Wirex partners with Sumsub to ensure regulatory compliance with upcoming virtual asset service provider (VASP) Travel Rule obligations and ongoing transaction monitoring
LONDON, Aug. 16, 2023 - A digital payment company Wirex has partnered with Sumsub, a global full-cycle verification platform. Sumsub will provide Wirex with its Transaction Monitoring capabilities, Travel Rule compliance solutions for virtual asset transfers, and its KYC (Know Your Customer) software to verify the identity of new clients.
The Financial Action Task Force (FAFT) is enforcing virtual asset service providers (VASPs) must adhere to Anti-Money Laundering (AML) regulations to uphold transparency and accountability standards, with UK regulations coming into effect on September 1, 2023. Sumsub's solution enables secure Travel Rule information transfers between virtual VASPs, conducting all necessary KYC checks, AML screening, and verification orchestration in accordance with regulatory requirements and Wirex's business needs.
The Travel Rule solution can be easily integrated with Sumsub's advanced transaction monitoring (KYT) solution. Transaction monitoring encompasses a flexible set of procedures typically including analysing sender/receiver profiles, calculating risk scores, and cross-checking KYC and transaction data.
Sumsub's Transaction Monitoring solutions will assist Wirex in preventing financial fraud and maintaining compliance. Recent internal data revealed 70% of fraudulent activity occurs after the Know-Your-Customer (KYC) onboarding stage, highlighting the necessity for continuous monitoring.
"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," said Pavel Matveev, CEO and Co-Founder of Wirex.
"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," explained Andrew Sever, co-founder and CEO of Sumsub. "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."
To learn more about Sumsub's Travel Rule solution and transaction monitoring software, please visit: https://sumsub.com/travel-rule and https://sumsub.com/kyt/.
About Wirex
Wirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world's first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.
Founded in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, Wirex was created to make the digital economy accessible to everyone. With over 6 million customers and rapid expansion into new territories, including the US, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions. To reflect the growth of the metaverse, throughout 2021, the company has continued to expand their offering into the CeFi and DeFi sectors.
https://wirexapp.com/
About Sumsub
Sumsub is a full-cycle verification platform securing the whole user journey. With Sumsub's customizable KYC, KYB, transaction monitoring and fraud prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.
Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Binance, Mercuryo, Bybit, Huobi, Unlimint, DiDi, Poppy, and TransferGo.
https://sumsub.com/
SOURCE Sumsub
