Information disclosed to Sumsub's clients following verification process completion
Sumsub, a leading identity verification service, offers a robust solution that ensures the authenticity and legitimacy of customers. This process includes various checks and screenings to confirm the identity of the user and minimise the risk of fraud or money laundering.
The Verification Process
The verification process at Sumsub is meticulous, encompassing several stages. It begins with the collection of personal data from the customer, followed by a liveness check using facial biometrics authentication to verify the customer's identity. This ensures that the individual is a real, living person.
Next, Sumsub verifies the authenticity and currency of the submitted identity documents. Address verification is also performed, confirming the customer's residence through documents like utility bills or bank statements. The service also checks if the customer is from high-risk or monitored countries.
To further mitigate the risk of money laundering or terrorist financing, Sumsub performs Anti-Money Laundering (AML) screening. This involves screening against adverse media, sanctions lists, and Politically Exposed Persons (PEP) lists. The process concludes with a risk scoring stage, where a risk category is assigned based on the combined results of the previous steps.
Additional Checks and Screenings
Sumsub's verification process also includes additional checks and screenings. These include identification, where personal data is collected, and AML screening to ensure no money laundering or terrorist financing risk. Address verification and document verification are also part of these additional checks.
Ongoing Compliance
Sumsub supports ongoing compliance by offering continuous monitoring. This involves checking for expired documents and suspicious transactions post-onboarding to fulfil Anti-Money Laundering (AML) regulations. The verification process includes a manual review stage that typically completes within three working days to ensure quality and accuracy.
The Sumsuber Q&A Series
To help clarify any questions about the process, Sumsub has launched a bi-weekly Q&A series named "The Sumsuber." This series will be posted every other Thursday and can be found on Sumsub's social media. The series will feature experts from legal, tech, and other fields to provide insights and answers to frequently asked questions.
In summary, Sumsub's identity verification process provides comprehensive results that combine identity confirmation with enhanced AML and risk checks. This enables informed decisions and ongoing compliance throughout the customer lifecycle.
[1] Sumsub's official website [2] Sumsub's blog post on the verification process [3] Sumsub's press release on the verification process [4] Sumsub's whitepaper on AML compliance
- Sumsub's verification process also incorporates technology, such as facial biometrics authentication and Anti-Money Laundering (AML) screening, to ensure the authenticity of customers and minimize the risk of fraudulence and financial crimes.
- In addition to identity verification and address verification, Sumsub's verification process includes technology checks, like AML screening, to detect any potential risks associated with money laundering or terrorist financing.
