Inquiring minds want to know: How can a business be authenticated when its information isn't listed in standard registries?
In an effort to provide clear answers to questions about regulatory compliance, verification, automated solutions, and related topics, Sumsub has launched a bi-weekly Q&A series. This initiative will see experts from legal, tech, and other fields come together to discuss a wide range of topics that interest Sumsub's followers.
The Q&A series will be published every other Thursday on The Sumsuber and on Sumsub's social media platforms. This week's discussion will be led by Stan Tyrnov, the KYB Product Lead at Sumsub.
One of the key topics that Stan Tyrnov will be addressing is the verification of companies that cannot be found in official registries. When such situations arise, Sumsub relies on a combination of document collection, digital footprint analysis, email verification, and fraud detection technologies to verify companies.
Sumsub primarily focuses on individual identity verification with document and biometric checks. However, their platform is designed to be adaptive and dynamic, capable of integrating various verification flows and data inputs to ensure compliance while onboarding entities that may not appear in standard registries.
The verification process for companies may involve collecting official business documents provided by the company (e.g., tax IDs, incorporation papers) for identity proof. Additionally, Sumsub verifies business email domains associated with the company to assess legitimacy. They also utilize global data sources and third-party services to cross-check company information where registries are unavailable. Lastly, they employ fraud-detection technologies to detect inconsistencies or fraudulent attributes in the company’s presented data.
It is worth noting that Sumsub does not offer full business verification services with full AML sanction checks embedded. Instead, they focus more on identity verification combined with some business validation steps where needed.
For those interested in learning more about KYB and its relationship to KYC, a guide is available on Sumsub's website. The Q&A series also invites followers to submit their own questions to Sumsub's Instagram and LinkedIn accounts.
Stay tuned for the next Q&A session, which will be published every other Thursday.
- The upcoming Q&A session will delve into discussing the technology-driven KYB process, a crucial aspect of Sumsub's business in finance.
- Sumsub's Q&A series on legal, tech, and related topics will cover technological solutions used for business verification, aiding entities not found in official registries.
