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Exness to fight fraud and ensure AML compliance with Sumsub biometrics


AI-based AML/KYC provider company Sumsub has signed a strategic partnership with trading company Exness to improve fraud protection and global AML compliance through its facial biometric customer onboarding and KYC and AML compliance tools, the company announced.

Spanning across multiple regions and handling a variety of user flows, Exness intends the partnership to help fight identity fraud and ensure compliance with the latest AML requirements such as the new AML5 directive, FATF and FinCEN crypto requirements.

AI machine learning algorithms will be deployed to improve the verification process and user experience. Using a risk-based approach, Sumsub automates the verification process, it can be used in multiple countries and ensures compliance with industry regulations and KYC/AML screening, the press release states.

Exness will have access to a dashboard to choose the level of automation per verification workflow. Detailed information of applicants such as status, history, and reasons for being approved or denied can be accessed from multiple databases including PEP, sanction lists and adverse media, and then compiled in a report in accordance with AML/CFT frameworks.

“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,” said Maria Fedorova COO at Exness. “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.”

“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,” said Jacob Sever, Co-Founder of Sumsub. “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.”

In July, Sumsub joined the Polymath Service Provider Marketplace to provide KYC and other regulatory checks to Polymath’s security token customers.

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