Title: Streamlining Compliance with Sumsub: A Full-Cycle Verification Solution for Malaysian Virtual Asset Providers

Malaysia’s virtual asset industry is experiencing significant growth, accompanied by increasing regulations. Virtual asset providers in the country require a dependable, efficient, and comprehensive verification partner that can handle all their regulatory requirements, including KYC/AML, KYB, transaction monitoring, fraud prevention, and travel rule solutions. Sumsub, a leading full-cycle verification platform, offers an integrated solution for Malaysian virtual asset providers.

Comply with Malaysian Regulations

Sumsub’s platform simplifies the process of adhering to local regulations for Malaysian virtual asset providers. Thanks to an extensive database and automated regulatory checks, providers can meet the Central Bank of Malaysia’s (BNM) requirements efficiently, ensuring continued compliance with evolving regulations and risk mitigation.

Save Revenue with Multilayered Protection

Sumsub’s platform provides effective protection against various types of fraud, such as synthetic identity fraud, identity theft, and document forgery. Its robust anti-fraud solution targets the specific needs of the Malaysian market, preserving revenue and reducing financial losses for providers.

Seamless Global Onboarding

Boasting a high user pass rate of 96.59% in Malaysia and top worldwide results, Sumsub’s platform offers hassle-free onboarding for providers to extend their user base seamlessly. The streamlined user journey allows providers to confidently cater to a global audience, broadening their reach and potential revenue.

Orchestrated Verification Checks

Incorporating checks at strategic points in the customer journey ensures top-tier anti-fraud protection with Sumsub’s platform. This proactive approach to verification enhances pass rates worldwide and upholds a secure, compliant business environment.

Faster and More Convenient User Verification

Sumsub’s user verification solution allows Malaysian virtual asset providers to expedite the verification process while adhering to local regulations. This integration supports Malay and 40+ Asian and other languages for a seamless user experience. Services encompass ID and address verification, liveness checks, and AML screening, creating a streamlined and efficient customer journey.

Comprehensive and Efficient Business Verification

Sumsub’s platform completes the full KYB process within 3 hours, making it an extremely efficient solution for Malaysian virtual asset providers. The offering also includes automated AML and registry screening, compliance expert assistance, and customizable questionnaires, ensuring a thorough assessment of risk and economic profiles.

Real-time Transaction Monitoring and Reporting

Sumsub’s platform monitors transactions in real-time, detecting and reporting suspicious activity through read-to-file Suspicious Activity Reports (SAR/STRs). Utilizing advanced AI technology, the platform can uncover intricate money laundering schemes and criminal groups to protect providers and maintain a secure business environment.

Multilayered Fraud Prevention

Employing an AI-powered solution, Sumsub’s platform can recognize red flags in real-time and initiate extra checks when necessary. This advanced technology is instrumental in preventing various types of fraud, including account takeover, multi-accounting, and unauthorized payments.

Proven, Cost-Effective Solution

With a reported 240% ROI over three years according to a Forrester Consulting study, Sumsub’s identity verification software is a compelling cost-effective solution for Malaysian virtual asset providers. Companies benefit from financial savings and increased revenue, making Sumsub a strategic partner in maintaining a compliant and secure operation.

Testimonials

Our clients have provided positive feedback on Sumsub’s extensive database, automated systems, and compliance and risk management features. They’ve become a strategic partner for our business. - Sailor Zhong, CEO, ChainUp

Sumsub’s responsive support, fast and easy integration, flexibility, and willingness to provide customized features are valued aspects of our partnership. They offer a turnkey solution, allowing us to focus on core tasks. - Andrey Ilinsky, Product Owner, Mercuryo

Sumsub’s expertise in this area complements our existing compliance routines effectively. They’ve been able to tailor our client due diligence process to fit our specific flows and needs. - Maria Fedorova, COO, Exness

Take the Next Step

Choose Sumsub as your verification partner to build and maintain solid compliance, safeguarding your revenue, users, and reputation. Contact us today to discuss your business goals and requirements.

FAQ

What is e-KYC in Malaysia?

E-KYC refers to electronic Know Your Customer processes utilizing digital technology for identity verification, such as online document submission, electronic databases, and biometric data.

Is KYC mandatory in Malaysia?

Yes, Malaysian regulations mandate Know Your Customer (KYC) procedures for Anti-Money Laundering (AML) compliance. This applies to all AML-obliged businesses, including fintech firms, crypto businesses, and gambling platforms.

What is Malaysia’s digital identity?

Malaysia’s digital identity, MyKad, is a government-issued smart identity card containing biometric data, including fingerprints and a photograph, and is utilized for online transactions and digital services access. KYC in Malaysia often includes verification of this national digital identity for security reasons.