The IdentityMind platform provides KYC, Sanctions and Transaction Monitoring solutions that help you lower your compliance costs and reduce your risk. Our platform allies a risk-based approach allows you to apply more due diligence to suspicious parties while showing trusted parties the fast lane.
KYC is more than a regulatory requirement, it’s a key part of maintaining the integrity of your business, fighting fraud and fighting money laundering. It is also key to fully complying with regulatory requirements, passing audits with flying colors and maintaining a sound business. Without a strong, efficient KYC process, bad actors can conduct fraud and implicate your business in terrorist financing, human and drug trafficking or other nefarious activities. However, the wrong system can lead to higher fraud, fewer good customers or, worse, findings during a compliance audit that may result in hefty regulatory actions.
KNOW YOUR BUSINESS (KYB) IS KEY TO HELPING ENSURE THAT YOU’RE NOT ONBOARDING BUSINESSES THAT WILL USE YOUR PLATFORM AS A FINANCIAL RAIL FOR ILLICIT ACTIVITIES LIKE FRAUD, TERRORISM, HUMAN-TRAFFICKING, DRUGS, CORRUPTION.
Superior Transaction Monitoring
IdentityMind’s Transaction Monitoring solution is designed to provide Financial Institutions and FinTechs serving Marketplaces, P2P, and Virtual Currency with the industry’s most insightful, accurate and efficient AML compliance results. It features a unique user-centric risk-based approach favored by regulators. Its dynamic modeling, adaptive framework, and contextual identity analysis will help you supercharge your compliance efforts.
Virtual currency is an amazing technology that has already been used to provide aid to developing countries and move funds almost instantly. However, it has also been used by bad actors in connection with ransomware, money laundering and to conduct business with sanctioned countries and individuals. As a result, virtual currencies are receiving increased regulatory scrutiny. Most recently, OFAC (Office of Foreign Assets Control) added sanctioned bitcoin addresses to their specially designated nationals (SDN) list. However, your institution must do more than sanction against addresses.
IdentityMind’s Virtual Currency Risk Assessment (VCRA) solution provides you with the most comprehensive insight into virtual currency compliance risk. VCRA allows institutions to evaluate the risk of virtual currency transactions as well as the risk of dealing with individuals and businesses that currently transact in virtual currencies. Beyond traditional sanctions screening, which allows you to know whether the person in front of you is using a sanctioned account, IdentityMind VCRA goes further to let you know if this individual has used a sanctioned bitcoin address in the past or whether they are associated with an individual who has used a sanctioned bitcoin address.
Along with superior sanctions screening capability that adapts to the regulatory environment, IdentityMind ensures that you master today’s regulations and are prepared to take on any regulatory change.
Digital Identity Platform for Global Sanctions Screening and Politically Exposed Person Search
IdentityMind Sanctions Screening improves the accuracy and efficiency of your sanctions screening effort and Politically Exposed Person (PEP) search using graph intelligence. It combines IdentityMind’s patent-pending eDNA™ technology to build, analyze, and verify digital identities with the ability to look at an individuals’ known associations through public data, social network analysis, deep web, dark web, and other private data sources. Reduce false-positives by 50% — saving time and money.
The balance between best experience and least fraud is tough to find. Too much risk means fraud and chargebacks that can hurt your bottomline. Too much security means fewer customers and more unhappy customers. What’s the balance for the best online fraud detection? Knowing who’s on the other end of the transaction is the best start, and IdentityMind helps you get there.
IdentityMind lets you see who’s on the other end of the transaction so you can identify the good guys you want to do business with and the bad guys that you want to avoid. And, using digital identities powered by eDNA™ technology, you can get a more accurate picture of risk to enable better customer selection and fewer rejections of good customers. eDNA leverages machine learning to build trusted digital identities and analyze identities for the most accurate reputation score (risk profile) possible. Our algorithms provide reputations for each entity tailored for the industry in which you do business. And, we enable you to modify your risk process on the fly, adding in additional checks where merited.
Enhance Fraud Prevention Through Better KYC Compliance for Your Business
The IdentityLink API is built on IdentityMind’s patented eDNA™ engine. It leverages trusted digital identities to provide real-time access to:
- Fraud prevention: account origination, account takeover, payment fraud prevention
- Identity reputation: leverage IdentityMind’s digital identity reputation network
- Risk score: machine learning score based off complexity of the entity graph