By Andrei Skvarsky.
Leverate, a Limassol-headquartered technology provider for foreign exchange brokerages, has clinched a deal with London-based identity verifier Sumsub that supplements packages offered to clients by the Cyprus-based company with anti-fraud technologies.
The terms of the deal save customers of Leverate, whose technology is used by about 65,000 traders, the trouble of going elsewhere to find facilities for know your customer (KYC) and anti-money laundering (AML) checks.
It is estimated that regulatory non-compliance may land a trading company with fines worth tens of billions of dollars.
“Our clients now don’t have to waste time on regulatory headaches … while Sumsub covers all of the necessary KYC/AML compliance demands for any region,” a statement from Sumsub quoted Tal Laitner, vice-president for innovation at Leverate, as saying.
Among other things, Sumsub has provided Leverate with technology to detect fraudulent chargeback claims.
There have been serious increases in fraudulent activities in financial sectors since the outbreak of the Covid-19 pandemic, according to the statement.
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