Cost-Effective Anti-Money Laundering Solutions
Superior Anti-Money Laundering for Global Payments. IdentityMind offers a unique combination of KYC, transaction monitoring and anti-fraud required for our Bitcoin Exchange customers to cost-effectively meet the regulations imposed by both FinCEN, and their bank.
IdentityMind™ announced today Version 1.14 of its flagship Anti-Fraud and Risk Management Platform. Version 1.14 builds on the platform’s transaction monitoring and implements big data analysis to uncover money laundering activities in Money Transmitters and Money Service Businesses (MSB’s), including Bitcoin exchanges, regulated by FinCEN (Financial Crimes Enforcement Network).
Version 1.14 enables Money Service Businesses (MSB’s), specifically Bitcoin related businesses to comply with the regulatory requirements related to Transaction Monitoring, Know Your Customer (KYC), and Anti-Fraud.
Bitcoin exchanges and other Bitcoin institutions, regulated or not, can now establish the strong banking relationships they need to survive and thrive in the United States. The IdentityMind platform enables Bitcoin companies to meet the required AML regulations and provides the banks supporting them peace of mind through unparalleled visibility into transactions, and the ability to set configurable alerts.
The platform alerts companies when it detects suspicious activities related to:
- Funding Bitcoin wallets from credit cards or bank accounts
- Transferring money between Bitcoin wallets
- Withdrawing from bank accounts or from a Bitcoin wallet
- Wiring money between bank accounts
“IdentityMind offers a unique combination of KYC, transaction monitoring and anti-fraud required for our Bitcoin Exchange customers to cost-effectively meet the regulations imposed by both FinCEN, and their bank. Furthermore, it allows them to maintain a comprehensive risk management strategy,” said Jose Caldera, IdentityMind’s VP of Marketing and Products. “We are committed to providing them with the technology and services they need to build and comply with their Anti-Money Laundering programs.”
Financial institutions can now easily set configurable Anti-Money Laundering (AML) alerts so that they are notified of suspicious activity related to the movement of funds. AML alerts enable institutions to perform in-depth analysis of their customers including assisting in the determination of beneficial ownership.
“The Bitcoin industry is under the microscope. Marketplaces like Silkroad have given bad press to the industry, but a very important sector wants to make sure it plays by the rules,” said Mr. Garrett Gafke, IdentityMind’s President and CEO. “We are providing the risk management platform that makes them effectively compliant at low cost, while at the same time, protecting them and their customers from fraudsters and schemers. We are committed to helping this industry gain legitimacy, and we are providing them with the tools they need to succeed.”
In addition to the AML analytics and enhancements to KYC, IdentityMind’s Platform version 1.14 includes the following features:
The introduction of an “Identification Funnel” that enables institutions to determine if the data submitted for evaluation is a real identity, and whether the identity belongs to the individual submitting the information. The Identification Funnel is designed to collect ‘enough’ information to meet requirements but avoid placing unnecessary burdens on customers that may prevent them from moving forward.
Anti-Money Laundering Policy Editor enabling compliance officers and AML investigators to configure the AML analytics and heuristics adequate to their AML programs.
IdentityMind™
IdentityMind™ is an on-demand platform providing next generation risk management and anti-fraud services. Our Electronic DNA (eDNA™) technology tracks the different entities (consumers, merchants, cardholders, payment wallets, alternative payment methods, etc) of the e-commerce ecosystem. It builds a reputation associated to these entities that can be used when evaluating anti-fraud, merchant account applications, consumer account origination, identity verification services, money laundering, and others.
For more information, please refer to our website http://www.identitymindglobal.com/
Related News
In a post published on SC Magazine, COO of the anti-crime software firm Wynyard Group, Paul Stokes has explained how the cryptocurrency businesses based in UK can detect and curb money laundering activities. Bitcoin and other cryptocurrencies such as Litecoin have been assumed/ rumored to be used in illegal money transmitting operations as their underlying blockchain technology provides an additional layer of secrecy. Paul explained that even as criminals use newer methods to launder money, there is technology available that can help businesses comply with AML regulations in an efficient....
Herman Neglyad, the deputy of the Russian anti-money laundering body, Rosfinmonitoring, has said his organization will monitor cryptocurrency transactions that involve the conversion from crypto to fiat. Neglyad made this revelation during a recent meeting of the State Duma Committee on financial markets. Banks Already Cooperating According to a Russian news site, Regnum, the anti-money laundering body is already getting cooperation from banks. “Banks have already begun to pay attention to exchange operations, that is, when they see that an operation has come after the exchange of....
RegTech enhances compliance for financial services institutions. This guide explains how blockchain works in banking to achieve this goal. What are the key areas where blockchain is adding value to the RegTech ecosystem?Financial regulators and service providers are looking for the best and most cost-effective solutions to help the banks and other financial institutions comply with the rules and do business in a compliant regulatory environment.As blockchain is already disrupting the conventional ways of doing businesses, thanks to its benefits in terms of enhanced transparency, faster....
The European Commission and its partnering agencies including Europol have become increasingly active in its investigation on terrorist financing and and the use of digital currencies such as bitcoin in the dark web. As a part of its global initiative to reduce and restrict financial flows of terrorists and money laundering, the European Commission has proposed to regulate digital currency exchange platforms under the scope of the Anti-Money Laundering Directive, which would require bitcoin exchanges to keep sensitive customer data records for bitcoin-to-fiat trading. “These platforms have....
A group of EU nations have reportedly been lobbying to entrust oversight of the crypto space to a new anti-money laundering (AML) agency. Behind the move are concerns that companies dealing with digital assets can be engaged in the processing of illicit funds. Germany Leads Push to Place Crypto Firms Under EU Anti-Money Laundering Supervision Several EU member states, led by Germany, have been urging the European Union to grant a planned anti-money laundering (AML) watchdog powers to oversee businesses in the crypto sector. Quoting knowledgeable sources, Bloomberg revealed these nations....