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IdentityMind Global Introduces Anti-Fraud Solution for ICOs

Trusted digital identities specialist IdentityMind Global is doing its part to make the world better and safer for cryptocurrency and ICO market participants. The company unveiled its KYC Plug-in for ICOs today, a turnkey SaaS product that enables firms to conduct KYC and AML checks on those seeking to invest in ICOs.

“As ICOs become more prevalent, and as money continues to flow into ICOs, regulators globally are starting to take notice,” IdentityMind Global CMO Jose Caldera said. “The regulatory risk, in conjunction with the risk of enabling fraudsters, financing of terrorism, and money launderers should motivate organizations performing ICOs to properly identity the participants in the ICO process. IdentityMind is at the forefront of delivering an easy compliance solution to companies conducting an ICO.”

Left to right: CTO Kieran Sherlock and CMO Jose Caldera during their presentation “Entity Link API” during FinDEVr London 2017.

The plug-in includes a variety of features to ensure companies are able to perform KYC and AML checks. These consist of a web-ready software client to guide the ICO participant through the KYC process, a pre-configured risk-based KYC ruleset based on local regulations, reports for examiners and auditors, a due diligence platform, and the ability to validate the risk of bitcoins used to participate in the ICO.

“By working with IdentityMind, we are assuring that all participants go through KYC and AML processes before partaking in our $500 million Dragon ICO,” founder and CEO of Dragon Corporation, Chris Ahmad said. “This is perhaps the largest ICO to date and by working with IdentityMind we’re able to verify participants on a global basis in a quick and efficient manner.”

IdentityMind Global presented its Entity Link API at FinDEVr London 2017. A component of the company’s RegTech API, Entity Link API provides the analysis and machine intelligence that determines whether the person on the other end of the transaction is a real entity, is authorized to use the data it is presenting, or posses a risk to the corporate brand in some way.

Named to the Global RegTech 100 last fall, IdentityMind Global announced an expansion of its partnership with fellow Finovate/FinDEVr alum Mitek in late January, adding biometric facial comparison technology to its compliance and fraud prevention platform. The company began the year winning a new patent for technology that improves screening for sanctioned individuals making cryptocurrency transactions.

IdentityMind Global has raised more than $10 million in funding, and includes Lakewood & Company, MoneyTime Ventures, and Overstock.com among its investors. Founded in 2013 by Garrett Gafke (President, CEO), IdentityMind Global is headquartered in Palo Alto, California.