Sumsub Launches an Agent-assisted Video Streaming Process in Tune With the Regulatory Rules of Estonia, the DACH Region and Liechtenstein

  • Compliance , AML and KYC
  • 13.08.2020 02:55 pm

Sumsub, an identity verification platform that provides an all-in-one technical and legal toolkit to cover KYC/KYB/AML needs, today introduces a new product— verification through the agent-assisted video chat process in compliance with the regulatory requirements of Estonia, Austria, Germany, Switzerland, and Liechtenstein. The new functionality will allow companies operating under the laws of multiple jurisdictions to conduct compliance in a way that is best for conversion rates. 

Sumsub’s video streaming service combines three things: an easy-to-use platform, built-in compliance processes, and operators. A combination that makes compliance for companies of all sizes more accessible than it ever was. Those who will use the new technological platform will have the opportunity to employ Sumsub's operators or recruit their own.

In Estonia, the DACH region and Liechtenstein, the law requires the AML checks to be conducted only through video communication between the client and the operator, in which the operator decides whether to work with the client or not. This is a challenge for businesses that operate in several jurisdictions and have to resort to the services of several providers to meet the variety of requirements. To make compliance processes more simple and flexible, while strengthening security, Sumsub has added a video streaming product to its all-in-one platform.

Given that some clients might need to go through the document-based check and some will need to undergo operator-driven verification, workflows can be easily adjusted to suit any of the relevant jurisdictions and types of clients with custom steps and document requests. The solution reduces call duration and saves up to 50% of the operator's time when working with clients. It does this by allowing the automatic submission and verification of documents during the video call interview.

To streamline compliance and reporting, the system contains out-of-the-box automated processes tailored to specific regions. In case regulators will need to review the reports, all the relevant data along with the video interview itself will be available from the applicant's profile.

“Compliance is becoming more complex and more diverse across jurisdictions. This requires more investment and attention from global companies”,— Jacob Sever, Co-founder at Sumsub. "Sumsub is investing to create a more tailored, complex solution for global companies, and video is just one of the essential ingredients needed to build the most comprehensive and all-encompassing compliance solution."

Sumsub has already incorporated a handful of features, including KYC, KYB, biometric checks, crypto monitoring as well as real-time AML screening across blacklists, PEPs, adverse media and sanction lists for risk management.

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