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Sumsub releases a complete guide to business verification highlighting compliance challenges

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Sumsub, an all-in-one verification platform, today published its Complete Guide to Business Verification (KYB) for businesses in the fintech, banking, payment, crypto, e-commerce and gambling industries.

Business verification market size is expected to grow at a CAGR of 11.81% and reach $348 million by 2028. Sumsub’s new guide will help companies tackle KYB-related compliance challenges across different jurisdictions and find best ways to build effective business verification workflows.

In 2021, 98% of B2B retailers, marketplaces, and manufacturers experienced financial losses due to fraud attacks. Fraud is on the rise in B2B industries. To stay safe and compliant, businesses need impeccable due diligence when it comes to their customers and partners. This means conducting proper background checks, clarifying companies’ ownership structure and identifying Ultimate Beneficial Owners (UBOs), and much more. If these crucial steps are overlooked, governments can levy significant penalties. For example, Finanstilsynet, Norway’s financial regulator, fined DNB, the country’s largest lender, over $48 million in 2020 for due diligence failures and non-compliance with AML regulations. Earlier, DNB had been under investigation for allegations of transferring millions to a business customer’s shell companies.

In the guide, Sumsub’s team of compliance experts explains the process of a legal entity’s verification in great detail and shares customers’ best practices along with useful compliance tips—all intended to make it easier and safer for businesses to onboard companies as opposed to individuals.

Here are five key business verification trends highlighted in the guide:

  • Ultimate Beneficial Owner (UBO) verification remains one of the biggest KYB challenges due to jurisdictional loopholes;

  • UBO status is now assigned with control of 10-25% of a business, depending on the jurisdiction, and it is required to be verified in accordance with AMLD5;

  • While business verification rules are generally similar around the world, every country has its own compliance differences to be aware of. For example, in the U.S. business verification regulations exist as a result of the Bank Secrecy Act (BSA), but are enforced by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). While in countries like China only one institution, The People’s Bank of China (PBOC), regulates KYB;

  • Using offshore islands and tax havens for fraud and money laundering is now a common occurrence. Investigations into bankruptcies, VAT frauds, and other illegal practices reveal “ghost firms” that perform illicit activities—so determining a company’s structure, ownership, purpose, and activity through due diligence procedures such as KYB is crucial;

  • Sanction screening is becoming increasingly important as the geopolitical situation changes. Even non-regulated businesses like car sharing services or marketplaces should also screen for sanctions to ensure there are no restrictions in cooperating with a counterparty.

“Sumsub’s all-in-one verification platform includes onboarding of legal entities as well as traditional KYC checks, and this corresponds with the global demand to make business verification a meaningful part of the due diligence procedure. With access to the profiles of over 400 million companies and beneficiaries from registries across 220 countries and territories, it takes Sumsub only 3 hours to complete full-cycle KYB verification. As for the automated KYB check, it takes Sumsub as little as 3 minutes to perform. By embedding legal entity checks into their customer onboarding flows, companies safeguard their reputation and avoid potentially huge penalties from regulators. And Sumsub is ready to help these companies along the way by offering an advanced AI-based KYB solution coupled with global compliance expertise,” said Tony Petrov, CLO at Sumsub.

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Evoplay celebrates the holidays with fast-paced fun in Uncrossable Rush X-mas

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Evoplay, the award-winning game development studio, has given its hit title Uncrossable Rush a festive makeover with the release of Uncrossable Rush Xmas.

The new edition reintroduces Eggwina, the fearless chicken from the original game, for another wild road-crossing adventure, this time through a snowy landscape filled with flashing lights, holiday traffic, and plenty of chaos.

Based on the mechanics of CrossyRun under the licence from SlotСatalog, Uncrossable Rush Xmas challenges players to guide Eggwina across 32 unpredictable lanes, dodging cars and trucks to reach the other side.

Players can cash out their winnings at any moment or take another risky move to test their luck for bigger rewards.

Designed to meet the excitement of the year’s most active period, the game now features an expanded multiplier distribution across more tracks, creating a longer progression curve and stronger momentum throughout each run.

These improvements heighten engagement and make every round more rewarding while preserving everything players loved about the original release.

Four difficulty levels allow players to choose their pace, ranging from a gentle holiday stroll to full-speed festive mayhem. The higher the setting, the faster the traffic flows and the larger the starting multiplier increases.

No two rounds are alike, with randomised traffic patterns ensuring each run remains fresh and unpredictable.

For those who like to plan ahead, the game’s autoplay mode offers complete control, allowing players to set bet amounts, behaviour after wins or losses, and even stop conditions for profit or loss.

Ivan Kravchuk, CEO at Evoplay, said: Uncrossable Rush Xmas brings back the fun and intensity of the original while adding a joyful twist. We’ve enhanced progression and engagement to create a more dynamic experience that captures the excitement of the holidays, giving players plenty of reasons to jump in and enjoy the rush.”

“With its playful design, fast-paced gameplay, and spirit of adventure, Uncrossable Rush X-mas delivers an experience that perfectly fits the energy and excitement of the most exciting time of the year.”

The post Evoplay celebrates the holidays with fast-paced fun in Uncrossable Rush X-mas appeared first on European Gaming Industry News.

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Explore the Cursed Diary in Just Slots’ New Game, Book of Abyss

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Malta-based iGaming developer, Just Slots, has announced the release of its latest slot title, Book of Abyss. In this dark fantasy adventure, players descend into the realm of Abyss, a fallen queen demoness bound to a cursed diary. Every spin of the reels echoes Abyss’s torment, and when the mystical Book feature opens, players peer into forbidden chapters of her soul. Each expanded page reveals fragments of Abyss’s desire, vengeance and eternal struggle, making Book of Abyss more than just a slot, but a ritualistic journey into passion and damnation.

While built on the familiar “Book” mechanics that fans love, Book of Abyss pushes the boundaries further with powerful visuals and narratives, and a huge 150,000x max win. Free spins plunge players into Abyss’s blazing underworld, where expanding symbols and high multipliers turn every spin into a battle for domination. The game also offers Bonus Buy and the popular HotSpin feature, giving players extra ways to ignite the action. In short, Book of Abyss feels comfortably familiar but boldly fresh, blending the beloved style of Book of Arcane with a darker and more seductive twist, and pushing the max win potential even higher.

Inspired by gothic fantasy and occult myth, Abyss portrays a dangerous yet captivating fallen queen. Her design is painted in a palette of cold emerald shadows and scorching inferno reds to reflect her dual nature, restraint on the page versus wrath unleashed. Book of Abyss expands creative horizons with its blend of myth, sensuality and suspense. Just Slots has crafted it with its audience in mind, knowing players crave immersive and narrative driven slots with frequent bonuses. The game’s mystical theme, striking aesthetic and rich storytelling diversifies the company’s portfolio and continues its trend of reinventing bold new concepts, from the candy coated charm of Sugar Heaven to the mystical allure of Book of Arcane.

Commenting on the release, Christine Parkhill, Chief Commercial Officer at Just Slots, said, “Book of Abyss is an epic adventure. We’ve taken the successful formula of our ‘Book’ game and plunged it into a deeper and darker territory. Players can expect the high-volatility features they love including expanding symbols, free spins, multipliers and a massive 150,000x max win, wrapped in a haunting gothic tale of desire and vengeance. Every page of Abyss’s cursed diary that players unlock immerses them further into her forbidden world. Book of Abyss is a ritualistic journey through the soul of a demoness and we can’t wait for players to explore its secrets page by page.”

Book of Abyss goes live today and will be available on leading sites such as Gamdom.com, Biggg.com , Stake.com , LuckyDreams.com  and more. A demo is also available on Just Slots’ website, inviting players to get a sense of Abyss’s realm before embarking on the full experience. To keep the fire of Abyss’s story burning long after launch, Just Slots plans operator-led tournaments, instant prize drops and streamer collaborations, offering extra excitement beyond the core gameplay.

The post Explore the Cursed Diary in Just Slots’ New Game, Book of Abyss appeared first on European Gaming Industry News.

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Rings of Prosperity channels divine favour

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Play’n GO presents Rings of Prosperity, a slot rooted in ancient mysticism and the power of celestial guidance.

Play’n GO’s Rings of Prosperity draws on the influence of Eastern mythology, placing players under the protection of the Dragon God – a symbol of strength and abundance. Following in the footsteps of narrative-led titles such as Temple of Prosperity, this 5-reel slot embraces a thematic focus on balance and transformation, expressed through sacred rings, golden coins, and the celestial influence of a Prosperity Wheel.

With its strong visual identity and symbolic layering, Rings of Prosperity creates a holistic player experience that’s both visually rich and narratively focused.

The heart of the game lies in its interconnected symbols and celestial mechanisms. RINGS – in green, red, and purple – appear and evolve through the divine will of the Dragon God, ultimately transforming into golden coins. These coins are more than visual rewards – they symbolise earned blessings, tying directly into the theme of spiritual wealth.

At pivotal moments, the Prosperity Wheel spins into view, acting as a divine arbiter. This design choice elevates the gameplay by anchoring key moments in the will of a higher force, rather than random chance – in line with Play’n GO’s focus on storytelling-led slots that prioritise immersion and meaning.

Rings of Prosperity shares conceptual DNA with titles such as Temple of Prosperity and Fortune Rewind, continuing Play’n GO’s exploration of time, wealth, and divine influence. While Temple of Prosperity invokes nature spirits and ritualistic iconography, Rings of Prosperity focuses on celestial transformation – using colour, motion, and myth to communicate progress and reward.

Magnus Wallentin, Games Ambassador at Play’n GO said:“Our goal with Rings of Prosperity was to build a symbolic system players could intuitively connect with. Every visual element feeds into the core narrative.”

With its elegant symbolism and visual clarity, Rings of Prosperity rewards players not just with gameplay, but meaning.

The post Rings of Prosperity channels divine favour appeared first on European Gaming Industry News.

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