A Cost-Effective Way to Comply with Worldwide Regulations IdentityMind offers a full Anti-Money Laundering (AML) program enabling Banks, Money Services Businesses, and Money Transmitters to meet U.S.(FinCEN) and worldwide regulations.IDMRisk offers a full Anti-Money Laundering (AML) program enabling virtual currency companies, including Bitcoin Exchanges, to meet U.S.Our AML program provides you with a fully integrated suite combining professional services and technology to help you: Protect your business against Money Laundering: you can now apply strict customer identification verification and implement automated transaction monitoring policies and procedures.Establish important banking partnerships: to grow and thrive as a trusted company in the virtual currency world, you need support from traditional banks and financial institutions.Our AML program will offer you the protection, processes, visibility and reporting you need to build and maintain these partnerships.Save money and time: our highly automated AML program ensures you receive the best quality product at a reasonable price.

You receive the best professional services coupled with advanced technology.The turn-key AML program you need to establish strategic banking partnerships.Strong protection against Money Laundering Know if the personal information presented by your customer matches the data captured from the transaction, or other information available on public and private databases.Automatically detect the most sophisticated money laundering schemes, and find signs of suspicious activity.We’ve put years of experience in the Anti-Money Laundering field and superior technology, at your service.Multiple Options for Identity Verification IMDRisk's proprietary eDNA technology matches all the parameters captured from a transaction to find any suspicious signs of identity theft.Our platform builds complete electronic identities, combining personal information entered by users at the moment of registration (name, address, email, phone, ID numbers, etc.), with other parameters captured in the online transaction (IP Geolocation, device information)
.You can have further verification, if your business requires stronger authentication, such as: risk associated with a specific phone number or address; probability to contact the user based on some of their personal information; matching of customer's personal information against public & private databases (billing records of major Telecom companies, public records, public subscriber databases).

Automated Transaction Monitoring We help you create the rules needed to monitor your transactions, and our platform enforces them automatically – analyzing your transactions in real time, or over specific periods of time, to detect money movements that could be associated with laundering activity.ethereum beginners guideRegulatory Protection you Need to Partner and Grow The U.S.bitcoin algorithm minerTreasury Department Financial Crimes Enforcement Network (FinCEN) has provided guidance twice this year alone on requiring virtual currency exchanges to follow some of the same regulations that apply to traditional financial institutions.bitcoin ke paypalAny company looking to partner with financial institutions will need to ensure AML regulation compliance.

IDMRisk ensures you with regulation piece of mind.Technology that ensures you an efficient and cost effective solution Our program is the most cost effective way for you to establish a full AML program.IdentityMind supplements the manual processes associated with any AML program, with automation and advanced technology.Technology provides you with an efficient AML solution with visibility deeper into consumer verification than ever before.The depth ensures you protect your business against money laundering and meet regulation requirements.See how our groundbreaking IGNITE program has accelerated the launch of over 20 bitcoin and virtual currency start ups.The European Commission published a new directive draft last week proposing to extend strict anti-money laundering (AML) regulation to both virtual currency exchange services and custodial wallet providers.Intended to counter “money launderers, tax evaders, terrorists, fraudsters and other criminals,” the directive could mean that many Bitcoin companies in the E.U.

will have to apply know your customer (KYC) types of checks on their users.The proposal, which particularly focuses on terrorist financing, intends to restrict the anonymous use of virtual currencies, presumably referring to bitcoin and altcoins.According to the draft published by the executive arm of the European Union: “Transactions with virtual currencies benefit from a higher degree of anonymity than classical financial fund transfers and therefore entail a risk that virtual currency may be used by terrorist organizations to conceal financial transfers.Possible further risks relate to the irreversibility of transactions, means of dealing with fraudulent operations, the opaque and technologically complex nature of the industry, and the lack of regulatory safeguards.” As such, the European Commission recommends that existing anti-money laundering regulation should apply to virtual currency services, and, in particular, to exchanges and custodial wallet providers.“[T]o prevent misuse of virtual currencies for money laundering and terrorist financing purposes, the Commission proposes to bring virtual currency exchange platforms and custodian wallet providers under the scope of the Anti-Money Laundering Directive.

These entities will have to apply customer due diligence controls when exchanging virtual for real currencies, ending the anonymity associated with such exchanges.” If adopted, Bitcoin companies will be required to collect their customers’ identity documents; something several of them already do, though it is currently not mandatory.(In some cases financial partners ‒ such as banks ‒ do require Bitcoin companies to apply KYC in order to get an account.)Additionally, Bitcoin companies will need to monitor transactions on their platforms and report suspicious activity.The proposal does not go into detail explaining which kinds of services will be affected.It's clear that the directive would apply to Bitcoin exchanges and wallet services that control customer funds.Whether it also includes exchanges or wallet providers that do not hold onto private keys, or not all private keys in case of multisig-addresses, is not as clear.(EDCAB’s Siân Jones thinks it might; Coin Center's Jerry Brito thinks not.)

The European Commission, which says that the directive is drafted in accordance with “relevant virtual currencies market players,” including “exchange platforms, wallet providers [and] a representative group of virtual currency stakeholders,” maintains that the regulation should not hamper virtual currency adoption – and perhaps might even further it.“The proposed measure has no negative effects on the benefits and technological advances presented by the distributed ledger technology underlying virtual currencies.[…] The credibility of virtual currencies will not rise if they are used for criminal purposes.In this context, anonymity will become more a hindrance than an asset for virtual currencies taking up and their potential benefits to spread.” For now, the directive targets only exchanges and wallet providers – not individual Bitcoin users.Toward the end of the document, however, the European Commission acknowledges that regulating exchanges and wallet providers may ultimately not suffice to prevent nefarious use of virtual currencies.

After all, Bitcoin users can run wallet software on their own computer or smartphone, thereby not requiring any wallet provider at all.The draft therefore suggests that addresses may have to be tied to individual users at some point in the future as well: “The inclusion of virtual exchange platforms and custodian wallet providers will not entirely address the issue of anonymity attached to virtual currency transactions, as a large part of the virtual currency environment will remain anonymous because users can also transact without exchange platforms or custodian wallet providers.To combat the risks related to the anonymity, national Financial Intelligence Units (FIUs) should be able to associate virtual currency addresses to the identity of the owner of virtual currencies.In addition, the possibility to allow users to self-declare to designated authorities on a voluntary basis should be further assessed.” The proposal must still be approved by the European Parliament and member states, and could be enforced as soon as January 1, 2017.