Retail has formed a new partnership with technology provider Sumsub.
Based in London, Sumsub provides technology and financial services companies with know-your-customer (KYC) and anti-money laundering (AML) technology.
“With FATF announcing their updated guidance with reinforced AML demands, followed by FCA, CySEC and similar policies introduced worldwide, trading industry players have to step up their compliance and anti-fraud measures,” said Sumsub founder Jacob Sever.
“We are happy to see how our product is already helping industry leader Exness optimize compliance costs and meet due diligence obligations under tightening regulatory rules.”
Simplifying KYC and AML
Sever’s firm already works with some big names, including Uber, MetaQuotes and BlaBlaCar.
Sumbsub’s technology means that a user can visualise KYC and AML processes across several different jurisdictions.
Workflow can, for example, be fully automated, semi-automated or handled by an agent. An individual will also have their entire history shown, enabling compliance workers to see why, for example, someone was prevented from opening an account.
For Exness, a company that has several different regulated entities, the need to manage different compliance standards surrounding KYC and AML appear to have driven its decision to work with Sumsub.
“We researched the market for KYC platforms and considered subscribing to many different databases,” said Exness COO Maria Fedorova.
“The project took on an immense scale with separate technical flows for each jurisdiction, which made AML/KYC very challenging.
“Sumsub’s specific expertise in this area complimented our existing compliance routines very well. They have been able to customize AML/KYC document screening to fit our specific flows and needs.”
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