RegTech specialists TruNarrative has confirmed the expansion of its product line-up with new Know Your Customer (KYC) and Anti-Money Laundering (AML) solution TruPortal, designed specifically for low-volume users.
As part of the expansion, TruNarrative’s customers gain the latest AI-driven Onboarding, Risk Rating and Transaction Monitoring technology for Behavioural & Account Monitoring, Fraud Prevention, and Anti-Money Laundering (AML).
Delivered through their cloud-based Software-as-a-Service (SaaS) Risk & Financial Crime platform, TruNarrative offers close to 100 pre-integrated third-party data sources covering 50+ countries.
John Lord, Founder & CEO of TruNarrative, commented: “With one of the lowest entry costs in the market, and a unique self-service approach, 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.
“In 2016 we launched our unified platform for financial crime compliance, and we disrupted the marketplace and changed the game. Our new product TruPortal is set to do the same for the high street professional services market. This is a space that needs innovation but hasn’t seen it in too long. With TruPortal, we’re planning to transform and massively improve the way that high street businesses verify their clients.”
In a climate of tightening regulation, including the 5th and 6th EU Anti-Money Laundering Directive (AMLD) businesses are obliged to verify, investigate, and monitor their customer base for fraud prevention and anti-money laundering purposes in adherence with constantly evolving compliance requirements.
TruPortal by TruNarrative seeks to deliver the capability to call upon enterprise-level technology to take on and monitor new and existing clients: individuals, businesses and their directors.
TruPortal gives professionals access to a host of checks, including Credit-Reference Agency-derived Identity Verification; PEP (Politically Exposed Persons) & Sanctions checks; and automated Document Verification for multiple document types including UK & EU Driving Licenses, Passports, and Identity Cards.
In addition, TruPortal incorporates an extensive Business Verification suite, including: Company Verification; Director, Ultimate Beneficial Owner (UBO), and Shareholder information; Anti-Money Laundering & Adverse Media checks; and Business Credit Reports.
Ryan Morrison, Chief Operating Officer at TruNarrative, added: “We see the professional services space as being underserved in their compliance requirements.
TruPortal delivers a super low entry cost of less than £500 and no cap on users, allowing firms to rapidly obtain the information they need to compliantly onboard and engage with their clients.”