Cloud KYB services from Sumsub, iDenfy expand selfie biometrics applications

A pair of new cloud services from Sumsub and iDenfy bring automated compliance checks to business relationships, as selfie biometrics providers add capabilities to serve a growing market for helping businesses stay on the right side of regulations when dealing with other companies.

GLEIF (The Global Legal Entity Identifier Foundation), meanwhile, has signed its 2021 annual report with what it says is the first use of its verifiable Legal Entity Identifier (vLEI).

The vLEI system is intended as a sole digital ID for every business globally for automated entity verification, and in this case assures readers cryptographically of the authenticity of the contents of the annual report.

Sumsub launches Compliance-as-a-Service

London-based Sumsub has launched a Compliance-as-a-Service technology that it says is the first regulation solution of its kind, enabling businesses to delegate their compliance and digital identity verification challenges.

The new cloud service includes an all-in-one technical and legal toolkit for know your customer, know your business and anti-money laundering checks, including face biometrics, all adjustable to the particular needs of each customer.

Sumsub offers consultation support for assistance in drafting AML policies and meeting specific regulatory requirements, and also give practical advice on building user digital ID verification processes that are efficient and fully KYC, KYB and AML compliant.

“With Compliance-as-a-Service provided by Sumsub, companies can gain expert consultation support wherever they need it, or they can fully rely on our compliance officers team and outsource their verification-related projects and processes,” explains Tony Petrov, Chief Legal Officer. “Regulated businesses will get multiple benefits from such collaboration, since Sumsub’s experts are ready to get the job done—completing these KYC/AML tasks in accordance with specific needs and applicable regulations. Solving compliance issues timely will help companies minimize expenses, spare human resources and save millions on potential fines from regulators.”

iDenfy reveals Business Verification platform

The new cloud suite of Business Verification services from Lithuania-based iDenfy addresses modern KYB requirements for KYC checks of all Ultimate Beneficial Owners (UBOs) with a risk-based approach that the company says avoids complex compliance operations management.

The Business Verification platform provides an easy-to-use solution that can help detect fraudulent activity and identities concealed through business relationships, with multiple data points in just minutes. iDenfy clients get access to company information, including internal and related persons’ information, and the platform includes website and address audit services. Clients can download government registers, credit reports and balance sheets for use in internal investigations, and minimize the need for manual controls with automated services.

iDenfy CEO Domantas Ciulde says the Sixth Anti-Money Laundering Directive (6AMLD) is a good example of stricter regulatory requirements driving the implementation of KYB services.

Article Topics

AML  |  biometrics  |  digital identity  |  face biometrics  |  iDenfy  |  identity verification  |  KYB  |  KYC  |  Legal Entity Identifier (LEI)  |  onboarding  |  regulation  |  selfie biometrics  |  Sumsub