Exness Group is a global multi-asset broker founded in 2008 to reshape the online trading industry. They aim to maximize value for their clients by offering better-than-market conditions on currencies, crypto, stocks, indices, metals, and commodities. In 2022, Exness achieved record trading volumes at $2.8 trillion (August 2022) and an active client base of over 350,000.
The Challenge
Exness conducted market research to determine which KYC/AML providers could match their extensive international coverage. The main criterion was an all-in-one solution that could:
- Work with different requirements, jurisdictions, flows, and documents.
- Offer a powerful product that’s GDPR-compliant and backed by the support of experienced compliance advisors;
- Elevate conversion rates to new levels while complying with regulations;
- Operate in emerging markets.
Stella Christodoulou
Head of Payment Operations at Exness
We researched the market for KYC platforms. Our company took on an immense scale with separate technical flows for each jurisdiction, which made KYC very challenging.
Why Sumsub?
It took Exness a lot of research before finally choosing Sumsub. They ultimately chose Sumsub for its:
- Compliance proficiency and legal expertise in FCA, CySEC, FINMA, MAS, and MFSA, among others
- Established presence in Cyprus
- Support for most languages and special ID types recognition
- Powerful dashboard with broad functionality
- 24/7 client support
The Solution
Sumsub takes care of trader verification for Exness.
First, Sumsub requests a phone number from the trader’s country of residence. Then, for the first deposit, users pass through 3 verification steps:
- Personal email verification;
- Phone number verification;
- Providing personal information (address, full name, date of birth).
Next, traders can open a deposit of up to 2000 USD, after which they have 30 days to pass proof of identity and proof of address checks.
Stella Christodoulou
Head of Payment Operations at Exness
Sumsub’s specific competence in this area complements our existing compliance routines very well. They have been able to customize KYC document screening to fit our specific flows and needs.
The Sumsub dashboard boosts efficiency for the Exness compliance and support teams. They can manage a high volume of applicants, with access to their status, history, and reasons for being approved or declined. The solution documents decision history and produces reports following FATF guidelines used in AML/CFT reporting worldwide.
The Result
Sumsub’s solution provides Exness with a risk-based approach to verification, enabling compliance with respective rules and regulations, with corresponding support for each region.
As a result of this partnership, Exness was able to cut costs in half, increase the approval rate to 77.6% (compared to an industry average of 70%), and reduce verification time to 3 minutes.
Monitoring across jurisdictions and multiple databases, including PEP, sanction lists, and adverse media, enables Exness to identify non-compliant users better.
Future plans
Exness plans to continue focusing on fraud prevention and improving the customer experience during KYC. They are also considering Sumsub’s Liveness technology and document-free verifications.
