Sumsub adds document subtype recognition to its PoA

Wednesday 27 April 2022 12:18 CET | News

Sumsub, a UK-based tech company that helps businesses stay compliant and fight digital fraud, has added document subtype recognition to its Proof of Address (PoA) verification solution.

User verification flows can now be adjusted to specific regulatory requirements since companies can set different rules based on the type of the document submitted.

PoA, is a document that verifies a person’s permanent residence. Checking such documents is one of the basic requirements for KYC/AML compliance. However, the legitimacy of one’s PoA is not always certain. PoA can be confirmed by submitting documents such as bank statements, utility bills, voter registration, mobile operator bills, etc.

With subtypes recognition, Sumsub’s customers can not only see what kind of document is used as PoA, but also decide which documents they want to accept as proof based on their regulator’s requirements.

The document subtypes available include telecom bills, utilities, and government-issued statements (like voter registration or tax bills), bank statements/certificates, and mobile operator bills.

This new feature is primarily aimed at the fintech market, since companies in the trading sector are often obliged to verify their users’ residence and understand their clients’ risk scores.

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Keywords: product launch, fintech, compliance, cybersecurity, KYC
Categories: Fraud & Financial Crime
Companies: Sumsub
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime


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