Sumsub Is The First Regulated Compliance-as-a-Service Provider

Sumsub, a global identity verification software provider, offers Compliance-as-a-Service for regulated businesses to help them fully adhere to KYC/AML regulations.

London, June 22, 2022 — Sumsub, a tech company that offers an all-in-one technical and legal toolkit to cover KYC/KYB and AML needs, has become the first regulated Compliance-as-a-Service provider for global businesses. Now companies can delegate their compliance and verification related issues to Sumsub and focus entirely on their core business goals.

Backed up by its powerful in-house team of experts, Sumsub is a proven leader in identity verification, KYC/KYB and AML compliance, helping businesses all around the world successfully verify users and comply with regulations. Today this leadership is proven once again, with the launch of Compliance-as-a-Service that can be adjusted to the specific needs of different customers.

Businesses can benefit from this service in two main ways. First, Sumsub offers consultation support, which means that our compliance experts will assist in drafting AML policies, consult on regulatory specifics and provide practical advice on building user verification processes in a fully compliant and efficient way.

Second, clients may outsource their compliance tasks to Sumsub, and take full advantage of the AI-powered antifraud software and full-time compliance assistance on offer. This means that Sumsub’s in-house compliance officers and AML analysts will handle the client’s KYC-related tasks—reviewing sensitive or complex cases, studying compliance regulations across different regions, monitoring user onboarding processes, handling suspicious transactions, etc.

“With Compliance-as-a-Service provided by Sumsub, companies can gain expert consultation support wherever they need it, or they can fully rely on our compliance officers team and outsource their verification-related projects and processes. Regulated businesses will get multiple benefits from such collaboration, since Sumsub’s experts are ready to get the job done—completing these KYC/AML tasks in accordance with specific needs and applicable regulations. Solving compliance issues timely will help companies minimize expenses, spare human resources and save millions on potential fines from regulators” – explains Tony Petrov, Chief Legal Officer.

About Sumsub

Sumsub is an international tech company that helps businesses onboard online clients and comply with AML/KYC regulations with AI-driven identity verification tools. It was founded by three brothers—Andrew, Jacob, and Peter Sever—and 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 197 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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