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Wirex, a digital payment company, has joined forces with Sumsub, a global verification platform, to enhance its compliance with regulatory requirements. Sumsub will provide Wirex with advanced solutions for Transaction Monitoring, Travel Rule compliance in virtual asset transfers, and KYC (Know Your Customer) verification for new clients.
In light of the Financial Action Task Force’s (FAFT) regulations on virtual asset service providers (VASPs), which emphasize Anti-Money Laundering (AML) standards, Wirex is partnering with Sumsub to ensure seamless compliance. The solution by Sumsub enables secure data transfers for the Travel Rule between virtual VASPs, incorporating all essential KYC checks, AML screenings, and verification orchestration in alignment with both regulatory guidelines and Wirex’s operational demands.
The Travel Rule solution seamlessly integrates with Sumsub’s advanced transaction monitoring (KYT) system. This encompasses a flexible set of procedures, such as profiling sender/receiver details, assessing risk scores, and cross-referencing KYC and transaction data.
Sumsub’s Transaction Monitoring solutions will empower Wirex to prevent financial fraud and uphold compliance. Recent internal data has shown that 70% of fraudulent activities occur after the initial Know-Your-Customer (KYC) onboarding stage, highlighting the need for continuous monitoring.
Pavel Matveev, CEO and Co-Founder of Wirex, expressed enthusiasm about the partnership, saying, “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.”
Andrew Sever, Co-founder and CEO of Sumsub, emphasized the increasing complexity of regulatory landscapes, especially in the digital asset realm. He stated, “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.”
For more information about Sumsub’s Travel Rule solution and transaction monitoring software, visit: https://sumsub.com/travel-rule and https://sumsub.com/kyt/.
About Wirex
Wirex is a global digital payment platform and regulated institution that has redefined the norms in the digital payments sphere. Founded in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, Wirex’s mission is to make the digital economy accessible to all. With over 6 million customers and expanding into new territories, Wirex plays a pivotal role in promoting the mass adoption of a cashless society by offering innovative solutions.
About Sumsub
Sumsub is a comprehensive verification platform ensuring end-to-end user journey security. With customizable KYC, KYB, transaction monitoring, and fraud prevention solutions, Sumsub facilitates seamless verification processes, international customer outreach, compliance adherence, cost reduction, and business protection.
With over 2,000 clients across diverse industries, including fintech, crypto, transportation, trading, e-commerce, and gaming, Sumsub provides tailored solutions for entities like Binance, Mercuryo, Bybit, Huobi, Unlimint, DiDi, Poppy, and TransferGo.
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