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Digital ID providers extend technology to support compliance with financial regulations


digital identity KYC security

Several digital identity technology providers have reached new agreements to extend their software and services to help businesses meet financial regulations. Sumsub and LexisNexis Risk Solutions have extended their digital ID technologies to support regulatory compliance for financial services, while Prove has partnered up to launch digital KYC services in Hong Kong and Yoti has added an estate agency partner.

Sumsub receives ASP license

Sumsub has recently announced the company has secured an administrative services provider (ASP) license from European regulator CySEC.

Thanks to the new acknowledgment, the London-based digital ID verification platform provider will now be better able to help over 1,000 businesses meet anti-money laundering (AML) requirements, according to the company announcement.

In particular, CySEC’s ASP license allows companies to provide customers with a variety of services, including legal and compliance support in corporate structuring, auditing, business consultancy, and AML procedures.

Given CySEC’s stringent requirements, the organization’s issuing of an ASP license highlights Sumsub’s efforts in tackling online fraud.

“CySEC is known as one of the most stringent AML regulators across Europe,” said Sumsub Founder Jacob Sever. “Being recognized as an ASP will further our mission to set the highest possible standard of compliance for our clientele, irrespective of their jurisdiction.”

LexisNexis Risk Solutions unveils financial crime tool

LexisNexis Risk Solutions has developed a new solution to use digital identity data to perform sanctions risk assessments, known as LexisNexis Financial Crime Digital Intelligence.

In other words, the platform assesses sanctions risk associated with transactions through the use of the company’s AML tools, including LexisNexis ThreatMetrix, Dynamic Decision Platform and WorldCompliance data.

The Financial Crime Digital Intelligence solution also offers additional sanctions risk features, storage capacity, and user role configuration capabilities.

Two additional features worth mentioning are Sanctions Location Risk and Sanctions List Match.

The former utilizes up to ten different location signals to detect the location-based sanctions risk associated with a digital identity in real-time. It then delivers an assessment of that risk to users. Sanctions List Match enables customers to automate a call from the Dynamic Decision Platform to WorldCompliance data and receive an instant response when there is a match to a sanctions list.

“Financial Crime Digital Intelligence is igniting real change, bringing the revolutionary power of digital identity for financial crime risk assessment to life,” commented Grayson Clarke, senior vice president of market planning at LexisNexis.

“Organizations can now mitigate risk within their digital channels and bring their processes into alignment with the digital era.”

Prove and TransUnion partner to extend digital KYC

Prove is getting into the Honk Kong market for digital KYC through a partnership with TransUnion.

TransUnion’s TruValidate identity verification feature has been integrated by Prove to help businesses digitally onboard new customers, in combination with Prove’s behavioral biometrics, one-time passcodes, secure links, and other digital identity authentication capabilities.

Prove says the addition of Hong Kong, with its high rate of smartphone penetration, represents a key strategic addition to its Phone Identity Network.

“As the world becomes more and more digital, at Prove, we’re constantly thinking about how we can better serve our customers on a global scale,” said Prove Global GM Geoff Miller. “Our new Hong Kong offering which integrates TransUnion’s identity verification capability, is another facet underpinning our global-forward strategy, and we’re excited to continuously innovate and bring the best-in-class solutions to our customers — at scale, worldwide.”

Yoti signs up estate agency

UK real estate agency Connells, which operates 600 branches, has signed on with Yoti for digital identity-based e-signatures, reports The Negotiator, and already used its platform to issue more than 10,000 documents.

The contract was previously held by DocuSign, but Yoti’s service is less expensive and is significantly easier to use, according to Yoti UK Chief Business Officer John Abbott. He also says that Countrywide, another agency recently acquired by Connells, may also sign on soon.

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