Sumsub KYC for banks, fintechs and crypto firms
Sumsub verifies customers for banks, payment firms and crypto companies: an ID document and a selfie, a liveness check against deepfakes, and, where German rules ask for it, a video call with a trained operator. After onboarding it screens customers and transactions for money laundering and handles the Travel Rule for crypto transfers.
Identity checks and transaction monitoring
Sumsub was founded in 2015 as a tool for spotting manipulated images and grew into what it calls "a full-cycle verification and compliance platform" that verifies more than 2 million people a day with adaptive AI. It supports more than 14,000 document types in over 50 languages. Its modules cover user and business verification, liveness and deepfake detection, reusable KYC through Sumsub ID, qualified electronic signatures, transaction monitoring, crypto monitoring and the Travel Rule.
Compliance teams configure which checks an applicant must pass. A flagged case can go to manual review, and the result is available in a dashboard or through an API or webhook. Sumsub also supports repeat verification for existing customers, including before higher-risk actions. Its verification documentation describes the available checks and how to combine them.
Video identification for Germany
BaFin sets strict rules for identifying a customer by video. Sumsub states that its video identification meets them: the video chat is end-to-end encrypted, a phone number is checked with a TAN during the call, and the data is kept for at least five years. A firm in Germany can run the interviews itself with Sumsub's software or let Sumsub's own trained operators run them in German or English (Sumsub). Video identification in Germany explains the BaFin procedure and its alternatives.
AML screening with ComplyAdvantage
For AML screening, Sumsub uses ComplyAdvantage's Mesh platform as the data layer for its checks in KYC, KYB and transaction monitoring, and a customer can connect its own Mesh credentials to Sumsub (ComplyAdvantage). In that announcement Sumsub gives its customer count as more than 4,000 companies. Transaction monitoring for AML covers what a bank must check after onboarding.
Upcoming events on KYC, AML and compliance
Risk & Compliance
What is Sumsub ID?
Sumsub's reusable identity. A person verified once can reuse the result with other companies that work with Sumsub.
Does Sumsub detect deepfakes?
Sumsub lists liveness and deepfake detection as a module of its verification. Deepfake onboarding attacks describes how fraudsters use synthetic faces against such checks.
Identity and compliance
Other compliance providers
Sumsub and Finance Loop
Finance Loop covers KYC, AML and digital identity in its Risk & Compliance track. Compliance officers, regtech providers and supervisors meet at Finance Loop events in Frankfurt and other German cities.
Finance Loop is a professional network and has the goal of driving the adoption of emerging technologies in finance, such as AI, digital payments, cloud and blockchain solutions. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.