Digital payment pioneer, Wirex, has forged a partnership with Sumsub, a leading global full-cycle verification platform. This collaboration aims to fortify Wirex’s stance in the domain of virtual asset compliance and transaction monitoring.
Wirex and Sumsub are coming together primarily to address the requirements set forth by the Financial Action Task Force (FAFT). With impending UK regulations kicking in from September 1, 2023, the FAFT has mandated that all virtual asset service providers (VASPs) rigorously adhere to Anti-Money Laundering (AML) norms.
This is a bid to reinforce transparency and accountability standards across the board. Leveraging Sumsub’s prowess, Wirex aims to ensure that these Travel Rule information transfers between VASPs are secure and comprehensive. This will encompass thorough KYC checks, AML screenings, and a host of verifications that align with regulatory mandates and Wirex’s unique business specifications.
Sumsub, with its esteemed Travel Rule solution, promises easy integration with its advanced transaction monitoring (KYT) system. Transaction monitoring is an intricate process. It typically involves an in-depth analysis of both sender and receiver profiles, risk assessment, and a thorough cross-verification of KYC and transaction data.
This meticulous system by Sumsub is designed to bolster Wirex’s defences against financial fraud. This has become increasingly crucial as recent statistics divulge that a staggering 70% of all fraudulent activities occur post the KYC onboarding phase, thereby stressing the importance of sustained monitoring.
Wirex CEO and Co-Founder Pavel Matveev expressed his enthusiasm, “We are thrilled to be partnered with Sumsub to ensure seamless compliance with the upcoming regulatory requirements for virtual asset service providers.
“By utilising Sumsub’s Transaction Monitoring capabilities and Travel Rule compliance solutions, we’re committed to upholding the highest standards of security and protection for our user verification processes and our users’ virtual asset transactions.”
Meanwhile, Andrew Sever, co-founder and CEO of Sumsub, shed light on the intricate regulatory landscape, “The regulatory horizon is becoming increasingly complex, particularly for firms in the digital asset space. Sumsub is committed to providing advanced verification and compliance solutions that empower businesses to navigate the evolving landscape – beyond the initial onboarding stage.
“This partnership with Wirex signifies a mutual commitment to maintaining the integrity of virtual asset transfers and ongoing transactions. Our full-cycle verification solution offers a comprehensive picture of all customer risk profiles, allowing our clients to make better-informed decisions and keep their businesses safe.”
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