Scalable automated solution Sumsub provides trading market giant Exness with a unified gate to general AML/KYC due diligence, and regulatory compliance, slashing costs in half.
Companies in the financial sector confront many challenges to develop a relevant identity verification strategy that will be compliant with growing AML requirements such as the new AML5 directive, as well as the FATF guidelines, recommendations and others. Since Exness is a global brand with offices in Cyprus, UK and the Seychelles, their international coverage required an automated KYC solution suitable for multiple-country use. To achieve the necessary level of compliance and fight off increasing identity fraud, Exness has joined forces with Sumsub — a single solution for all things compliance and user onboarding.
Sumsub solution automates identity verification and anti-fraud, providing compliance to relevant regulations and KYC/AML screening. The Sumsub dashboard allows Exness to choose its workflow out of fully automated, semi-automated and agent-assisted verifications. It’s also possible to manage and control bulks of applicants: their status, history, reasons for being approved or declined. The solution documents each decision’s history and produces reports following global market practices used in AML/CFT frameworks worldwide.
“We researched the market for KYC platforms and considered subscribing to many different databases. The project took on an immense scale with separate technical flows for each jurisdiction, which made AML/KYC very challenging,” — Maria Fedorova COO at Exness — “Sumsub’s specific expertise in this area complimented our existing compliance routines very well. They have been able to customize AML/KYC document screening to fit our specific flows and needs.”
Sumsub provides a risk-based approach to verification, compliant with respective rules and regulations, with corresponding support for each region. Monitoring across jurisdictions and multiple databases including PEP, sanction lists and adverse media, will enable Exness to better single out non-acceptable users.
“With FATF announcing their updated guidance with reinforced AML demands, followed by FCA, CySEC and similar policies introduced worldwide, trading industry players have to step up their compliance and anti-fraud measures. We are happy to see how our product is already helping industry leader Exness optimize compliance costs and meet due diligence obligations under tightening regulatory rules: from personal data security to CDD and crypto AML, Sumsub provides not only much-needed technologies, but helps shape the business processes as well.”— Jacob Sever, Co-Founder of Sumsub
Exness was founded by a group of like-minded professionals in the area of finance and information technology in 2008. It soon became one of the world’s leading online forex brokers and today is known for some of the industry’s best trading conditions. Exness’ mission is to deliver a reliable, trustworthy and customer-focused trading experience, in a transparent and secure environment.
About Sumsub (sumsub.com)
Sumsub is one answer to all onboarding and compliance challenges.
Sumsub AI-based solution automates identity verification and antifraud, as well as providing bank-grade KYC (including STOs), KYB, KYT compliance, AML screening, customer data storage to protect and enable regulated businesses online. 97% hit rate and strong legal expertise put Sumsub among the leading players of the market. The company was founded in 2015 with headquarters in London, United Kingdom.
Head of Communications, Sumsub
Head of Corporate Communications, Exness