Sumsub automates Bitso Business onboarding as Latin American corporate fraud rises

Bitso Business has partnered with Sumsub to replace manual corporate paperwork reviews with automated verification, speeding up onboarding while tightening compliance controls. For a company handling a significant share of US-to-Mexico remittances and institutional treasury flows, the difference between “approved in days” and “approved in minutes” is not a cosmetic detail.

1. Under the agreement, Sumsub will take over Bitso’s largely manual review of corporate documents and run business onboarding end to end without human intervention. The previous process could delay new business sign-ups for days at a time; the new setup is meant to keep verification aligned with blockchain-based settlement speeds.
2. The rollout uses Sumsub’s newly launched Business Verification suite, including automated company-level risk scoring, scheduled periodic rechecks, and tracking of corporate document expiry dates. In other words, this is not just initial KYB (Know Your Business); it is ongoing monitoring built into the workflow.
3. Bitso’s onboarding will now include live cross-referencing of corporate registries, automated extraction of Ultimate Beneficial Owner (UBO) data, and document validation tools that flag tampering. Screening against sanctions lists, watchlists and Politically Exposed Persons databases will also run automatically, consolidating the compliance stack into one platform.
4. The company says the deal is aimed at legitimate corporate clients that need faster access to cross-border treasury and liquidity services. Bitso is described as a major piece of financial plumbing in the region, handling around 10% of remittance flows from the US to Mexico.
5. The partnership also reflects the operating environment in Latin America: fragmented, largely non-digitised company registries and a growing threat from organised corporate fraud rings. Sumsub’s Identity Fraud Report 2025-26 recorded a 180% global rise in coordinated, multi-step fraud attacks, which is the sort of stat that tends to get attention from PSPs and compliance teams for obvious reasons.

Bitso and Sumsub describe the arrangement as the first stage of a longer-term relationship, with room to add more modules from Sumsub’s verification and compliance portfolio as Bitso grows. Alma Cervantes, Bitso strategic alliances lead, said security and compliance “have never been negotiable,” while Sumsub country manager for Mexico Miguel González said automated KYB (Know Your Business) is meant to solve fragmented registries and complex UBO layers in real time.