Sumsub updates business verification with expanded data sources

Thursday 13 June 2024 09:32 CET | News

Sumsub has updated its Business Verification solution with broader coverage and additional data sources to improve data quality and user experience.


This solution, part of their Know Your Business (KYB) services, helps businesses verify the legitimacy of their partners, service providers, and customers. KYB regulations are similar to Know Your Customer (KYC) regulations, requiring financial institutions to verify the legitimacy of businesses and their Ultimate Beneficial Owners (UBOs).

Sumsub's KYB solution addresses common issues businesses face with legal entity checks, such as long processing times, decreased conversion rates, incomplete data, the need for manual document verification, complex integration of commercial records, and overall procedural complexity. 

The updated KYB solution includes:

  • Access to over 500 million commercial records for efficient Corporate Registry Checks, reducing processing time from 3 minutes to 15 seconds.

  • Access to 345 million shareholder records for Ownership & Control Checks.

  • UBO Verification with a pass rate exceeding 90% in about 30 seconds.

  • Advanced AML Screening using over 11,000 sources.

  • A Corporate Documents Review option by Sumsub’s in-house experts, beneficial when entity data isn't available through registry checks.

  • The ability to request additional information via customizable Questionnaire Analysis.


Fighting fraud


The enhanced platform aims to streamline processes for fintech, crypto, payment, trading service providers, and others by enabling quick and comprehensive verification, aiding in money laundering and fraud prevention, and integrating KYB, KYC, and AML checks into a single workflow.

Sumsub launched its KYB solution in 2022, featuring an anti-fraud engine, automated workflows, and a centralized view of verifications and corporate structures. Last year, the company upgraded its KYC solution to conduct cross-checks of user data at every stage, consolidate risk profiles, and enhance in-house productivity. This was in response to increasing global fraud, the trend towards non-document verification and digital IDs, stricter regulations, and the rise of AI-driven fraud.

Earlier this year, Sumsub released a paper titled ‘Mastering Travel Rule Compliance,’ offering guidance to Virtual Asset Service Providers (VASPs) on implementing the Travel Rule. This guidance is crucial as many jurisdictions have enacted Travel Rule legislation, with the European Union set to follow by December 30, 2024.

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Keywords: KYC, product upgrade, data protection, KYB
Categories: Fraud & Financial Crime
Companies: Sumsub
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime


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