Exness teams up with Sumsub for fraud protection assistance and globally inclusive AML compliance

Exness closes retail business in EU/EEA including the UK

Companies in the financial sector confront many challenges to develop a relevant identity verification strategy that will be compliant with growing AML requirements such as the new AML5 directive, as well as the FATF guidelines, recommendations and others. Exness‘ international coverage required an automated KYC solution suitable for multiple-country use, this is why, in order to achieve the necessary level of compliance and fight off increasing identity fraud, the company has teamed up with Sumsub – a single solution for all things compliance and user onboarding.

Sumsub solution automates identity verification and anti-fraud, providing compliance to relevant regulations and KYC/AML screening. The Sumsub dashboard allows Exness to choose its workflow out of fully automated, semi-automated and agent-assisted verifications. It’s also possible to manage and control bulks of applicants: their status, history, reasons for being approved or declined. The solution documents each decision’s history and produces reports following global market practices used in AML/CFT frameworks worldwide.

Maria Fedorova, COO at Exness, commented:

We researched the market for KYC platforms and considered subscribing to many different databases. The project took on an immense scale with separate technical flows for each jurisdiction, which made AML/KYC very challenging. Sumsub’s specific expertise in this area complimented our existing compliance routines very well. They have been able to customize AML/KYC document screening to fit our specific flows and needs.

Sumsub provides a risk-based approach to verification, compliant with respective rules and regulations, with corresponding support for each region. Monitoring across jurisdictions and multiple databases including PEP, sanction lists and adverse media, will enable Exness to better single out non-acceptable users.

Jacob Sever, Co-Founder of Sumsub, said:

With FATF announcing their updated guidance with reinforced AML demands, followed by FCA, CySEC and similar policies introduced worldwide, trading industry players have to step up their compliance and anti-fraud measures. We are happy to see how our product is already helping industry leader Exness optimize compliance costs and meet due diligence obligations under tightening regulatory rules: from personal data security to CDD and crypto AML, Sumsub provides not only much-needed technologies, but helps shape the business processes as well.

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