IdentityMind Global, a SaaS RegTech platform that builds, maintains and analyzes digital identities worldwide, announced on Monday it has formed a partnership with CipherTrace to provide digital currency risk assessment technology. The integration between the companies will allow virtual currency exchanges, ICOs, hedge funds, financial institutions, and any company that accepts cryptocurrency to understand the risk they present.
The duo reported that the combination of their solutions 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. IdentityMind platform may now also pre-populate a suspicious activity report (SAR). Speaking about the partnership, David Jevans, CEO of CipherTrace, stated:
“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.”
Jose Caldera, Chief Products and Marketing Officer of IdentityMind Global, added:
“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.”