Regulatory technology firm TruNarrative has expanded its product line-up with Know Your Customer (KYC) and anti-money laundering (AML) solution TruPortal.
Established in 2016, TruNarrative’s decisioning platform is a critical supplier to reputable financial institutions, banks, payments services and e-commerce businesses.
Its customers benefit from AI-driven onboarding, risk rating and transaction monitoring technology for behavioural and account monitoring, fraud prevention and AML – all of which is delivered through TruNarrative’s cloud-based ‘Software-as-a-Service (SaaS) Risk & Financial Crime’ platform.
Now the firm is bringing its bank-grade technology to businesses of all sizes, including legal, accountancy, estate agents, branch or high-street professionals, and corporate in-house compliance teams.
This comes as the 5th and 6th EU anti-money laundering directives (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 enables professionals to call upon enterprise-level technology to take on and monitor new and existing clients: individuals, businesses and their directors.
It will also provide a host of checks, including credit-reference agency-derived identity verification, politically exposed persons (PEP) and sanctions checks, and automated document verification for multiple document types including UK and EU driving licenses, passports, as well as identity cards.
In addition, TruPortal incorporates an extensive business verification suite. Designed to make Know-Your-Customer & Know-Your-Business due diligence checks simple, quick and easy to perform, TruPortal facilitates compliance with the regulatory obligations around client verification and AML.
Ryan Morrison, chief operating officer of TruNarrative, says: “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.”
John Lord, founder & chief executive officer of TruNarrative, adds: “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,” he concludes.