Forex trading platform developer MetaQuotes has announced yesterday that it has partnered with the KYC/AML provider Sumsub (Sum&Substance).
The trading platform integration with the Sumsub KYC service will enable the validation of client personal data and documents with one click. The new functionality now provides further automation of client onboarding procedures for MetaTrader 5 brokers and the minimization of manual operations. The data check process, from form and document submission to account verification, takes around two minutes on average:
- The trader can now fill a registration form and upload documents, when requesting a preliminary account from the desktop or mobile version of the terminal;
- A preliminary account is linked to the client record, and all the account details and documents are copied to it;
- The data and the documents are automatically forwarded to the KYC provider’s system.
After confirmation, trader’s preliminary account is then moved to a real group and the client can make a deposit and start trading.
Sumsub uses crypto monitoring and data transmission via secure communication channels and provides GDPR-compliant services and ensures the necessary infrastructure for the safe storage of user information.