Sumsub, a full-cycle verification platform, has launched its Australia DVS (Doc Verification Service) Verification product.
This resolution affords real-time, government-backed validation of identification paperwork, together with passports, driving licences, and visas.
By integrating with DVS, Sumsub ensures compliance with native anti-money laundering (AML) and Know Your Buyer (KYC) rules whereas decreasing fraud and streamlining onboarding by way of automation.
For Australian companies that require safe and compliant doc verification, Sumsub’s DVS Verification facilitates person onboarding with real-time identification validation.
This integration permits each new and present purchasers to confirm Australian customers extra effectively whereas enhancing safety.
A key benefit of Sumsub’s DVS Verification is its potential to assist companies adjust to Australian regulatory necessities.
By offering a government-backed doc validation resolution, it ensures organisations meet identification verification obligations.
The service additionally helps a variety of Australian identification paperwork, together with passports, driving licences, and overseas passports containing a visa.
Automating doc validation helps companies decrease operational prices by decreasing the necessity for handbook checks. It additionally minimises the chance of penalties related to non-compliance. The system delivers fast and correct outcomes, immediately producing clear and actionable verification outcomes.
Moreover, it enhances fraud prevention by figuring out information inconsistencies, serving to to scale back identification theft and fraudulent account creation.
A current initiative, the Rip-off Prevention Framework, goals to implement stricter safeguards, introducing penalties of as much as US$50 million for non-compliance.
“As we deepen our dedication to Australia, the combination of DVS verification into our database validation resolution displays our strategic concentrate on supporting Australian purchasers with a safe, government-backed course of to remain forward of evolving threats. Our aim is to assist companies obtain compliance with AML and Know-Your-Buyer (KYC) requirements whereas optimising buyer due diligence procedures.”
mentioned Penny Chai, Vice President of Enterprise Improvement, APAC at Sumsub.
Sumsub’s growing concentrate on Australia is a part of its broader enlargement throughout the Asia-Pacific area. In 2023, the corporate established its first APAC headquarters in Singapore, leveraging the nation’s function as a fintech hub with a rising ecosystem of digital property and monetary know-how companies.
To drive its regional development, Sumsub appointed Penny Chai as Vice President of Enterprise Improvement, overseeing operations and strategic growth in Asia.
Featured picture credit score: edited from freepik
