FINTRAIL Independent Audit Found Non-Documentary Identity Verification Compliant Across 18 Countries

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Sep 10, 2024, 08:00 ET

Sumsub, a global full-cycle verification provider, received the highest product scores and proved full regulatory compliance of Non-Doc solution

MIAMI, Sept. 10, 2024 /PRNewswire/ -- FINTRAIL, a UK-based consultancy helping companies manage their exposure to financial crime & maintain regulatory compliance, examined Sumsub's Non-Doc Identity Verification solution alongside respective legislation, determining full regulatory compliance of document-free identity verification in 18 jurisdictions. Based on the audit's findings and internal expertise, Sumsub shares a free guide to non-documentary verification.

"FINTRAIL conducted a regulatory-led audit of Sumsub's non-documentary identity verification product, and reviewed local regulation and guidance in the markets where non-documentary identity verification is permissible to confirm solutions deployed by Sumsub are compliant with local regulations and guidance" – FINTRAIL reports.

Non-documentary identity verification, or Non-Doc, verifies customer identities without requesting identification. A person only needs to enter their document number and undergo a liveness check. Though a relatively new practice, it is already a proven compliant KYC method in many jurisdictions and is gaining popularity among both companies and verification vendors.

Benefits of Non-Doc verification include:

Faster, more convenient user onboarding: Reduces verification time from 30 seconds to 4.5 seconds on average, granting companies over 35% growth in customer pass rates;
Over 95% population coverage in each country, providing opportunities for business growth and scaling to emerging markets;
A 53% reduction in verification processing time through enhanced productivity and simplified case management with automated user data extraction and immediate updates.

FINTRAIL tested the solution on two main criteria: regulatory compliance in each jurisdiction (AML/CTF legislation, crypto and trading regulatory guidelines along with other industrial requirements), and technical effectiveness (whether processes like identity data authentication or bank credentials checks are conducted under local regulatory conditions). Additionally, FINTRAIL considered whether document-free verification is permissible in each country.

Sumsub's product proved its reliability and full regulatory compliance in 18 jurisdictions, receiving the highest product scores for countries where the solution is deployed. Those countries include the US, Argentina, Brazil, India, the UK, Nigeria, and South Africa, with 10 more coming soon, including Australia, Canada, Hong Kong, and the UAE. The full report includes detailed findings on each country.

"We predict Non-Doc will be the new gold standard for user onboarding globally, as it guarantees exceptional user experience while fully complying with local regulations. Sumsub currently provides Non-Doc Verification for the highest number of jurisdictions, and our team will continue to identify ways to make this innovation available to as many businesses and consumers around the world as possible", said Vyacheslav Zholudev, co-founder and CTO at Sumsub.

To access Sumsub's free guide on Non-Doc Verification, please visit: https://sumsub.com/guides-reports/non-doc-verification-compliance-guide/

About FINTRAIL

FINTRAIL are consultants supporting the global FinTech community in the fight against financial crime. FINTRAIL believes that all companies should have the opportunity to thrive, free from the threat of financial crime. The FINTRAIL team is operationally experienced in developing, deploying and running risk management controls for our clients. For FINTRAIL, this is more than a regulatory box ticking exercise, it is an opportunity to both manage exposure to financial crime while providing an outstanding experience for your customers.

About Sumsub

Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub's customizable KYC, KYB, Transaction Monitoring, Fraud Prevention and Travel Rule solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.

Sumsub has over 2,500 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and TransferGo.

SOURCE Sumsub