Full-cycle verification provider shares compliance expertise to help businesses address KYC/AML, fraud prevention, and transaction monitoring in the Fintech space

The regulations Fintech companies must adhere to change fast, with new possibilities and compliance requirements being regularly introduced across various jurisdictions. Today, Sumsub, a full-cycle verification platform to secure the whole user journey, released “The Ultimate KYC, AML, and Fraud Prevention Guide For Fintechs” to help Fintech companies navigate the changing landscape.

One of the most promising initiatives in recent years are regulatory sandboxes, first seen in 2016 with the UK Financial Conduct Authority (FCA) Sandbox pioneer launch. These controlled environments created by authorities make space for Fintech companies to test innovative business ideas without adhering to the full scope of regulations. Most recently, the European Commission instituted the European Blockchain Regulatory Sandbox and a cross-border collaboration project started between The Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) in India. Each of these initiatives aim to foster Fintech innovation.

“As regulations and programmes, like regulatory sandboxes, continue to evolve, global compliance expertise is at an all-time high demand within the Fintech community,” comments Tony Petrov, Chief Legal Officer at Sumsub. “While users generally prefer faster services, fraudsters are focused on capitalizing on compliance weaknesses all while rising geopolitical tensions contribute to the ever-changing risk environment. It is crucial for businesses to have the knowledge to arm themselves with effective processes and practices to detect and prevent  financial crimes, including anti-money laundering (AML) and counter-terrorist financing (CFT) controls and measures. Sumsub’s team of dedicated experts are ready to share practical tips and consult on regulatory specifics worldwide, giving customers the technology and knowledge they need to thwart fraud.”

Flexibility, innovative in-house technologies, and a strong legal background allows Sumsub’s Fintech clients to reach the highest verification results worldwide. Recent success stories show a 92% user approval rate (Bitwallet), 95% manual work reduction (ANNA), and +50% pass rate growth in Asia with 1 min 15 sec medium applicant processing time (Jeton).

As a part of Sumsub’s continued focus on financial services, the company plans to further prioritize education, such as the guide released today, to ensure customers always have access to the knowledge and resources they need to be prepared to prevent digital fraud and stay fully compliant with regulations.

In “The Ultimate KYC, AML, and Fraud Prevention Guide For Fintechs,” readers will learn:

• the Fintech regulatory requirements across countries;
• details on regulatory sandboxes and opportunities created for startups in various regions;
• efficient ways to stay compliant without losing clients when performing Transaction Monitoring, Know Your Customer (KYC) and Know Your Business (KYB) checks;
• best practices for building verification flows for Fintechs;
• expert advice on bulletproof anti-fraud measures.

To learn more about the best customer verification flows for Fintechs and up-to-date regulations in the industry, please go to: https://sumsub.com/guides-reports/the-ultimate-kyc-aml-and-fraud-prevention-guide-for-fintechs/ Sumsub’s newest guide is available to download for free.