Sumsub, a global full-cycle verification provider, received the highest product scores and proved full regulatory compliance of its Non-Doc solution after FINTRAIL audit
FINTRAIL, a UK-based consultancy “helping companies manage their exposure to financial crime risk & maintain regulatory compliance, examined our Non-Doc Identity Verification solution and reviewed respective legislation, asserting full regulatory compliance of document-free identity verification in 18 jurisdictions.”
Based on the audit’s findings and internal expertise, Sumsub shares “a free guide to non-documentary verification.”
FINTRAIL writes in their report:
“FINTRAIL has conducted a regulator-led audit of Sumsub’s non-documentary identity verification product, and has reviewed local regulation and guidance in the markets where non-documentary identity verification is permissible to confirm solutions deployed by Sumsub are compliant with local regulations and guidance.”
Non-documentary identity verification, or Non-Doc, enables firms “to verify customer identities without requesting their ID documents.”
Instead, a person only needs to type their document number (or, in the UK, log in to their online banking) and “undergo a quick liveness check.”
While this relatively new practice “is gaining popularity among both client firms and verification vendors, Non-Doc has already proven to be a compliant KYC method in many jurisdictions.”
Other key benefits of document-free VS document-based verification include:
- Faster and more convenient user onboarding: verification time is reduced from 30 seconds to 4.5 seconds on average;
- As a result, companies see +35% growth in customer pass rates (with as high as x2 increase in some cases);
- Opportunities for business growth and scaling to emerging markets thanks to over 95% population coverage in each country;
- Enhanced productivity and simplified case management with automated user data extraction and immediate updates, resulting in 53% reduction in verification processing time.
Sumsub’s Non-Doc Verification works in 13 countries.
The solution has been tested “by FINTRAIL based on two main criteria: regulatory compliance in each jurisdiction (AML/CTF legislation, crypto and trading regulatory guidelines along with other industrial requirements), and technical effectiveness (whether technical processes like identity data authentication or bank credentials checks are conducted in accordance with local regulatory conditions).”
Additionally, FINTRAIL considered “if document-free verification is permissible in each country.Sumsub’s product has proved its reliability and full regulatory compliance of the existing or proposed solution in 18 jurisdictions, receiving the highest product scores for those of them where the Non-Doc solution is currently working.”
The full audit report includes detailed “findings on each country.”