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Sumsub integrates novel key management capability for crypto compliance

Also selected for KYC and AML in cross-border payments
Sumsub integrates novel key management capability for crypto compliance

Sumsub‘s Transaction Monitoring will now integrate with Chainalysis for KYC and AML in crypto. The company will also be the identity verification provider for Ibanly.

Transaction Monitoring integrated with Chainalysis platform

Full-cycle verification provider Sumsub, has announced it now integrates with the blockchain data platform Chainalysis. Sumsub’s Transaction Monitoring and Travel Rule offerings can now be used for regulatory compliance, data storage, and automated crypto transaction monitoring by using Chainalysis’ “Bring Your Own Key” (BYOK) management model.

Crypto exchanges, peer-to-peer marketplaces, and neobanks can now have unified workflows and automated transaction monitoring through a secure channel, improving the effectiveness of risk management, the partners say. The integration of the key management model with Sumsub’s full-cycle identity verification platform, which includes face biometrics, also allows entities to conduct KYC, AML, and transaction monitoring in one step.

“Sumsub’s solution enhanced capabilities, integrated with Chainalysis’ analytics and key management model, are reshaping the landscape of crypto compliance and security in the digital realm,” says Jacob Sever, co-founder and CIO of Sumsub.

“Through this integration, businesses can align with stringent global AML and KYC regulations, fostering trust and confidence in crypto transactions.”

Identity verification provider for Ibanly

Sumsub also announced it will provide identity verification, AML, KYC, and KYB checks for Ibanly, a cross-border payments fintech company. The implementation will streamline Ibanly’s user onboarding process with selfie biometrics and liveness detection while complying with regulatory requirements.

Ibanly currently serves over 100 corporate clients and is looking to expand into Hong Kong and Europe. It is in the process of pursuing licenses in these regions.

Sumsub’s verification will help Ibanly maintain a high customer acquisition rate.

“By implementing proof of address verification, liveness and deepfake detector technology, our company is ready for further international expansion,” says Pavel Mihhalevski, executive director at Ibanly.

Sumsub’s customer growth in the fintech space also includes a recent integration by digital banking provider Plumery for KYC.

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