5 Top RegTechs in Client and Counterparty Identification

RegTech has been praised as the key to help banks comply with their regulatory obligations while driving down costs that have exploded over the last couple of years. Just to put some numbers on the table, a recent ThomsonReuters report stated that the average bank spends $60 million a year to meet their KYC obligations, while costs can be as high as $500 million on compliance with KYC and Customer Due Diligence. Quite understandable that many try to get their piece of that pie and with regulatory requirements ever more burdensome, their seems to be plenty for everyone, but not all solutions are the same and the right fit for every financial institution.

So, with all the hype that surrounds RegTech it is sometimes difficult not to get lost in all that noise. That’s why we took some time and had a good look at the industry. In a series of articles we bring you an overview of those players that have or are making their mark in their category (have a look at our reasoning regarding the classification of RegTech services – bear in mind though that often RegTechs provide tools that cover more than one category).

Here are 5 top RegTechs in Client and Counterparty Identification:


Offices: Headquarters at San Jose in the Silicon Valley, as well as in London and Bermuda
Founded: 2013
Description: Trunomi puts the clients at the centre of the customer data management. Financial institutions and their customers are connected securely allowing individuals create and manage their personal data with data rights management, all in line with Data Privacy Laws.

Identity Mind Global

Offices: Based in Palo Alto and Spokane Valley
Founded: 2011
Description: Identity Mind Global provides a range of real-time risk management, compliance and fraud prevention solutions. A favourite in the Bitcoin community, having helped bitcoin companies launch while complying with evolving regulations, Identity Mind Global has been praised for its KYC and Onboarding solutions.


Offices: New York City
Founded: 2014
Description: The KPMG FinTech Innovation Challenge in the category Blockchain, this start-up aims to build a global trust provisioning network using distributed ledger technology. Tradle describes itself as a blockchain company helping financial institutions turn the pain of compliance into commercial opportunity. With the objective to fix a broken KYC process in retail and corporate banking, along with other compliance problems, and allowing to start experimenting with the new Uber-like business models, it’s still kind of early hours for the company, but we see huge potential.



Offices: Headquarter at Hørsholm/Denmark
Founded: 2012
Description: A prime example that simple problems sometimes don’t need a complex solution. The Danish RegTech muinmos developed the cloud based platform PASS, which immediately determines whether a client is suitable to trade in a specific service and given instrument type, allowing financial institutions to realise the full potential of their global client base.


Offices: Headquartered in Vancouver
Founded: 2011
Description: Somewhat the poster boy for successful RegTech startups, Trulioo seems to feature in any blog post that lists examples of companies leading the surge of regulatory technology revolutionizing compliance. Their tagline calls them the identity bureau and their single portal/API solution gives customers secure access to over 4 billion identities worldwide in order to comply with AML/KYC identity verification requirements.

Client and Counterparty Identification is a very prominent topic amongst RegTechs and we appreciate that there are other great companies out there. Let us know your thoughts on our selection or tell us if your company should been up there at info@planetcompliance.com

Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

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