Wealth management platform Cabital selects Sumsub to make secure 2-minute identity checks happen

Cabital, an innovative wealth management platform that empowers investors to earn passive income safely and securely by offering them the best crypto-based savings products, has selected Sumsub’s all-in-one KYC/AML toolkit to carry out identity checks of crypto investors. These will become possible in just 2 minutes after the kit is deployed. The strictest legal requirements will be complied with.

Compliant, secure customer verification solution

The Lithuanian company’s savings products come with interest rates as high as 12%. However, Cabital needed a compliant and secure solution for due diligence and customer verification and to make sure identity checks wouldn’t affect the conversion rate. Sumsub’s solution was the best option. It will also let Cabital comply with domestic laws and European AML/CTF principles.

Raymond Hsu, Cabital's Founder and CEO, commented the integration as follows:

ID checks will adapt to requirements of 220+ countries

The ID checks can be adjusted to the requirements of more than 220 countries and territories. Verification happens in two simple steps. First, the user submits a photo of their ID document. Then, they undergo facial biometric identification to further enhance Cabital’s security.  

Jacob Sever, Cofounder of Sumsub, said:

As wealth management regulations become more complicated, solutions ensuring fraud-proof security and a streamlined, seamless user experience are needed. By 2025, the global wealth management market is expected to grow by $318.95 billion.