Sumsub has formed a strategic partnership with iMind to reinforce fraud prevention and compliance capabilities within South Korea’s payments sector.
The tie-up arrives as South Korean businesses contend with a dramatic escalation in fraudulent activity. More than 7,000 accounts across nine major banks were connected to fraud in Q1 2026 — double the figure recorded in the same period the previous year, according to the Financial Supervisory Service.
Sumsub’s own Identity Fraud Report 2025-2026 found that the country saw a 137% year-on-year rise in deepfake incidents in 2025, placing it 11th for the fastest growth in the Asia-Pacific region. Despite a 22% overall decline in fraud attributed to mature financial infrastructure, increasingly sophisticated AI-powered attacks continue to target payment systems. In response, South Korea’s Korea Financial Intelligence Unit has expanded its 2026 anti-money laundering and counter-financing of terrorism agenda, widening account freeze authority and extending compliance obligations to payment providers.
By combining iMind’s knowledge of South Korea’s local regulatory environment with Sumsub’s end-to-end verification technology, the partnership is designed to assist Korean financial institutions in meeting evolving anti-money laundering requirements while defending against threats across the full customer lifecycle.
Sumsub offers businesses a suite of identity verification, compliance, and fraud prevention tools. iMind Inc. specialises in AI-based data processing and analysis, with a focus on technology-led compliance solutions for the South Korean market.
To coincide with the partnership announcement, Sumsub hosted its inaugural APAC Partner Roadshow in Seoul — the latest instalment in a series that has previously visited Hong Kong, Shenzhen, the Philippines, Malaysia, and Indonesia. The Seoul event comprised two sessions: an afternoon workshop giving AML, KYC, and fraud prevention practitioners a detailed examination of onboarding controls, continuous monitoring practices, and deepfake detection techniques; and an Evening Leaders Exchange, which brought together executives, regulators, and academics to discuss how the Financial Services Commission and the broader industry are working together on fraud prevention and real-time settlement under the updated Electronic Financial Transactions Act.
Sumsub vice president, APAC Penny Chai said, “As South Korea strengthens its AML framework and fraud grows more sophisticated, payment companies face a dual challenge: meeting regulatory compliance while defending against AI-driven attacks. Today’s fraudsters use deepfakes and synthetic identities to bypass onboarding, then exploit verified accounts—making continuous monitoring essential, not optional. By joining hands with iMind, we’re combining local regulatory expertise with full-cycle verification capabilities to help payment companies align with South Korea’s AML/CFT agenda and defend against threats throughout the customer journey.”
iMind Inc. director and chief executive officer Jay Cho said, “As South Korea’s payments sector continues to innovate and expand regionally, compliance and anti-fraud infrastructure must evolve in parallel. Our partnership with Sumsub combines our deep understanding of the local regulatory environment with their innovative AI-powered verification platform, enabling Korean financial institutions to build resilient, future-ready compliance frameworks that protect against increasingly sophisticated threats while strengthening digital trust across the payment ecosystem.”
Hanshin University professor Dr. Seng-Phil Hong said, “South Korea’s approach to balancing innovation with regulatory oversight provides valuable lessons for the region. The collaboration among regulators, technology providers, and financial institutions in real-time fraud detection and prevention exemplifies how public-private partnerships can forge more resilient payment ecosystems — not only within Korea, but on a global scale. Ultimately, this underscores a growing imperative: that establishing trust and credibility is becoming an increasingly critical driver of sustainable global competitiveness.”
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