Following the recent US Department of the Treasury’s Office of Foreign Assets (OFAC) action of adding two Bitcoin addresses linked to sanctioned Iranians to the OFAC specially designated nationals (SDN) list, IdentityMind can help protect financial institutions (FIs) and others with its patented virtual currency risk assessment (VCRA) intelligence that is already built into its Version 2.0 platform.

This action marks the first time OFAC, or other governmental regulatory body worldwide, publicly attributed digital currency addresses to designated individuals. Moreover, they have added the addresses in a way that allows them to add not just Bitcoin, but other virtual currencies as well. The two cited Bitcoin addresses had received over 7,000 transactions — worth millions of dollars — from 40 exchangers, including some in the US.

IdentityMind’s VCRA provides fundamental intelligence such as blacklisting the sanctioned addresses, monitoring transaction history of different addresses, whule IdentityMind’s electronic DNA (eDNA) creates a digital identity for each customer.

IdentityMind is working with over 50 virtual currency exchanges and over 10%, representing almost 250 of all companies worldwide conducting a compliant ICO or STO. For more information about IdentityMind, please check out a detailed profile in our web fraud & e-identity company database.