Mobile Commerce

IdentityMind Partners with Jumio to Create Bitcoin Compliance Program

Earlier this week, IdentityMind announced at the Inside Bitcoins event in New York that they will be partnering with Jumio and launch its IGNITE program.

The program will provide anti-money laundering (AML) Bitcoin compliance for major Bitcoin exchanges.

The transactions will be monitored for startups through “Know Your Customer” (KYC) services. A representative of the IdentityMind team reported that compliance is necessary to ensure security.

“We’ve seen that it’s very difficult for many Bitcoin startups to assess when they’re going to launch,” IdentifyMind Global’s CEO & President Garrett Gafke told Coin Report. “The idea is that with our IGNITE program, companies can launch, and start processing transactions, while having the tools to meet FinCEN regulations and establish the banking relationships they need to grow.”

Both companies hope to enhance identity verification technologies and databases available to IdentityMind clients. Government-issued documents can be verified through the service to help prevent forgery. This will also make bitcoin transactions safer.

Prevention from money laundering has been battle within the bitcoin community, and IGNITE hopes to put an end to the abuses of digital currencies.

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The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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