Wirex Taps Sumsub for Virtual Asset Travel Rule Compliance and Transaction Monitoring Solutions

The digital payment platform Wirex has formed a partnership with identity verification platform Sumsub, to leverage the latter's Transaction Monitoring capabilities, Travel Rule compliance solutions for virtual asset transfers, and its KYC (Know Your Customer) software to verify the identity of new clients.

Wirex's move is in response to the Financial Action Task Force (FAFT)'s requirements that virtual asset service providers (VASPs) must adhere to Anti-Money Laundering (AML) regulations to uphold transparency and accountability standards. Besides, the new UK regulations will comie into effect on September 1, 2023.

"We are thrilled to be partnered with Sumsub to ensure seamless compliance with the upcoming regulatory requirements for virtual asset service providers. By utilising Sumsub's Transaction Monitoring capabilities and Travel Rule compliance solutions, we’re committed to upholding the highest standards of security and protection for our user verification processes and our users' virtual asset transactions," said Pavel Matveev, CEO and Co-Founder of Wirex.

"This partnership with Wirex signifies a mutual commitment to maintaining the integrity of virtual asset transfers and ongoing transactions," explained Andrew Sever, co-founder and CEO of Sumsub. "Our full-cycle verification solution offers a comprehensive picture of all customer risk profiles, allowing our clients to make better-informed decisions and keep their businesses safe."

Last month, Sumsub unveiled its plans to make Singapore its APAC headquarters with the aim to forge vital partnerships and serve new clients in the island-state and Hong Kong among other countries in the region.