The IdentityMind RegTech Webstore offers anti-money laundering (AML) capabilities accessible to every FinTech and Financial Institution worldwide to jumpstart their AML compliance program cost-effectively. I started working on compliance solutions because it was an obvious application of our core technology and philosophy of digital identities. I didn’t know much about compliance when I started (I […]
Regulatory bodies worldwide recommend a risk-based approach to AML for traditional financial organizations as well as FinTechs. A risk-based approach simply means that how you evaluate a transaction is informed by the risk factors associated with such transaction. In the U.S., the Bank Secrecy Act (BSA) advocates a risk-based approach, and internationally, the Financial Action Task Force […]
For those of us who have been creating and developing products for years, there is nothing more difficult than having your product not map to a specific category or defined by an analyst firm. Few companies succeed in creating a new market category by themselves. And, not having a category can complicate explaining what your […]
When we began designing our now patented Digital Identity technology — Electronic DNA (eDNA™) — one of the first discussions we had was how to build a technology that created a digital identity, while preserving individual’s privacy. Our principles were very clear and have not changed: our technology doesn’t store or disclose information that could compromise an individual’s identity. […]
Financial institutions that need to perform transaction monitoring for anti-money laundering (AML) tend to start using spreadsheet tools like Microsoft® Excel to record, evaluate, and report to the regulatory bodies. However, as operations grow, the limitations of Excel become apparent very quickly.