Exness to fight fraud and ensure AML compliance with Sumsub

Exness teams up with Sumsub biometrics to fight fraud and ensure AML compliance with Sumsub. Exness to improve fraud protection and global AML.

Due to the users that handles and its expansion across many regions, Exness itends with the partnership to help fight fraud and ensure compliance with the latest AML requirements such as the new AML5 directive, FATF and FinCEN crypto requirements.

AI machine learning algorithms will be deployed to improve the verification process and user experience. Using a risk-based approach, Sumsub automates the verification process, it can be used in multiple countries and ensures compliance with industry regulations and KYC/AML screening, the press release states.

“We researched the market for KYC platforms and considered subscribing to many different databases. The project took on an immense scale with separate technical flows for each jurisdiction, which made AML/KYC very challenging,” said Maria Fedorova COO at Exness. “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.”

“With FATF announcing their updated guidance with reinforced AML demands, followed by FCA, CySEC and similar policies introduced worldwide, trading industry players have to step up their compliance and anti-fraud measures,” said Jacob Sever, Co-Founder of Sumsub. “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: from personal data security to CDD and crypto AML, Sumsub provides not only much-needed technologies, but helps shape the business processes as well.”


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