IdentityMind Global, a SaaS platform that builds, maintains and analyzes digital identities has announced that IdentityMind’s compliance, risk management, and fraud prevention platform has integrated CipherTrace’s digital currency risk assessment technology. This integrated solution allows virtual currency exchanges, ICOs, hedge funds, financial institutions, and any company that accepts cryptocurrency to understand the risk they present.
The combined IdentityMind and CipherTrace solution provides a complete anti-money laundering (AML) analysis tool for cryptocurrency — assessing the risk of the wallet and addresses involved in a transaction, providing a risk score, ensuring both sides of a transaction are not connected, and creating alerts when predefined dollar limits are reached. Moreover, if there is suspicious activity, the IdentityMind platform can pre-populate a suspicious activity report (SAR).
The new combined virtual currency risk assessment enables IdentityMind clients to know the source of funds for virtual currencies and provides the information required to properly evaluate the risk of both where the funds are coming from and where they’re going to. This data includes the positives, such as if the funds are coming from known good exchanges, and the negatives, including funds associated with ransomware, dark markets, gambling, and known criminal addresses.
“The rapid rise of virtual currencies in today’s global digital economy is irrefutable. But for that growth to continue and scale significantly, it’s critical to identify the individual behind the digital transaction. That’s what we do. We help companies identity the good guys they want to do business with while avoiding the bad actors. Working together with CipherTrace, we bring transparency, integrity and compliance to the world of virtual currencies.”
IdentityMind already partners with virtual currency exchanges, payment service providers, payment processors, money transmitters, retailers, businesses performing initial coin offerings (ICOs) or security token offerings (STOs), e-banks, banks, broker/dealers and credit unions around the world. Today, IdentityMind is working with over 50 virtual currency exchanges and over 10% (almost 200) of all companies worldwide conducting a compliant initial coin offering (ICO) or security token offering (STO).
“We’re excited to partner with IdentityMind Global. IdentityMind and CipherTrace offer the ideal fusion of know your customer (KYC) and virtual currency anti-money laundering (AML) in one complete, integrated solution for virtual currency exchanges and financial companies. Virtual currencies are an important, emerging area within the world’s fast-growing digital economy. Working together, we make sure that virtual currencies are legitimate, safe, investable and globally transactable, while meeting compliance requirements of regulatory bodies worldwide.”