IdentityMind Integrates With CipherTrace

Digital Identity Fraud

IdentityMind Global announced Monday (Oct. 1) that IdentityMind’s pioneering compliance, risk management and fraud prevention platform has integrated CipherTrace’s digital currency risk assessment technology.

In a press release IdentityMind Global said the solution allows virtual currency exchanges, ICOs, hedge funds, financial institutions and any company that accepts cryptocurrency to understand the risks they present. According to the company, a combined IdentityMind and CipherTrace solution provides customers with a complete anti-money laundering (AML) analysis tool for cryptocurrency that assesses 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. If there is suspicious activity, the IdentityMind platform can pre-populate a suspicious activity report (SAR), IdentityMind Global said in the press release.

“We’re excited to partner with IdentityMind Global,” said David Jevans, CEO of CipherTrace, in the press release. “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.”

The companies noted that the combined virtual currency risk assessment enables IdentityMind clients to know the source of funds for virtual currencies and provides the information required to evaluate the risk of both where the funds are coming from and where they’re going to. “The rapid rise of virtual currencies in today’s global digital economy is irrefutable,” said Jose Caldera, chief products and marketing officer of IdentityMind Global, in the same press release. “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.”