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Sumsub releases a KYC guide for the trading industry

Sumsub, a UK-based identity verification software provider, has published a comprehensive KYC guide to help trading platforms stay compliant, increase pass rates and fight fraud effectively.


Sumsub, a tech company that helps businesses stay compliant and fight digital fraud, has recently published its: “KYC guide for trading industry: balancing compliance and pass rates”.

The guide offers actionable solutions for three main challenges facing trading companies today: 1) compliance with KYC/AML regulations; 2) building the onboarding process to quickly verify users and reduce drop-offs; 3) maintaining a high level of fraud protection.

Compliance with local KYC/AML requirements is critical for trading companies as they are particularly vulnerable to money laundering and terrorist financing, fraud and regulatory fines. Based on Sumsub’s certified legal team expertise, the guide dives into the regulatory specifics for trading platforms across different regions and countries, describing two different approaches to compliance for licensed and non-licensed brokers.

Building effective KYC flows is another big challenge for trading platforms. If a broker is obliged to perform multiple user checks, it’s important to make them as efficient as possible to keep pass rates high. Sumsub’s guide shares best practices for building verification flows in trading with a close look into implementing level-based verification.

Sumsub’s experience is built on years of close work with trading businesses. The guide also shares real-life cases with Sumsub’s clients, including Exness, INGOT Brokers and Xena Exchange, who achieved 97% hit rates and two-minute median onboarding time thanks to level-based verification and Sumsub’s strong legal support.

Apart from legal expertise the guide offers practical steps on building user verification levels for effective onboarding. To learn more about finding perfect balance between compliance and pass rates in the trading sector, follow this link: https://sumsub.com/guides-reports/kyc-guide-for-the-trading-industry

About Sumsub
Sumsub is an international tech company that helps businesses onboard online clients and comply with AML/KYC/KYB regulations with AI-driven identity verification tools. It uses forensic anti-fraud software to make identity verification fast, secure, and transparent for clients.

Sumsub’s business model is based on adjusting verification & identification services to global compliance requirements. Thanks to a strong in-house compliance team, Sumsub has grown into a leader within this sector, helping businesses comply with regulations in 220+ countries and territories. The company’s methodology follows FATF recommendations—the international standard for AML/CTF rules. Sumsub is licensed as ASP by CySec.

Sumsub offers an all-in-one, customizable solution that verifies users no matter their language or location—helping businesses scale to international markets faster and adhere to global compliance requirements more efficiently. The platform is easily adjustable and offers a wide range of solutions, from fully-automated identity verification to agent-assisted verification.

Sumsub helps companies implement a risk-based approach and follow both global and local regulatory requirements (FATF, FINMA, FCA, CySEC, MAS). All data is kept on Amazon servers in the EU.

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Vendredi 29 Juillet 2022




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