Sumsub launches new KYB solution to boost business verification

Wednesday 16 March 2022 13:18 CET | News

Anti-fraud and ID verification platform, Sumsub, has announced the launching of a new KYB solution for company verification.

KYB (Know Your Business) verification is performed by companies who want to make sure their commercial and business partners are trustworthy. Generally, the procedure includes checking the company’s documents in global archives, verifying the identities of beneficiaries, and performing AML checks. 

However, KYB procedures are often outsourced to compliance officers that perform them manually, resulting in a process that can last for up to three business days or 72 hours per company. Sumsub’s innovative full-cycle KYB solution is designed to help companies perform verification through automated KYB checks, beneficiary KYC checks, and manual reviews by certified AML experts. The company’s solution last three minutes to perform, while full-cycle KYB verification is completed in three hours.

The company with offices in London and Ukraine, among other countries, follows global and local regulatory norms (CySEC, FATF, FCA, etc.), and stores its data on GDPR-compliant servers located in the EU.

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Keywords: FCA, regulation, KYB, KYC, eKYC, AML, product launch, fraud prevention, fraud detection
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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