Sumsub, a global full-cycle verification provider, received the highest product scores and proved full regulatory compliance of its Non-Doc solution after FINTRAIL audit
FINTRAIL, a UK-based consultancy helping companies manage their exposure to financial crime risk & maintain regulatory compliance, examined our Non-Doc Identity Verification solution and reviewed respective legislation, asserting full regulatory compliance of document-free identity verification in 18 jurisdictions. Based on the audit’s findings and internal expertise, Sumsub shares a free guide to non-documentary verification.
“FINTRAIL has conducted a regulator-led audit of Sumsub’s non-documentary identity verification product, and has reviewed local regulation and guidance in the markets where non-documentary identity verification is permissible to confirm solutions deployed by Sumsub are compliant with local regulations and guidance” – FINTRAIL writes in their report.
Non-documentary identity verification, or Non-Doc, enables firms to verify customer identities without requesting their ID documents. Instead, a person only needs to type their document number (or, in the UK, log in to their online banking) and undergo a quick liveness check. While this relatively new practice is gaining popularity among both client firms and verification vendors, Non-Doc has already proven to be a compliant KYC method in many jurisdictions.
Other key benefits of document-free VS document-based verification include:
- Faster and more convenient user onboarding: verification time is reduced from 30 seconds to 4.5 seconds on average;
- As a result, companies see +35% growth in customer pass rates (with as high as x2 increase in some cases);
- Opportunities for business growth and scaling to emerging markets thanks to over 95% population coverage in each country;
- Enhanced productivity and simplified case management with automated user data extraction and immediate updates, resulting in 53% reduction in verification processing time.
Sumsub’s Non-Doc Verification works in 13 countries (including Argentina, Brazil, India, the UK, Nigeria, South Africa, and the US), with 10 more to be added in the near future (such as Australia, Canada, Hong Kong, the UAE). The solution has been tested by FINTRAIL based on two main criteria: regulatory compliance in each jurisdiction (AML/CTF legislation, crypto and trading regulatory guidelines along with other industrial requirements), and technical effectiveness (whether technical processes like identity data authentication or bank credentials checks are conducted in accordance with local regulatory conditions).
Additionally, FINTRAIL considered if document-free verification is permissible in each country.Sumsub’s product has proved its reliability and full regulatory compliance of the existing or proposed solution in 18 jurisdictions, receiving the highest product scores for those of them where the Non-Doc solution is currently working. The full audit report includes detailed findings on each country.
“FINTRAIL has conducted a regulatory-led audit of Sumsub’s non-documentary identity verification product, and has confirmed at the time of the review in [COUNTRY: the UK, the US, South Africa, Nigeria, India, Indonesia, Argentina, Brazil] non-documentary identity verification is permissible and the solution deployed by Sumsub is compliant with local regulations and guidance”.
“We believe that Non-Doc will soon become the new golden standard for user onboarding globally, as it guarantees exceptional user experience while being fully compliant to local regulations. Sumsub is currently providing Non-Doc Verification solution for the highest number of jurisdictions, and our team will continue to find the best ways to make this innovation available for thousands of businesses and billions of people around the world”, comments Vyacheslav Zholudev, co-founder and CTO at Sumsub.
To access Sumsub’s free guide on Non-Doc Verification, please visit: https://sumsub.com/guides-reports/non-doc-verification-compliance-guide/
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About FINTRAIL
FINTRAIL is a financial crime compliance consultancy focused on the needs of leading banks, FinTechs and other regulated institutions. We are unique in that our team of experts is drawn from the industries we support and has deep hands-on experience in developing and deploying compliance and risk management controls from leadership roles with market-leading banks and FinTechs.
Our approach is tailored to the unique circumstances of each client, is regulatory and technology driven, and is focused on providing excellent customer outcomes. We offer our clients pragmatic solutions to the most complex challenges, by combining hands-on experience developing and deploying risk management controls with real-life examples to bring best practices to life. Our goal is to ensure our clients can thrive, free from the negative impacts of financial crime.
