarding\">onboarding clients<\/a>. Some EDD practical steps, suggested by the Financial Action Task Force, include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Obtaining identifying information from a robust sources, and using it to assess customer risk<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Carrying out additional searches, such as through verifiable adverse media, to build the customer risk assessment<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Commissioning an intelligence report on the customer or a business\u2019s beneficial owner to better understand if there\u2019s a risk of criminal activity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Verifying the source of funds involved in the business relationship\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Seeking additional information from the customer about the purpose of the business relationship<\/span><\/li>\n<\/ul>\n<p><b>Transforming Wealth Management<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Once a traditional in-person business, the wealth management industry is adopting new technologies to better serve clients digitally. Mobile apps, robo-advisers and other <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/financial-services\/wealthtech\"><span style=\"font-weight: 400;\">wealth technology<\/span><\/a><span style=\"font-weight: 400;\"> innovations are creating new ways to manage finances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The first step in the digital customer journey is onboarding. Clients understand and respect robust security procedures. But they also don\u2019t want to be burdened with slow and cumbersome processes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Agile, intelligent <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/customer-onboarding\/digital-onboarding-process\"><span style=\"font-weight: 400;\">digital onboarding<\/span><\/a><span style=\"font-weight: 400;\"> technologies can help firms customize and optimize the experience to achieve compliance without compromising the customer experience.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/lp\/fight-fraud-with-optimized-wealth-management-onboarding\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-wealth-management-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-wealth-management-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-wealth-management-thumbnail-468x263.jpg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"Industry sheet - Wealth Management\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Wealth Management Industry Sheet<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\"> Reduce Risk in Wealth Management<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Learn how firms can protect their customers and reputation with global identity verification.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_3\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='stock-trading-and-broker-dealer-compliance' >Stock Trading and Broker-Dealer Compliance<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Innovations such as fractional share trading, alternative systems and 24\/7 access have created a global market for online trading.\u00a0<\/span><\/p>\n \n<p><a href=\"https:\/\/www.finra.org\/compliance-tools\"><span style=\"font-weight: 400;\">Securities compliance<\/span><\/a><span style=\"font-weight: 400;\"> for broker-dealers includes general regulations and securities-specific requirements such as those covering sales and trading practices. Compliance is mandatory.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">For online trading companies, success starts at onboarding. Broker-dealers with smooth AML, KYC and identity verification processes can streamline onboarding and build their client base.<\/span><\/p>\n<p>&#8220;We needed a seamless onboarding process, one that not only addresses the regulatory requirement, but that also makes the process between sign-up and trading rapid and simple. We were also looking for a partner that has a global footprint, that is able to scale with us as we grow \u2014 there was only one option, and that was Trulioo.&#8221;<br \/>\n<span style=\"font-weight: 400;\">Dan Silver, Chief Operating Officer of Stake<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p-lg subheading text-green-900 mb-10\">Related Reading<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"bg-brown-100 px-4 lg:px-6 lg:py-8\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"lg:flex divide-y divide-gray-500 lg:divide-x lg:divide-y-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/content.trulioo.com\/flip-book\/351985\/886975\" class=\"lg:grow w-full inline-block lg:px-4\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p-sm subheading text-red-500 mt-4 mb-4\">Investment Platform<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900 subheading mb-4\">Learn how Stake is using digital identity verification to help build out its global trading platform.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/content.trulioo.com\/flip-book\/351985\/887011\" class=\"lg:grow w-full inline-block lg:px-4\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p-sm subheading text-red-500 mt-4 mb-4\">Social Investing  Platform<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900 subheading mb-4\"> Learn how eToro performed its rapid global expansion while offering a world-class onboarding experience.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/content.trulioo.com\/flip-book\/351985\/887242\" class=\"lg:grow w-full inline-block lg:px-4\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p-sm subheading text-red-500 mt-4 mb-4\">Global Trading Provider<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900 subheading mb-4\">Learn how IG expands into new markets with agile identity verification.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_4\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='five-steps-to-financial-services-compliance' >Five Steps to Financial Services Compliance<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Keeping up with the ever-changing complexities of financial services regulatory compliance is difficult. Add in rapidly evolving technologies, innovative service opportunities and expanding global markets, and the demands on compliance can be daunting.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">But there are ways to streamline onboarding, automate identity verification and gain valuable customer insights. An agile, global identity verification platform can help financial services organizations build customer trust, achieve compliance and expand their global reach.<\/span><\/p>\n<p><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Automated Onboarding<\/b><\/li>\n<\/ul>\n \n<p><span style=\"font-weight: 400;\">As financial service customers increasingly turn to digital interactions, automated onboarding can keep pace. Manual checks might be necessary in some cases, but many AML and KYC checks can be done automatically.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">For KYC, digital <\/span><a href=\"https:\/\/www.trulioo.com\/solutions\/identity-verification\"><span style=\"font-weight: 400;\">identity verification<\/span><\/a><span style=\"font-weight: 400;\"> can take input from people and match the data against known identity data sources. <\/span><a href=\"https:\/\/www.trulioo.com\/solutions\/identity-verification\/document-verification\"><span style=\"font-weight: 400;\">Identity Document Verification<\/span><\/a><span style=\"font-weight: 400;\"> can compare photos of ID documents to government templates and ensure authenticity. It can also compare the photo on the ID to a live selfie.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">For AML, <\/span><a href=\"https:\/\/www.trulioo.com\/solutions\/aml-watchlist-screening\"><span style=\"font-weight: 400;\">Watchlist Screening<\/span><\/a><span style=\"font-weight: 400;\"> checks identity information against thousands of AML watchlists worldwide to help prevent known criminals and corrupt officials from getting accounts.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">For onboarding businesses, organizations can <\/span><a href=\"https:\/\/www.trulioo.com\/solutions\/business-verification\"><span style=\"font-weight: 400;\">verify a company\u2019s information<\/span><\/a><span style=\"font-weight: 400;\"> and identify any connected entities and <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/business-verification\/ubo\"><span style=\"font-weight: 400;\">ultimate beneficial owners<\/span><\/a><span style=\"font-weight: 400;\"> (UBOs). Assessing a business customer\u2019s risk requires knowing the ownership structure and who benefits from its operations. That includes running AML and KYC checks on the UBOs.<\/span><\/p>\n<p><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Adaptable Risk Assessments<\/b><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.trulioo.com\/blog\/customer-onboarding\/onboarding-risk-assessment\"><span style=\"font-weight: 400;\">Risk-assessment tools<\/span><\/a><span style=\"font-weight: 400;\"> let companies tailor the information they gather to meet their needs. The tools enable automated identity verification workflows to adjust quickly to different scenarios based on customer or location risk. That approach protects the business but also ensures smooth onboarding in low-risk situations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Customer risk levels often break down into four buckets:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Low \u2014<\/b><span style=\"font-weight: 400;\"> Customers who can be easily verified<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Medium \u2014<\/b><span style=\"font-weight: 400;\"> Customers who could pose a higher risk and may require further due diligence and monitoring<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>High \u2014<\/b><span style=\"font-weight: 400;\"> Customers requiring enhanced <\/span><a href=\"https:\/\/www.trulioo.com\/blog\/enhanced-due-diligence\"><span style=\"font-weight: 400;\">due diligence<\/span><\/a><span style=\"font-weight: 400;\"> and close monitoring<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prohibited \u2014<\/b><span style=\"font-weight: 400;\"> Customer profiles that strongly indicate suspicious behavior and risky transactions<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>One Integration<\/b><\/li>\n<\/ul>\n \n<p><span style=\"font-weight: 400;\">Identity verification and compliance systems are often a patchwork of tools, data silos and isolated processes. Adjusting those systems can require new rounds of negotiations, additional integrations and more development time.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">When financial services organizations leverage all those services from a single integration with one platform, the silos disappear, the tools work in tandem and the streamlined services can enhance and accelerate customer onboarding. When those services work together, organizations can unlock data analytics and customer insights that can mitigate risk and improve customer experiences.<\/span><\/p>\n<p><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Perpetual KYC<\/b><\/li>\n<\/ul>\n \n<p><a href=\"https:\/\/www.trulioo.com\/blog\/compliance\/ongoing-customer-due-diligence\"><span style=\"font-weight: 400;\">Ongoing transaction and account monitoring<\/span><\/a><span style=\"font-weight: 400;\"> helps financial services companies quickly flag changes in a customer profile to aid compliance and fraud prevention.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">Understanding account status in real time can be a powerful organizational tool, providing insight into emerging risks and triggering reviews to prevent deeper problems. Automated checks that raise flags for further analysis reduce the burden on staff members while enhancing risk mitigation.\u00a0<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">An ongoing understanding of accounts can also lead to meeting customer expectations for additional services. In that context, KYC can help organizations strengthen client relationships.<\/span><\/p>\n<p><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Streamlined Audits<\/b><\/li>\n<\/ul>\n \n<p><span style=\"font-weight: 400;\">Compliance programs typically must undergo audits of the information they collect. Automated onboarding and compliance workflows make that easier by providing clear digital audit trails.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">Those automated processes provide additional strategic value over manual record keeping. Every customer who enters information into the system adds to its data analysis capabilities.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">Intelligent internal audit processes can account for deeper data sets and analysis that can decrease risk and improve performance. It\u2019s an additional line of defense that helps protect the compliance process by double-checking accounts after onboarding.\u00a0<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">The digital audit trail is a cornerstone of creating a resilient, agile and scalable compliance program.\u00a0<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/lp\/financial-services\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-financial-services-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-financial-services-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-financial-services-thumbnail-468x263.jpg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"Industry sheet - Meet Financial Services Compliance Requirements Across Multiple Markets\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Financial Services Industry Sheet<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">Achieve Speed, Security and Compliance in Financial Service Markets Worldwide<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Learn how financial institutions can overcome challenges to create secure, compliant user experiences.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t                                        <div\n                                            id=\"subtopic-article\"\n                                            class=\"custom-typography mb-4\"\n                                            x-ref=\"sticky_5\"\n                                        >\n\n\t\t\t\t\t\t<h3 class=\"h3 \" id='balancing-compliance-with-streamlined-onboarding' >Balancing Compliance With Streamlined Onboarding<\/h3>\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">With the right tools, processes and expertise, financial services compliance operations can be much more than a necessary cost. They can enable fast, convenient onboarding and reduce customer abandonment.\u00a0<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">Automated, global and comprehensive identity verification can lift compliance programs above simply meeting regulations. It can provide insights into customer patterns, use cases and other data points that can improve risk mitigation and fuel growth.<\/span><\/p>\n \n<p><span style=\"font-weight: 400;\">When financial services organizations achieve compliance, enhance security and meet customers\u2019 onboarding expectations, they\u2019ve taken the first step toward long-lasting customer relationships.<\/span><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\" mb-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.trulioo.com\/resources\/case-studies\/online-brokerage-firms\" class=\"my-16 block bg-brown-100 hover:bg-brown-300 md:relative md:flex md:flex-row\" >\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/cs-brokerages-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/cs-brokerages-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/cs-brokerages-thumbnail-468x263.jpg\" width=\"468\" height=\"263\" itemprop=\"image\" alt=\"\" class=\"md:h-full w-full object-cover object-top\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"px-6 py-4\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"sm subheading text-red-500 mb-4\">Brokerage Case Studies<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"h-sm text-green-900 mb-4\">Accelerate  Growth by Serving  International  Investors<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"p text-green-900\">Learn how brokerage firms were able to  quickly and easily meet global Know Your Customer  (KYC) requirements while simultaneously undergoing  rapid expansion into new and emerging markets.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t<div class=\"hidden lg:block section px-0 pt-10 mt-20 border-t border-green-900\">\n\t\t\t\t\t\n<script>\n\t\/\/ @author Justin Golden - Copied from Desktop Clock\n\tasync function copyText(str) {\n\t\tconsole.log('Copying', str);\n\t\tif (!navigator.clipboard) {\n\t\t\t\/\/ fallback\n\t\t\tconst input = document.createElement('textarea');\n\t\t\tinput.innerHTML = str;\n\t\t\tdocument.body.appendChild(input);\n\t\t\tinput.focus();\n\t\t\tinput.select();\n\t\t\tlet result;\n\n\t\t\ttry {\n\t\t\t\tresult = document.execCommand('copy');\n\t\t\t\tconsole.log('Fallback: Copying text command was ' + (result ? 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