KYC Identity Verification Service for Hong Kong
Full-cycle verification
platform for Hong Kong
Get one verification platform to cover all your verification needs: KYC/AML, Business Verification, Transaction Monitoring, Fraud Prevention and Travel Rule solutions. Simplify verification for you and your users.
Comply with Hong Kong regulations
Meet the Virtual Asset Trading Platform (VATP) and Money Service Operator (MSO) Licensing requirements on top of HKMA's and SFC's guidelines
Safeguard your revenue
Get multilayered protection to prevent all types of synthetic fraud, identity theft, and document forgery.
Get more paying users globally
Offer a seamless user onboarding to get 97.89% pass rate in Hong Kong and top rates worldwide.
Secure every step of the customer journey
Orchestrate verification checks, code-free. Place checks at any stage of the customer journey for top anti-fraud protection and pass rates worldwide
User Verification
Verify customers fast and in compliance with local regulations, including the Virtual Asset Trading Platform (VATP) and the Money Service Operator (MSO) Licensing requirements. Perform ID and address verification, liveness checks, AML screening, and more. Streamline the user journey with interfaces in Chinese , and 40+ other languages.
Business Verification
Get the full KYB done in as quick asstarting from 3 hours. Run automated AML and registry screening or delegate deeper ownership and control structure analysis of the legal entities to our compliance experts. As a plus, assess the AML risk and the profile of clients uzsing customisable questionnaires.
Transaction Monitoring
Automatically monitor and detect suspicious activityies in real time. Use a rule-based approach to detect even well-hidden fraud and money laundering attempts. The provided information makes it easy for you to create suspicious activity reports (SARs).
Fraud Prevention
Ensure multilayered fraud protection throughout the whole user journey. Our AI-powered solution detects red flags and acts on them in real-time, so you stay protected from all kinds of fraud including account takeover, multi-accounting, and unauthorized payments.
Local Data Processing
Go beyond Hong Kong to penetrate new APAC markets with even the most stringent regulations, thanks to Sumsub’s Local Data Processing (LDP). This enables our comprehensive AML, KYC, and KYB solutions to process and store localized data with automated domain redirecting, providing your compliance team with a seamless workflow. With one centralized hub, accessing analytics, statistics, and billing details is straightforward. Meanwhile, you safeguard client data across APAC to ensure compliance.
Let the numbers do the talking: get 240% ROI
Сompanies that work with Sumsub identity verification software save costs and increase revenue, according to the “Total Economic Impact™ Of Sumsub’s Verification Platform study by Forrester Consulting. Let’s see what results you can get
240%
ROI
3.21M
NPV
4.55M
Benefits PV
< 6
months payback
Easily integrate your tech stack with Sumsub
Use Sumsub to integrate the services you need via Web SDK, Mobile SDK, or our RESTful API. Alternatively, you can use Unilink to onboard users via a QR code or a link to the verification form without integrating Sumsub at all. Don’t worry about interruptions with 99.996% uptime.
Don’t take our word for it.
Here’s what our clients have to say
CCO at Nicehash
We started using Sumsub at the beginning of 2020. Since then we’ve checked approximately half a million users. They’ve helped us a lot with their highly sophisticated KYC/AML solutions. At the beginning of our collaboration, we mainly used Sumsub to manage security risks for our platform and its users, but we added more services and solutions as we grew to effectively manage AML risks and verify users.
Legal Counsel at YouHodler
The Sumsub integration will be a huge help for our dedicated compliance officers, helping them manage their time more efficiently and turn their focus to helping our clients in other aspects of our company's development. Sumsub will also enable YouHodler to create automatic reports for regulatory bodies and applicable laws.
Co-Founder and CEO at Oobit
We love the fact that Sumsub provides the user with either a verified acceptance or rejection immediately. This saves users’ valuable time and makes the onboarding experience far more convenient and user friendly.
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FAQ
What is a KYC check for Hong Kong?
Hong Kong’s financial institutions are required to conduct KYC checks when onboarding customers. The guidelines setting out the KYC procedure are issued by the Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA). For individual customers onboarded remotely, businesses typically must verify their full name, date of birth, nationality, and unique ID number.
Can KYC be automated?
KYC (Know Your Customer) processes can be automated. Companies automate checks using advanced technologies such as AI (Artificial Intelligence) and machine learning. Automation streamlines customer verification procedures, enhances efficiency and speed, reduces manual errors, and ensures compliance with regulatory requirements.
What is a KYC service?
A KYC service is a third-party solution that offers identity verification and due diligence processes to businesses. It allows companies to use technical solutions for their KYC procedures, helping to streamline customer onboarding, reduce fraud, and ensure compliance with regulatory standards.
What is an identity verification system?
An identity verification system is a software that enables businesses to verify the identity of their customers. Such platforms typically identify and verify personal information, such as data from government-issued IDs, addresses, and other personal data. Identity verification platforms are used by a variety of regulated and non-regulated businesses, from fintech such as PSPs and crypto providers to e-commerce sites, to ensure that their customers are who they claim to be and to prevent fraud and financial crime.
What is eKYC?
eKYC stands for electronic Know Your Customer. It is a technology-driven process that allows organizations to verify the identity of their customers electronically, typically through the use of the photos of documents (or their digital versions) and biometric data. This is often faster and more convenient than traditional face-to-face methods, and helps in reducing paperwork and manual processes.
What is the best AML/KYC provider in Hong Kong?
The “best” solution to pick depends greatly on the requirements of your business. A proper KYC/AML service offers a range of automated verification and authentication checks, integration options, and high pass rates globally. When choosing, evaluate the onboarding experience, verification accuracy, and compliance standards.
What is a Money Service Operator (MSO) license?
Money Service Operator (MSO) license is regulatory approval to provide financial services (money changing services or remittance services) in Hong Kong. Normally, the validity period of a license is 2 years. The Customs and Excise Department (C&ED) has been overseeing the regulation of MSOs since April 1, 2012, under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Chapter 615 (AMLO).
What is a Virtual Asset Trading Platform (VATP) license in Hong Kong?
A Virtual Asset Trading Platform (VATP) license in Hong Kong is required for centralized platforms doing business in Hong Kong or actively marketing their services to local investors. These platforms must be licensed and regulated by Securities and Futures Commission (SFC), pursuant to the Securities and Futures Ordinance (Cap. 571) (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO).
Is there a data privacy law in Hong Kong?
Yes, the Personal Data (Privacy) Ordinance (PDPO) establishes the rights of data subjects and was initially enacted in 1996. An amended version was released in 2021, including new offenses related to doxxing and corresponding penalties.
What is the difference between GDPR and PDPO?
- The GDPR specifies it applies to natural persons regardless of nationality or residence, while the PDPO offers no such specification of nationality.
- The PDPO doesn’t address anonymized data or special categories of personal data, such as ‘sensitive’ or ‘non-sensitive’.
- According to the PDPO, consent is not a prerequisite for the collection of personal data, unless it is being used for a new purpose.
- The PDPO does not offer a right to erasure of personal data, or the right to restriction of processing and data portability, unlike the GDPR. There also is no right to object to processing, with the exception of opting out of direct marketing activities.