The AML Incubator (AMLI) offers a range of specialized services to support compliance with anti-money laundering regulations Globally:

• MSB Registration Services: Assistance with registering as a Money Services Business.
• CAMLO/MLRO Services: Provision of Chief Anti-Money Laundering Officer/Money Laundering Reporting Officer services.
• Effectiveness Review and Independent Audit: Assessments to evaluate the effectiveness of AML programs.
• Token Due Diligence: Examination of digital tokens to ensure compliance with Compliance standards.
• Enhanced Due Diligence: In-depth background checks and risk assessments.

These services aim to ensure thorough compliance and enhance the operational capabilities of businesses in managing AML risks. 

The Challenge

Recognizing the need for streamlining client onboarding and bolstering compliance with regulatory standards, AML Incubator sought an automated verification solution for their clients. Before working with Sumsub, the company did not have a full-stack solution to this service.

Why Sumsub?

Sumsub’s comprehensive suite of verification solutions, including document checks, biometric verification, and compliance workflows, offers the advanced technology and customization AML Incubator’s clients required. The aim was to provide a service that decreased onboarding times and improved compliance outcomes.

Tigran Rostomyan

CEO at AML Incubator

One of the standout features of Sumsub is its adaptability to various onboarding requirements across multiple jurisdictions. This versatility is highly appreciated by many of our clients, who value the ability to customize the platform according to their specific needs.

The Solution

Thanks to Sumsub, AML Incubator can provide a solution for streamlined verification processes, reducing manual effort and enhancing compliance checks. Document and biometric verification features ensured accurate identification of clients and their customers, facilitating regulatory compliance.

Tigran Rostomyan

CEO at AML Incubator

Sumsub has revolutionized our verification processes, empowering us to efficiently onboard clients and ensure regulatory compliance. With their cutting-edge solutions, we’ve accelerated growth, reduced risk, and unlocked new opportunities in the fight against financial crime.

Implementation

Sumsub’s user-friendly interface and comprehensive documentation facilitated quick implementation, allowing AML Incubator to optimize verification processes for their clients swiftly.

The Results

AML Incubators’ start-up phase clients are able to become fully operational in a much faster time, and their mid/late-phase clients can optimize their onboarding process in a more cost and labor-effective manner. It is noteworthy that the onboarding process with Sumsub is significantly faster compared to traditional methods typically required by companies.

Tigran Rostomyan

CEO at AML Incubator

We highly recommend Sumsub to our clients due to its efficiency and flexibility in managing global client onboarding.

Future Plans

AML Incubator intends to explore further integrations with Sumsub’s platform to enhance verification processes and expand into new regions. Additional product offerings tailored to specific market needs will be launched, leveraging Sumsub’s capabilities to support clients’ growth initiatives. 

Sumsub’s flexible and scalable solutions align with AMLI’s vision for continued innovation and expansion in the anti-money laundering space.