MEtaquotes-backed identity verification platform Sumsub has taken another step to make further inroads into the Retail FX sector, announcing that it has secured an administrative services provider (ASP) license from Cyprus financial regulator CySEC. The company said that this additional qualification will help Sumsub consult over 1,000 businesses that struggle to meet AML requirements.
Sumsub has signed a number of deals recently with technology and platform providers to Retail FX brokers, integrating some or all of its solutions (such as client video verification). These include agreements with B2Broker, white label provider Scalable Solutions, and Leverate.
Sumsub’s KYC/AML solution received CySEC’s Administrative Services Provider (ASP) license certificate. With this new license, Sumsub said that it will help more companies achieve higher compliance standards through a variety of technical solutions including anti-fraud, KYC, and enhanced due diligence—all backed up by professional legal advice.
CySEC’s ASP license allows service providers, like Sumsub, to supply customers with much more than just innovative compliance infrastructure. This includes legal and compliance support in corporate structuring, auditing, business consultancy, and anti-money laundering procedures.
With the ASP license, Sumsub will expand its range of services to include a full internal audit service, comprehensive compliance support services, special investigations, preparation and documentation of internal procedures, customer due diligence outsourcing, monthly and/or quarterly compliance reports, and compliance support for KYC and Anti-Money Laundering (AML) procedures.
Jacob Sever, Founder of Sumsub said:
“CySEC is known as one of the most stringent AML regulators across Europe. Being recognized as an ASP will further our mission to set the highest possible standard of compliance for our clientele, irrespective of their jurisdiction.”
Sumsub is an all-in-one technical and legal toolkit to cover KYC/AML needs. The company provides a platform for converting customers, speeding up verification, reducing costs, and detecting digital fraud. Sumsub’s global clientele, based in over 200 different jurisdictions, are able to meet financial requirements (FCA, CySEC, MAS, FINMA, BAFIN, etc.) and expand to new regions thanks to top-notch technology and legal support. Sumsub clients include BlaBlaCar, Gett, ESL Gaming, JobToday, Wheely, Vk.com, Decta, Exness, WebPay, FXOpen, Maxi Partners, Bank Dobrobyt, and others. In 2020, Sumsub received a series A funding round led by MetaQuotes.
