Sumsub Receives CySEC’s ASP License to Help Over 1000 Financial Businesses Reach Bank-grade Compliance and Accelerate Growth
- Artificial Intelligence , AML and KYC
- 22.06.2021 05:10 pm
Identity verification platform Sumsub secured an administrative services provider (ASP) license from CySEC, a key European regulator with stringent demands. This additional qualification will help Sumsub consult over 1000 businesses that struggle to meet AML requirements.
Sumsub’s KYC/AML solution received CySEC’s Administrative Services Provider (ASP) license certificate. With this new license, Sumsub 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.
In recent years, CySEC has become known for its stringent yet innovative approach to regulating the financial industry in the EU. This makes CySEC’s ASP license an especially important addition to our portfolio, empowering us to set higher standards of compliance in the EU and beyond.
“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.”—Jacob Sever, Founder of Sumsub.