FINTRAIL conducts a product audit for Sumsub, ensuring compliance in 20+ jurisdictions
Context
RegTech firms and software vendors must stay abreast of the compliance landscape in order to understand the market, respond to customers’ needs and optimise their products to ensure they are regulatory compliant, especially when developing or launching a new product.
Sumsub, a leading verification platform provider, engaged FINTRAIL to conduct an independent audit of their non-documentary Identity Verification product. The purpose of the review was to provide Sumsub with a written assessment on its compatibility and compliance with the regulatory requirements for the markets in scope and identify any issues with its suitability for regulated financial service clients.
Solution
FINTRAIL reviewed the adequacy of the product offering, in over 20 jurisdictions, in meeting non-documentary identity verification requirements from a regulatory compliance perspective using both primary legislation and supplementary regulatory guidance. Following detailed regulatory research and product demonstrations FINTRAIL assessed Sumsub’s non-documentary identity verification offering in each jurisdiction based on two primary factors:
Regulatory compliance – whether non-documentary identify verification was permissible and if the product offering satisfied regulatory requirements.
Technical effectiveness – whether the technical aspects of the product operate effectively, as intended, and in line with regulatory expectations.
An individual report was issued for each market which provided an assessment of the product’s compliance using an agreed methodology, and where identified recommendations for improvement were provided.
Outcome
FINTRAIL’s audit helped Sumsub ensure their product aligned with regulations and best practice in the relevant jurisdictions.
Why FINTRAIL?
We have deep experience in financial crime risk management, including developing and deploying effective, innovative and inclusive risk management controls. As such, FINTRAIL has a real-world understanding of the challenges of financial institutions.
Our team of experts are drawn from the industries we support, have deep hands-on experience from leadership roles within the sector, and have supplemented their industry experience with deep technical knowledge gained through our myriad consulting engagements. We understand the sector’s business, the risks and operational challenges they face, and their regulatory obligations.
We have demonstrable experience in delivering financial crime compliance audit support for leading financial innovators and have provided regulatory technology providers with product and regulatory support.
“The entire project process was seamless, from start to finish. Communication was clear and transparent across all stakeholders, ensuring that every step was well-coordinated. The execution was flawless, resulting in a smooth and successful project outcome.”
- Sumsub