CoinLoan partners with Sumsub, a leading compliance service provider, to build the automated identity verification tools into the CoinLoan platform. The partner's toolkit will make the onboarding process more convenient and reliable for both customers and the CoinLoan team.
What Is KYC/AML?
Know your customer (KYC) and anti-money laundry (AML) policies are essential for any institution that deals with money. Those regulations oblige companies to collect enough information to verify the users' identity to prevent financial crime.
CoinLoaners need to pass the verification process to use our services at full capacity.
What Is Sumsub?
Sumsub builds a suite of security-first products that fintech businesses use to accelerate anti-fraud and compliance processes across the customer lifecycle. From 60- seconds identity verification reducing fraud to zero and ensuring more honest, action-ready leads, to expert regulatory compliance and reporting.
Customers include larger companies like Paysend, Exness, Bitcoin.com, and smaller companies like Flippa, Coinpayments, and ForexOpen.
How Will KYC Working Principles Change?
Now, the process will accelerate, and new users will gain access to the platform faster.
The Sumsub KYC check implements into the CoinLoan platform, so users won’t need to leave the familiar interface. As always, during the verification, users need to upload photos of ID and a selfie with it. Sumsub will scan them automatically.
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