The new platform is focused on advancing transaction monitoring for AML through the introduction of a user-centric, risk-based approach. It is designed to provide users with accurate AML compliance results through dynamic modeling, a transparent access framework, and contextual identity analysis designed to help supercharge a company’s compliance efforts.
The company states that version 2.0 also puts to rest the “build vs. buy” conundrum some companies face in their compliance and risk operations. Homebuilt, proprietary solutions require significant human and capital resources to build and maintain for their fraud, risk and compliance operations.
Version 2.0 has been designed to meet all the regulatory compliance requirements and needs of existing clients and markets IdentityMind addresses including:
Financial institutions: Providing the industry’s first cryptocurrency risk-based transaction monitoring for AML.
Credit unions and community banks: Facilitate mandatory compliance to avoid monetary and reputational damage.
Money services businesses (MSBs): Helps MSBs protect their platforms by meeting compliance requirements and protecting against money laundering.
Cryptocurrency exchanges: Enables cryptocurrency exchanges to perform transaction monitoring on crypto transactions. IdentityMind supports many digital currencies including Bitcoin, Ethereum, Litecoin and others.
Marketplaces: Provides a digital identity, risk-based approach on the reputation of people who interact with each other on marketplaces.
IdentityMind Global provides a SaaS platform that builds, maintains and analyzes digital identities worldwide, allowing companies to carry out identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud. For more information about IdentityMind, please check out a detailed profile in our web fraud & e-identity company database.
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