Companies in the APAC region should be aware of key considerations when choosing a Know Your Customer (KYC) platform.
Sumsub, a leading Know Your Customer (KYC) platform, has launched a bi-weekly Q&A series to help businesses navigate the complex world of regulatory compliance and identity verification. This week's discussion is led by Penny Chai, Vice President of Business Development APAC, who shares insights on the key factors to consider when choosing a KYC platform in the APAC region.
Local Regulatory Compliance
In the APAC region, it's crucial for KYC platforms to align with regional mandates such as biometric-based identification and digital ID programs like the Philippines' PhilSys or Singapore’s SingPass. This ensures compliance with national digital identity frameworks and keeps businesses secure and compliant with international regulators.
Document and Identity Verification Capabilities
A robust KYC platform should support government-issued IDs from multiple countries, utility bills, professional licenses, and advanced biometric matching such as facial recognition. High OCR accuracy (above 98%) and real-time fraud detection are essential for maintaining security and providing a smooth user onboarding experience.
AML and Risk Screening
Incorporating Anti-Money Laundering (AML) screening, including PEP detection, sanctions filtering, and continuous monitoring tailored for APAC jurisdictions, is vital for maintaining a secure KYC process.
Integration Flexibility
The platform should offer seamless integration with existing systems through robust APIs, SDKs, webhook support, and white-label customization to fit diverse operational needs.
Adaptive Risk and Real-Time Onboarding
Real-time onboarding combined with adaptive risk scoring and AML compliance management is necessary to meet the fast-paced demands of the financial ecosystem in the region.
Support for Multilingual and Multicultural Contexts
Given APAC’s diversity, providers need multilanguage support and an understanding of diverse legal and cultural environments to create a user-friendly experience for businesses and customers across the region.
Enterprise Certifications
Enterprise certifications should be checked for maximum security and business continuity.
Users are encouraged to ask questions about topics of interest, and new answers will be posted every other Thursday. Submit your questions to Sumsub's Instagram and LinkedIn. The discussion will take place in the bi-weekly series. Stay tuned for more insights from Penny Chai and other experts in the upcoming sessions.
- To remain secure and compliant with international regulations in the APAC region, it's crucial for a KYC platform to support government-issued IDs from multiple countries, adhere to regional mandates like biometric-based identification and digital ID programs, and incorporate AML screening tailored for APAC jurisdictions.
- For a smooth user onboarding experience and robust security, a KYC platform should have high OCR accuracy, real-time fraud detection, and advanced biometric matching capabilities such as facial recognition, in addition to offering seamless integration with existing systems and multilanguage support for APAC's diverse legal and cultural environments.
%20platform.){kind=link}