YouHodler Onboards Sumsub to Fight Identity Fraud in Crypto Industry

Sumsub last year joined forces with Mercuryo, the licensed European crypto wallet service, to offer swift and thorough customer onboarding procedures for cryptocurrency-related businesses and their users.

Sumsub’s new complete integration into the YouHodler platform came after a “long and detailed testing process of Sumsub before full integration,” YouHodler said in a press statement, adding that the procedure was to provide the best experience possible for its clients.

YouHodler clients can enjoy a more efficient onboarding process while simultaneously joining the fight against the growing threat of identity fraud in the cryptocurrency industry, the fintech platform added.

The Switzerland-based company already uses Elliptic, a software that provides blockchain analytics for crypto asset compliance, for its crypto anti-money laundering (AML) management. In addition, it uses Acuant and Ondato solutions for its know-your-customer and AML processes.

“Adding Sumsub will only make the process better for clients and more secure all around. In addition, Sumsub will optimize YouHodler’s overall verification costs and bolster the platform’s relationship with the clients,” YouHodler said in the statement.

In his reaction, YouHodler’s Legal Counsel, Julian Grech, noted that the integration of Sumsub into YouHodler will be a huge help for the fintech company’s dedicated  compliance 
Compliance

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
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