Exness Partners With SumSub for KYC, AML

Retail broker Exness has formed a new partnership with technology provider Sumsub.

Based in London, Sumsub provides technology and financial services companies with Know Your Customer (KYC) Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term) and anti-money laundering (AML) technology.

“With FATF announcing their updated guidance with reinforced AML demands, followed by FCA, CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term and similar policies introduced worldwide, trading industry players have to step up their compliance and anti-fraud measures," said Sumsub founder Jacob Sever.

"We are happy to see how our product is already helping industry leader Exness optimize compliance costs and meet due diligence obligations under tightening regulatory rules."

Simplifying KYC and AML

Sever's firm already works with some big names, including Uber, MetaQuotes, and BlaBlaCar.

Sumbsub's technology means that a user can visualize KYC and AML processes across several different jurisdictions.

Workflow can, for example, be fully automated, semi-automated, or handled by an agent. An individual will also have their entire history shown, enabling compliance workers to see why, for example, someone was prevented from opening an account.

For Exness, a company that has several different regulated entities, the need to manage different compliance standards surrounding KYC and AML appears to have driven its decision to work with Sumsub.

“We researched the market for KYC platforms and considered subscribing to many different databases," said Exness COO Maria Fedorova.

"The project took on an immense scale with separate technical flows for each jurisdiction, which made AML/KYC very challenging.

"Sumsub’s specific expertise in this area complimented our existing compliance routines very well. They have been able to customize AML/KYC document screening to fit our specific flows and needs.”