Sumsub to hold webinar on its BaFin-compliant Video Identification KYC solution

Rick Steves

Sumsub has announced a free webinar for fintech and banking companies working in countries with emerging video verification laws, as well as for businesses looking to work in these countries, namely Germany.

The regtech specialist has revamped its Video Identification solution to become compliant with German KYC/AML regulatory requirements set by BaFin.

The webinar – “BaFin-compliant video identification: how to avoid a conversion-killer” – will take place on November 29, 2022 at 11 AM CET. Online participation is free of charge. You can register at this link: https://sumsub.link/bafin_webinar

Speakers from Sumsub and YouHodler

Speakers of the webinar include experts on KYC and compliance with global expertise: Alexandra Lloyd, risk & compliance officer at YouHodler; Julia Bonda, Head of Business Development at Sumsub, and Simon Collins, Head of Videoident at Sumsub. The talk will last approximately 60 minutes and will be moderated by Lucas Newman, Business Development Manager at Sumsub.

The webinar will focus on the Sumsub solution’s capabilities regarding video identification to better tackle digital fraud and how the solution complies with German requirements.

Fintech, crypto, trading, and gaming businesses located in Germany can onboard customers safely and securely – either by using the Sumsub platform and interview scripts for video KYC, or by outsourcing the whole KYC process and letting Sumsub’s in-house trained operators conduct the interviews (in English or German).

Germany and other EU countries require video interviews

Germany’s financial regulator BaFin, or the Federal Financial Supervisory Authority, requires companies to conduct video interviews during remote verification as a part of AML obligations.

Several other EU countries require video interviews, but while this procedure helps companies stay BaFin compliant, it’s not conducive to a satisfying user experience and results in lower conversion and loss of revenue. The upcoming webinar is aimed at revealing the right technology to eliminate the hassle. Online participants will learn how to stay compliant with BaFin’s regulations while maintaining a smooth onboarding process.

Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading and gaming industries, including Binance, Mercuryo, Bybit, Huobi, Unlimint, DiDi, Poppy and TransferGo.

The firm offers customizable KYC, KYB, KYT, and AML solutions to orchestrate the verification process, welcome customers worldwide, speed up onboarding, reduce costs and steer clear of digital fraud.

According to the FATF-compliant regtech firm, Sumsub achieves conversion rates of 91.64% in the US, 95.86% in the UK, and 90.98% in Brazil, while verifying users in less than 50 seconds on average.

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