Sep 12, 2024

Thursday 12 September 2024 14:36 CET | News Sumsub , a verification provider, has announced that it received complete regulatory compliance for its Non-Doc solution after an audit by FINTRAIL . FINTRAIL is a global consultancy that specialises in financial crime risk management and regulatory compliance. The company is currently operating in 13 countries, with a strong presence in the APAC region, particularly in India and Indonesia. Sumsub plans to expand the coverage of its Non-Doc Verification solution to include ten additional markets, such as Australia, Canada, Hong Kong, and the UAE. The rise of AI enables fraudsters As AI continues to advance, fraudsters are becoming more adept at creating and altering documents. Sumsub's 2023 Identity Fraud Report reveals a staggering average increase of 163% in fake IDs and a 147% rise in counterfeit passports in developed countries from 2021 to 2023. In the Asia-Pacific regin, nations like Indonesia, Hong Kong, and Cambodia have witnessed identity fraud rates more than doubling, emphasising the urgent need for customised solutions that can respond to these evolving threats. Non-Doc- an alternative to document verification Non-Doc, allows for the verification of customer identities without the need for ID submission, presenting an alternative to conventional document verification methods. Instead, users supply essential personal information, like an identification number, which the verification provider securely cross-references with trusted government databases. Although this innovative approach is rapidly gaining traction among client firms and verification providers, Non-Doc has already demonstrated its compliance as a KYC method in numerous jurisdictions. Key benefits of Non-Doc Benefits of document-free versus document-based verification include: quicker and more convenient user onboarding: verification time decreases from an average of 30 seconds to just 4.5 seconds. consequently, companies experience a growth of over 35% in customer pass rates, with some instances showing up to a twofold increase. expanded opportunities for business growth and entry into emerging markets, given that there is over 95% population coverage in each country. improved productivity and simpler case management through automated user data extraction and real-time updates, leading to a 53% reduction in verification processing time. The solution has undergone testing by FINTRAIL, focusing on two primary criteria: regulatory compliance across various jurisdictions (including AML/CTF legislation, cryptocurrency and trading regulations, as well as other industry standards) and technical efficiency (evaluating whether processes such as identity data authentication and bank credential verification align with local regulatory requirements). Sumsub's product demonstrates regulatory compliance in 18 countries, achieving top scores where the Non-Doc solution is implemented. Free Headlines in your E-mail Every day we send out a free e-mail with the most important headlines of the last 24 hours.