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Wirex partners with Sumsub for Transaction Monitoring, Travel Rule, and KYC solutions

KYCWirex partners with Sumsub for Transaction Monitoring, Travel Rule, and KYC solutions

Wirex has partnered with Sumsub to incorporate Transaction Monitoring, Travel Rule compliance, and KYC software to verify new client identities. This collaboration will help Wirex enhance its compliance efforts in the digital asset sector, aligning with the impending FATF rules effective September 1, 2023, in the UK.

Established in 2014 by Pavel Matveev and Dmitry Lazarichev, Wirex is a global digital payment platform. It introduced a crypto-enabled payment card in 2015 and has since expanded to offer crypto lending and a non-custodial crypto wallet covering 130 tokens through its Wirex US app powered by Zero Hash.

The Sumsub partnership strengthens Wirex’s compliance capabilities to meet the new FATF AML regulations. Sumsub’s solution facilitates secure Travel Rule data transfers among virtual asset service providers (VASPs), conducting required KYC checks, AML screening, and verification orchestration in line with regulations and Wirex’s needs.

Sumsub’s Transaction Monitoring complements Wirex’s efforts by preventing financial fraud and ensuring compliance. Notably, internal data highlights that 70% of fraudulent activity occurs post-KYC onboarding, emphasizing the importance of ongoing monitoring.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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