The newly introduced version 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.
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).
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
Financial institutions can 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.
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 is an on-demand anti-fraud and risk management platform, which helps online merchants and Payment Service Providers (PSP) stop fraud.
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