Sumsub revamps KYB solution for Business Verification

“Sumsub’s Business Verification platform makes deterring money laundering and fraud easy for fintech, crypto, payment, marketplace, insurance and trading service providers. The solution enables firms to screen against watchlists, analyze entity data, validate ownership, and review corporate structures — all in one centralized platform. The upgraded functionality enables faster business onboarding, higher completion rates and the ability to combine KYB with KYC and AML checks in one customizable flow.”

Sumsub has revamped its Business Verification solution with expanded coverage and data sources to improve data quality and enhance user experience, the global full-cycle verification provider announced.

The company’s Know Your Business (KYB) solution ensures businesses are working with real, honest, and non-sanctioned partners, service providers, and customers.

Its regulations are similar to Know Your Customer (KYC) regulations, instead asking financial institutions, rather than an individual, to verify the legitimacy of both businesses and their Ultimate Beneficial Owners (UBOs).

For fintech, crypto, payment, trading service providers

According to Sumsub, the usual problems businesses face with legal entity checks are:

  • long processing times, conversion decrease,
  • lack of comprehensive data,
  • the need for manual verification of corporate documents,
  • difficult integrations of commercial records’ data sources, and
  • overall complexity of the required procedures.

Sumsub’s newly enhanced KYB solution is said to overcome all these challenges with a six-in-one package that updates Business Verification with:

  • Access to 500M+ commercial records (increased from 400M+ commercial records before) for efficient Corporate Registry Check in just 15 seconds instead of 3 minutes previously;
  • Access to 345M+ shareholder records for Ownership & Control Check;
  • UBO Verification with over 90% pass rates in about 30 seconds;
  • Advanced AML Screening on 11K+ sources;
  • Corporate Documents Review option performed exclusively by Sumsub in-house experts to save client compliance teams’ time – may be useful when entity data can’t be found via registry check;
  • Ability to request additional information through customizable Questionnaire Analysis.

Vyacheslav Zholudev, Co-founder and CTO of Sumsub, said: “Sumsub’s Business Verification platform makes deterring money laundering and fraud easy for fintech, crypto, payment, marketplace, insurance and trading service providers. The solution enables firms to screen against watchlists, analyze entity data, validate ownership, and review corporate structures — all in one centralized platform. The upgraded functionality enables faster business onboarding, higher completion rates and the ability to combine KYB with KYC and AML checks in one customizable flow.”

Sumsub first launched its KYB solution in 2022, featuring an anti-fraud engine, automated workflows, and a centralized view of verifications, corporate structures, documentation, and more.

The company revamped its KYC solution last year to conduct cross-checks of user data at every stage and consolidated user risk profiles in a user-centric approach that eliminates the need for multiple service providers and increases the in-house team’s productivity. The company further explained the four key trends it is addressing with the new approach to KYC include the global fraud increase, the non-document verification and digital IDs trend, strictening regulations across industries, and the rapid democratization of AI tech and innovation, leading to a rise of deepfakes and synthetic fraud.

Earlier this year, Sumsub published a paper titled “Mastering Travel Rule Compliance” aimed at providing guidance to Virtual Asset Service Providers (VASPs) and designed to aid cryptocurrency businesses in understanding and implementing the Travel Rule to ensure compliance and support business growth. The guide is particularly timely as the FATF’s recent survey revealed that 35 of 135 jurisdictions have already enacted Travel Rule legislation, with the European Union set to follow by December 30, 2024.



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