Upgrades to Sumsub's comprehensive KYB solution include expanded coverage and data sources

Sumsub, a global full-cycle verification provider, has unveiled an upgraded version of its Business Verification solution, aimed at optimizing Know Your Business (KYB) processes. With expanded coverage and enhanced data sources, the revamped solution offers businesses a comprehensive tool to ensure compliance and streamline corporate due diligence checks.

Key Enhancements

1. Mission-Critical KYB Verification

   • KYB ensures businesses partner with legitimate entities and their Ultimate Beneficial Owners (UBOs).
   • Sumsub's Business Verification solution addresses challenges faced by businesses in legal entity checks, offering efficient corporate due diligence checks.

2. Comprehensive Solution Features

   • Expanded Data Coverage: Access to 500M+ commercial records, enabling Corporate Registry Checks in just 15 seconds.
   • Shareholder Records: Access to 345M+ shareholder records for Ownership & Control Checks.
   • UBO Verification: Achieves over 90% pass rates in about 30 seconds.
   • Advanced AML Screening: Conducted on 11K+ sources for enhanced due diligence.

3. Streamlined Processes

   • Corporate Documents Review: Conducted by Sumsub's in-house experts, saving client compliance teams' time.
   • Customizable Questionnaire Analysis: Ability to request additional information to tailor due diligence checks.

Testimonial

Vyacheslav Zholudev, Co-founder and CTO of Sumsub, emphasizes the significance of Sumsub's Business Verification platform in combatting money laundering and fraud. The solution offers comprehensive screening capabilities, faster onboarding, and customizable flows for KYB, KYC, and AML checks.

Sumsub's enhanced Business Verification solution revolutionizes corporate due diligence checks, offering expanded coverage, reduced processing times, and enhanced user experience. With streamlined processes and comprehensive features, businesses can ensure compliance, mitigate risks, and accelerate onboarding processes with ease.