How delightful it is to receive a gold medal 🥇, even if it's for the highest fraud growth (or maybe not?). We invite you to our Fraudlympics! Find out which country has won the most medals for the number of frauds by fraud type, industry, and document type. Let the Fraudlympics begin 🤾♀️ https://lnkd.in/dbhWYXXF
Sumsub
IT Services and IT Consulting
One verification platform to secure the whole user journey
About us
Sumsub is the one verification platform to secure the whole user journey. With Sumsub’s customizable KYC, KYB, transaction monitoring and fraud prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs and protect your business. Sumsub has over 2,000 clients in fintech, crypto, transportation, trading, e-commerce and gaming industries including Wirex, Avis, Bybit, Huobi, Flutter, Kaizen Gaming, and TransferGo.
- Website
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https://sumsub.com?utm_source=linkedin&utm_medium=social
External link for Sumsub
- Industry
- IT Services and IT Consulting
- Company size
- 501-1,000 employees
- Headquarters
- Limassol
- Type
- Privately Held
- Founded
- 2015
- Specialties
- KYC, AML, KYB, Transaction Monitoring, Fraud prevention, and Identity verification
Locations
Employees at Sumsub
Updates
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Struggling to balance efficiency and risk mitigation in your KYC/AML processes? Our upcoming course is designed for professionals like you. Learn to define effective #KYC scopes, assess client risk profiles, and apply practical strategies to enhance data collection and client onboarding. Stay tuned for more details—coming soon!
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FATF releases its latest Travel Rule update for VASPs! 👀 On July 9, the Financial Action Task Force (FATF) published its 5th targeted review of the standards for VASPs following the results of their April 2024 survey which identified gaps in #TravelRule compliance. Jurisdictions have made significant progress implementing the Travel Rule with 70% passing legislation, an almost double YoY increase, and 15 more reported they are in the process. 87% of jurisdictions also reported they require VASPs to be licensed or registered. What challenges are companies facing: • Low quality data collection • Delayed data transmission • Lack of interoperability • Issues with compliance tools • VASP counterparty Due Diligence 🚀 Have these issues answered with Sumsub. Get a straightforward and seamless answer to sunrise issues and interoperability that allows efficient VASP due diligence. Stay compliant with our Travel Rule solution 🔗 https://lnkd.in/dgqia34v #FATF #TravelRule #VASP #Crypto #compliance
Head of Fintech Compliance team at Sumsub - AML/CFT compliance, Virtual Assets & Blockchain compliance specialist
🗞 July 9, 2024, the FATF published its 5th annual Targeted Update on the implementation of the FATF Standards on VAs and VASPs. Here are the main findings ✅ R. 15 implementation progress According to the FATF's April 2024 assessment, 97 out of 130 jurisdictions are partially or not compliant, 32 are largely compliant, and one is fully compliant with FATF requirements. The proportion of partially or non-compliant jurisdictions is the same as in April 2023. Some jurisdictions believe it is easier to prohibit VAs and VASPs than to create and enforce supervisory regimes. However, the FATF noted that successful prohibition is still challenging, citing the experience of some jurisdictions. The FATF reported that 82 out of 94 jurisdictions require VASPs to be licensed or registered, with 69 having done so in practice — showing improvement since 2023. However, identifying and licensing offshore VASPs remains challenging. ✅ Travel Rule (TR) implementation progress In the 2024 survey, 65 of 94 jurisdictions have passed legislation implementing the TR while 15 reported that they are in the process, which shows improvement since 2023. Although TR enforcement remains weak, some jurisdictions noted that they impose enforcement actions for non-compliance with TR requirements and mentioned deficiencies that may lead to them. The challenges of implementing the TR remain the same as before: - Interoperability issues - Issues with Travel Rule compliance tools - Differences in jurisdictional requirements and the sunrise issue - VASP counterparty due diligence The FATF identified additional questions on interoperability of tools to assist VASPs in selecting TR solution providers, particularly: "- How does the tool transmit Travel Rule data to or receive Travel Rule data from external counterparty VASPs as well as transaction type and amount that are not covered by the tool? - Does the tool have limitations regarding to/from which VASPs it can send/receive data? - What is the tool's customer base? Does it sufficiently cover thea VASP's need to transfer VA overseas?" ✅ Market developments and emerging risks The FATF indicates that virtual assets continue to be used to support the proliferation of WMDs, scammers, terrorist groups, and other illicit actors. Many jurisdictions recognize the risks of DeFi arrangements and are conducting risk assessments. In contrast, many have not yet evaluated the risks of self-hosted wallets or P2P transactions. NFTs are rarely used for proliferation or terrorist financing but are prone to fraud, scams, and theft. 42 of 80 respondents primarily regulate NFTs as VAs where appropriate, while two jurisdictions reported that NFTs are regulated as art or cultural objects. Find all the information here: https://lnkd.in/ebDBQ-zA
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If you're passionate about compliance, tech, and innovation, this is your chance to impact. We're looking for people to join our dynamic team! 👨🏻💻 Check out our open positions and become a part of a company that's shaping the future of verification technology. 🔥 Top 9 of this week: • Demand Generation Director | https://lnkd.in/dheJxyXH • Business Development Manager (Gambling) | https://lnkd.in/deR_2tie • Global Senior CRM Manager | https://lnkd.in/dUwSV_4R • Sales Development Representative-Spain | https://lnkd.in/dVETRWxj • Sales Operations Specialist APAC | https://lnkd.in/dybx3jSd • IT Support Specialist | https://lnkd.in/dpi5szkS • Product Manager - Technical Integrations | https://lnkd.in/dv6X3GMh • Applicant Support Operator | https://lnkd.in/ddN-HwpG • Team Lead (m/w/d) - Bulgaria | https://lnkd.in/dzD6Kbkb Explore all opportunities: https://lnkd.in/dkZt79Gi #Hiring #CareerOpportunity #TechJobs
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Exciting News! Tomorrow, Sumsub's APAC Partner Roadshow continues in Jakarta, Indonesia! 🌟 Join us on July 16 from 4-8 PM at Raffles Hotel Jakarta for a special evening jointly hosted with PT. Secure Pasifik Teknologi. Take this chance to network with the best—and dive deep into talks on emerging #fraud trends and prevention strategies in the region's shifting regulatory landscape. We look forward to welcoming you tomorrow and having important discussions! https://sumsub.link/wqz #SumsubRoadshow #APACEvents #RiskManagement #Compliance #NetworkingEvent
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With huge sporting events on the horizon, we at Sumsub know there’s a serious risk of online fraud.🕵️♂️ Whether you’re attending events or placing bets, it's essential to stay vigilant. Major events like these often see a spike in fraud attempts, especially those targeting unsuspecting fans. Our internal data shows that fraud in the iGaming industry has increased by 64% from 2022 to 2024. That’s reason to worry. What can each of us do to stay safe? 📍 make your passwords super strong 📍 if your data was leaked in data breach ➡️ change your password asap 📍 use two factor authentication 📍 try to avoid using public wifi networks Don't let fraudsters ruin your experience. 👉 If you’d like to know how fraudsters think, here’s the answer: https://sumsub.link/rzl #OnlineSafety #FraudPrevention #Sumsub #igaming
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A new week means a new #AskSumsubers! This time we have Stan Tyrnov, KYB Product Lead at Sumsub. Choose a question for him 👇🏻 1. Is it enough to verify only company UBOs? Or should regular shareholders and directors be covered as well? 2. How to verify company if the data about this company can't be found in registries? Is there any way to verify it? 3. Why is it better to conduct KYB & UBO verification (KYC) on one platform?
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Today is the day! Sumsub's first APAC Partner Roadshow kicks off in the Philippines! 🚀 Join us from 5 to 9 PM this evening at Makati Shangri-La for an unforgettable event. Sumsub is joining forces with Nexus Technologies to share the latest insights on compliance and fraud prevention in the Philippines and the APAC region. Join this exclusive event to learn proven practices for preventing and combating fraud, even when the risks involve deepfakes and other AI-driven attacks. Network with top APAC risk, fraud, and compliance professionals over dinner. If you still need to register, there's time! Secure your spot here ➡️ https://sumsub.link/nsq We look forward to seeing you there and making new connections! #SumsubRoadshow #APACEvents #RiskManagement #Compliance #fraud #NetworkingEvent
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What's happening in the crypto world? This video covers recent updates related to self-hosted wallets in light of the upcoming MiCA regulation in Europe. Self-hosted wallets, which operate without any Crypto Asset Service Provider (CASP) backing, have raised significant concerns at the European Parliament - which considers that they pose substantial money laundering, terrorist financing, and sanctions evasion risks. The new MiCA regulations aim to address these issues, bringing more scrutiny and regulatory oversight toward self-hosted wallets. Join us as we explore how MiCA will impact self-hosted wallets and the broader implications for the crypto industry. Thanks to Tony Petrov & Yiannos Ashiotis 👏 https://lnkd.in/d8U4Re38 Let's keep the conversation going in the comments! #crypto #wallet #IndustryInsights #Sumsub #MiCA #AML
New AML Regulation bans self-hosted crypto wallets? | Expert Analysis
https://www.youtube.com/
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Avoid losing everything due to simple mistakes. Data breaches often occur because of weak protection, unreliable passwords, or accidentally storing data in open-access locations that hackers can easily exploit. Don't create such opportunities. Use Sumsub. Book a free demo here 🔗 https://lnkd.in/dPs44C2q #DataLeaks #compliance #safetyfirst