IdentityMind Global Partners with BITPoint on KYC/AML Compliance

Digital identity innovator IdentityMind is helping global crypto-to-fiat exchange operator BITPoint continue its expansion in Latin America by providing KYC/AML solutions for the firm’s newest exchanges in Panama and Peru.

BITPoint LATAM will use IdentityMind’s technology to identify and stop identity fraud and money laundering, as well as establish risk profiles and score reputations. The company will also leverage automated transaction monitoring to spot suspicious activity and provide alerts.

“We have been helping digital currency and asset exchanges in more than 40 countries since 2013,” IdentityMind Director of Products Neal Reiter said, “and we continue to build specific support within our platform as the regulatory requirements and technology evolves.” Reiter praised BITPoint as a company that “takes regulation seriously.”

In addition to helping BITPoint better assess risk and remain compliant, the company’s Operations Director Latam Julian Geovo said that the partnership with IdentityMind paves the way for a better regulatory environment for fintechs throughout the region more broadly. “In Latin America we see a very interesting opportunity, and we are here to work with the authorities and the traditional financial system in order to create and guarantee a sustainable model and regulation-oriented ecosystem for this new industry,” Geovo said.

He added that the company’s experience with the advanced laws and regulations of Japan, where BITPoint is headquartered, will help establish best practices in terms of compliance in Latin America.

IdentityMind Director of Commercial Operations for Latin America Mirel Aguirre similarly sees great potential for the growth of fintech in the area – and for regtech to help guide that process. “Latin America is witnessing an explosive growth in FinTech,” he said. “The financial inclusion revolution is disrupting the traditional financial ecosystem, and IdentityMind’s RegTech Digital Identities platform for KYC and AML is bringing cost-effective, state-of-the-art technology to support all companies to comply with the local authorities and international regulations.”

The partnership is the latest example of how IdentityMind is leveraging its growing presence in the region to forge new partnerships and expand the reach of its digital identity technology. Earlier this year, the company announced a deal with Latin American microlender MO Tecnologías. IdentityMind opened a new office in Mexico City in the spring of 2017.

The BITPoint news comes just a month after IdentityMind announced a collaboration with investorID to improve AML and KYC compliance for investors in security token offerings (STOs). This spring, the company teamed up with OTC trading desk Koi Trading to power the firm’s AML compliance-as-a-service offering Koi Compliance.

Palo Alto, California-based IdentityMind demonstrated its pre-figured, customizable, SaaS KYC plug-in solution at FinovateSpring 2018. Named to the RegTech 100 for two consecutive years, the company has raised $21.5 million in funding and includes Eastern Link Capital, Benhamou Global Ventures, and Lakewood & Company among its investors.

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IdentityMind Webstore Helps Businesses Integrate Compliance Solutions

 

The new online RegTech store launched by IdentityMind Global today will make it that much easier for companies to integrate compliance and regulatory technologies into their solutions.

“The IdentityMind Webstore is the perfect channel for small and medium-sized FinTechs, marketplaces, virtual currency exchanges, small enders, and person-to-person payment (P2P) firms to enhance their platforms,” company Chief Products and Marketing Officer Jose Caldera explained. He emphasized even smaller companies need to be sure that their compliance programs “meet the full scope of the regulatory requirements,” and added that the new offering will help them do this “faster with minimum investment.”

The Webstore functions as a self-serve marketplace where customers can choose, demo for free, and purchase regtech plugins that serve as front ends to IdentityMind’s SaaS-based trusted digital identities platform. The customizable plugins can be deployed in web apps to provide AML, KYC, sanctions screening, and transaction monitoring operations.

Immediately available are a pair of solutions: a KYC Plugin, which includes a customizable onboarding form, pre-integrated with IdentityMind’s platform; and an ICO Plugin, that helps ensure companies conduct compliant onboarding for initial coin offerings (ICOs) and security token offerings (STOs). IdentityMind Global has been especially effective in using its trusted digital identities technology in this market, having worked with more than 25 virtual currency exchanges around the world and helped more than 165 companies conduct compliant ICOs and STOs. Additional plugins are expected to be added later this year and into 2019.

IdentityMind Global demonstrated its platform at FinovateSpring 2018. Founded in 2009, the Palo Alto, California-based company partnered with ZED Network last month to help the company’s money transfer operators (MTOs) meet KYC and AML regulations. In addition to being named one of The Silicon Review’s 50 Best Companies to Watch in 2018 this summer, IdentityMind Global teamed up with Ontology Trust Ecosystem in July, with ONe Network in May, and with digital shopping platform Fluz Fluz in March.

With more than $20 million in funding, IdentityMind Global includes Benhamou Global Ventures, Lakewood & Company, and Eastern Link Capital among its investors. Garrett Gafke is CEO.

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