Sumsub and Chainalysis Partner to Fortify Businesses against Crypto Fraud


Sumsub, a verification platform, has partnered with
Chainalysis to provide businesses with a solution for Know Your Customer (KYC),
Anti-Money Laundering (AML), and transaction monitoring. According to the press release, Sumsub’s integration
of the blockchain analysis firm aims to give users automated transaction
monitoring, enhanced fraud detection, and access to a unified dashboard.

Jacob Sever, the Co-Founder and Chief Innovation
Officer at Sumsub, mentioned: “Sumsub’s solution-enhanced capabilities,
integrated with Chainalysis’ analytics and key management model, are reshaping
the landscape of crypto compliance and security in the digital realm.”

“Through this integration, businesses can align
with stringent global AML and KYC regulations, fostering trust and confidence
in crypto transactions.”

According to Sumsub, businesses can access tools to
ensure compliance and combat fraud using the new platform. Besides that, crypto
users can benefit as regulations continue to evolve.

Ian Andrews, the Chief Marketing Officer at
Chainalysis, mentioned: “Partnering with Sumsub, a leading identity
verification and fraud prevention platform, is another step for us towards
bringing greater trust and transparency into the crypto world.”

“By developing an integration between Sumsub’s
platform and our crypto risk solution, we’re providing next-generation digital
infrastructure for security and compliance controls in the crypto
industry.”

Among the companies that have integrated Sumsub to
automate KYC processes is Match-Trade Technologies. The company offers
AI-powered checks to eliminate the need for manual document reviews.

Sumsub Targets Crypto Businesses

Sumsub screens potential clients against sanction
lists and other red flags, helping brokers stay compliant and mitigate fraud
risks. According to the company, verification ensures a seamless onboarding
process for trading platforms.

In the financial sector, new accounts are opened
daily. KYC processes safeguard institutions by verifying the identity of their clients and
uncovering potential red flags. This deters criminal activity and helps build
trust and transparency within the financial system.

Financial institutions employ a layered approach,
starting with Customer Identification Programs that verify basic details
like name, address, and ID. Next comes Customer Due Diligence, which delves deeper into assessing potential risks associated with each client. Finally, Enhanced
Due Diligence provides the most scrutiny, reserved for high-risk cases.

Notably, KYC protocols continue to advance as technology evolves. For instance, AI and digital identity solutions are streamlining the process,
making it faster and more efficient. Additionally, facial biometrics hold promise as a future standard, offering even
greater accuracy.

Sumsub, a verification platform, has partnered with
Chainalysis to provide businesses with a solution for Know Your Customer (KYC),
Anti-Money Laundering (AML), and transaction monitoring. According to the press release, Sumsub’s integration
of the blockchain analysis firm aims to give users automated transaction
monitoring, enhanced fraud detection, and access to a unified dashboard.

Jacob Sever, the Co-Founder and Chief Innovation
Officer at Sumsub, mentioned: “Sumsub’s solution-enhanced capabilities,
integrated with Chainalysis’ analytics and key management model, are reshaping
the landscape of crypto compliance and security in the digital realm.”

“Through this integration, businesses can align
with stringent global AML and KYC regulations, fostering trust and confidence
in crypto transactions.”

According to Sumsub, businesses can access tools to
ensure compliance and combat fraud using the new platform. Besides that, crypto
users can benefit as regulations continue to evolve.

Ian Andrews, the Chief Marketing Officer at
Chainalysis, mentioned: “Partnering with Sumsub, a leading identity
verification and fraud prevention platform, is another step for us towards
bringing greater trust and transparency into the crypto world.”

“By developing an integration between Sumsub’s
platform and our crypto risk solution, we’re providing next-generation digital
infrastructure for security and compliance controls in the crypto
industry.”

Among the companies that have integrated Sumsub to
automate KYC processes is Match-Trade Technologies. The company offers
AI-powered checks to eliminate the need for manual document reviews.

Sumsub Targets Crypto Businesses

Sumsub screens potential clients against sanction
lists and other red flags, helping brokers stay compliant and mitigate fraud
risks. According to the company, verification ensures a seamless onboarding
process for trading platforms.

In the financial sector, new accounts are opened
daily. KYC processes safeguard institutions by verifying the identity of their clients and
uncovering potential red flags. This deters criminal activity and helps build
trust and transparency within the financial system.

Financial institutions employ a layered approach,
starting with Customer Identification Programs that verify basic details
like name, address, and ID. Next comes Customer Due Diligence, which delves deeper into assessing potential risks associated with each client. Finally, Enhanced
Due Diligence provides the most scrutiny, reserved for high-risk cases.

Notably, KYC protocols continue to advance as technology evolves. For instance, AI and digital identity solutions are streamlining the process,
making it faster and more efficient. Additionally, facial biometrics hold promise as a future standard, offering even
greater accuracy.



Source link

Leave a Reply

Your email address will not be published.