IdentityMind backs AirTM with KYC and transaction monitoring

Wednesday 11 April 2018 10:25 CET | News

AirTM has partnered with IdentityMind Global to meet their KYC, sanctions and politically exposed person (PEP) screening, transaction monitoring, and fraud prevention needs.

The AirTM ecosystem is based on a trusted relationship between users and exchangers and vice versa. To protect their ecosystem and to ensure that it is free from money launderers, drug dealers, human traffickers, financing of terrorism, and other bad actors, every user and exchanger must go through a comprehensive know your customer (KYC) and transaction monitoring process. AirTM is FinCEN certified and is responsible to regulatory bodies in reporting suspicious activities depending on the jurisdiction where their users and exchangers reside and operate. This further worsens the complexity of compliance as each jurisdiction has its own requirements.

IdentityMind enables AirTM to create and maintain a digital representation of each of its users. The platform offers the KYC capabilities needed for regulation, identity proofing at onboarding and challenging it when suspicious activities are detected through monitoring of the identities behavior inside and outside the AirTM ecosystem.

Every deposit and withdrawal transaction is being evaluated for fraud based on an exhaustive rules-based engine. Moreover IdentityMind is adjusting its machine learning algorithms to the specific details of the risk scenarios that the AirTM business model requires.

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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Keywords: IdentityMind, AirTM, KYC, transaction monitoring, fraud prevention, onboarding, identity verification, compliance
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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