Sumsub releases a KYC guide for the trading industry

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Jul 28, 2022, 09:00 ET

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

LONDON, July 28, 2022 /PRNewswire/ -- 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.

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.

The guide also offers practical steps on building user verification levels for effective onboarding. Find a perfect balance between compliance and pass rates in the trading sector, by following this link: https://sumsub.com/guides-reports/kyc-guide-for-the-trading-industry

About Sumsub

Sumsub is an international tech company providing an all-in-one verification platform for detecting fraud and ensuring full compliance with global AML/KYC/KYB regulations. Sumsub worked with over 2,000 clients in more than 220 countries and territories.

Sumsub achieves the highest conversion rates in the industry—91.64% in the US, 95.86% in the UK, and 90.98% in Brazil—while verifying users in less than 50 seconds on average. Its AI-driven anti-fraud tools make user onboarding fast, secure, and transparent, helping businesses scale to international markets with ease.

The company's methodology follows FATF recommendations, the international standard for AML/CTF rules and local regulatory requirements (FINMA, FCA, CySEC, MAS).

SOURCE Sumsub