SINGAPORE, September 12, 2024 – Sumsub, a global leader in full-cycle verification solutions, has successfully passed a regulatory audit by FINTRAIL, confirming that its Non-Doc Identity Verification solution meets full regulatory compliance. The audit, conducted by FINTRAIL, a consultancy specializing in financial crime risk management, certified Sumsub’s solution for use in 13 countries, including major Asia-Pacific (APAC) markets like India and Indonesia. With this milestone, Sumsub is now eyeing expansion into 10 additional countries, including Australia, Hong Kong, Canada, and the UAE.
The Non-Doc solution, which allows identity verification without traditional document submission, has gained traction as a faster, more secure alternative to conventional verification processes. Instead of submitting physical documents, users provide personal information like identification numbers, which are then securely cross-referenced with government databases. This method has been particularly valuable in combating the rise of fraud facilitated by AI, as outlined in Sumsub’s 2023 Identity Fraud Report. According to the report, incidents of fake IDs and passports have surged by 163% and 147%, respectively, in recent years, with APAC countries like Indonesia and Hong Kong facing a significant uptick in identity fraud.
Key benefits of the Non-Doc solution include reduced verification times—cutting the average onboarding process from 30 seconds to just 4.5 seconds—and higher customer pass rates, with companies reporting a 35% increase in onboarding success. Additionally, the solution’s automated data extraction and real-time updates have led to a 53% reduction in processing times, making it an attractive option for businesses looking to scale in emerging markets.
FINTRAIL’s audit assessed both the technical effectiveness and regulatory compliance of Sumsub’s Non-Doc solution across various jurisdictions. The solution proved fully compliant with anti-money laundering (AML) and counter-terrorism financing (CTF) legislation in 18 countries. The audit also confirmed that non-documentary verification is permissible in countries like Hong Kong, paving the way for further expansion.
Vyacheslav Zholudev, co-founder and CTO at Sumsub, expressed confidence in the future of Non-Doc verification, stating, “We believe Non-Doc will soon become the gold standard for user onboarding globally. It offers a superior user experience while fully adhering to local regulations, and we’re committed to making this innovation accessible to businesses and individuals worldwide.”
With its proven success and compliance, Sumsub is well-positioned to expand its Non-Doc solution throughout the APAC region and beyond, offering businesses a reliable, compliant, and efficient method for identity verification.