LegacyFX Partners With Sum and Substance Ltd

LegacyFX is pleased to announce their collaboration with Sum and Substance Ltd., a UK based KYC and AML compliance firm, across all our platforms.

Founded in 2021, LegacyFX is an online retail broker which offers people to trade forex, indices stocks, and commodities. LegacyFX has always focused on offering extensive support for the client’s safety of funds. Hence, it is not a surprise that they have partnered up with SumSub.

What services does the company SumSub provide?

SumSub works with thousands of document types from hundreds of countries, in a multitude of languages, to ensure proper checks and verification. The company was founded in 2015 and understands the importance of mitigating and managing risk, both for itself as a financial provider as well as to better understand our clientele.

Doing so allows forex brokers to properly identify their customers, minimize potential fraud, eliminate criminal or money laundering activities, and overall understand their customer’s personal and financial dealings.

Why did LegacyFX decided to partner up with SumSub?

As such, LegacyFX has chosen to significantly improve customer data protection and security as well as streamline their process of KYC collection, through SumSub’s automated services.

SumSub provides a comprehensive platform specifically built on a risk-based approach and compliant with various regulatory bodies such as, FATF, FINMA, FCA, CySEC, and MAS. Notable clientele of theirs include MasterCard, Flippa, Exness, Danapay, YouDo, the National Bank of the Republic of Belarus, Dabrabyt Bank, National Bank of Ukraine, and Pravex Bank.

Overall, SumSub's toolkit enables customer onboarding, KYC verification, AML procedures, and proper data handling measures, all in a user friendly design. They do this by determining the authenticity of an identifying document, comparing the photo in the document to the user’s selfie, checking the user’s age and nation of origin, automatically flag forged documentation, correctly identifies liveliness of real human faces versus holograms, and checks photos and documentation against their internal database of fraudulent materials.

“Our goal was to make our KYC process easier and fasternot only for our customers, but also for our Compliance Department as well. With SumSub, we will now have fast and transparent checks that allow us to identify fraud, fake documents, and money laundering activities, all in a people-friendly interface that is customized to our specific needs to not only improve our workflow but also upholds our security standards.” - Violeta Koleva, Risk & Fraud Officer


Besides, LegacyFX aims to use SumSub’s identifying documents verification, AML screening (PEP, Sanctions, Adversemedia checks), payment fraud prevention, and liveness/face matching services. Their payment method fraud prevention and verification tool assures that a credit card belongs to the user by identifying potentially stolen bank cards before a transaction is even made.

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This is achieved by a user uploading a photo or screenshot of their payment method right before the transaction, with SumSub verifying it instantly, while complying with PCI and DSS regulations of blurring the cards information automatically.

Since LegacyFX has stepped up their customer data protection and security for traders, it might be another reason for you to start to trade and open an account with LegacyFX.

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