summsubThe Full Cycle Verification Platform introduced Australian DVS (document verification service) verification products.
This solution provides a verification that the government supports in real -time identity documents such as passport, driver’s license, and visa.
By integrating with DVS, Sumsub guarantees the compliance of local money laundering (AML), reduces fraud, rationalizes onboarding through automation, and knows customer (KYC) regulations.
Australian companies that require safe and compliant documentation can make it easier for users to onboard by verification of real -time IDs by verifying the DVS of SUMSUB.
With this integration, both new and existing clients can more efficiently verify Australian users while enhancing security.
An important advantage of Sumsub’s DVS verification is that companies can support Australia’s regulatory requirements.
Providing a document verification solution supported by the government guarantees that the organization will meet the duty of identity.
This service also supports a wide range of Australian identity documents, including passports, driver’s licenses, and foreign passports, including visas.
Automation of document verification can help companies reduce operational costs by reducing the need for manual checks. It also minimizes the risk of penalties associated with compliance violations. This system provides quick and accurate results and immediately produce clear and practical verification results.
In addition, it is identified as data contradictions, reducing personal information and reducing fraudulent account creation, enhancing fraud.
The recent initiative fraudulent framework aims to implement more strict protection measures and introduce up to $ 50 million penalties for compliance violations.
“As the commitment to Australia is deepened, integrating DVS verification into a database verification solution is safe to go ahead of the evolving threat and supports the Australian client in a process supported by the government. Reflected our goal is to understand the customer’s compliance while optimizing the customization procedure.
Penny Chai, Vice President of SUMSUB’s APAC business development, states.
The expansion of SUMSUB’s focus on Australia is a part of a wide range of Asia -Pacific regions. In 2023, the company established the first Apac headquarters in Singapore and used the role of the country as a fintech hub with digital assets and financial technology companies.
To promote regional growth, SUMSUB has appointed Penny Chai as vice president of business development and supervised as Asian business supervision and strategic development.
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