[Editor’s note, October 8, 2025: This article was updated to reflect an August 12 court order staying FaceTec v. Jumio pending related inter partes review proceedings.]
Webull, a global brokerage platform offering trading in equities, options, and digital assets, has disclosed in its latest annual report that it uses Jumio to verify customer identities in Singapore. The Form 20-F filing with the U.S. Securities and Exchange Commission states that account openings may involve a liveness check, where a selfie is compared to the submitted identification document. The disclosure provides an unusually detailed look at biometric onboarding in the retail brokerage sector.
The report explains that Webull integrates third-party providers via API to manage know-your-customer and anti-money laundering processes across multiple markets. In Singapore, customers may complete onboarding using the government’s Singpass digital identity system. Otherwise, identities are verified through Jumio’s eKYC service, which incorporates document authentication and biometric face matching.
Jumio’s role comes amid ongoing litigation with FaceTec, which has sued over alleged infringement of liveness detection technology patents. FaceTec is recognized for its advanced 3D face verification system, which has achieved independent Level 4 security certification and is deployed globally in financial services, government, and border security applications. The company has also expanded its intellectual property portfolio with new 3D biometric patents. Court records show the case in the Northern District of California was stayed on August 12, pending resolution of related inter partes review proceedings.
The SEC filing also recounts unrelated compliance events, including a November 2024 order that Webull’s broker-dealer subsidiary filed deficient suspicious activity reports. Webull agreed to a cease-and-desist order and civil penalty. While not tied to biometrics, the enforcement underscores the compliance environment shaping financial institutions’ adoption of detailed KYC and AML controls.
Sources: SEC Form 20-F, SEC Order on Webull SARs, FaceTec v. Jumio docket, Bloomberg Law
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By Ali Nassar-Smith
