IdentityMind Global Fulfills All of AirTM’s KYC, Sanctions and PEP Screening, Transaction Monitoring, and Fraud Prevention Needs
PALO ALTO, CA., April 10, 2018 – IdentityMind Global™, Digital Identities You Can Trust, today announced that AirTM, a Mexican company committed to helping consumers and businesses access stable money that holds its value, money that is as easy to transfer as email, and that can be withdrawn as local currency whenever it’s needed, has been utilizing IdentityMind Global’s identity-based RegTech platform to revolutionize the digital economy and aid Venezuelans through their current humanitarian crisis.
AirTM was recently recognized for “Greatest Social Impact Through Identity” at the 2018 KNOW Conference, sponsored by One World Identity, in Washington, D.C. The KNOW Identity Awards recognize the most compelling startups, individuals and identity innovations of the year. The AirTM case study can be found here.
“My co-founders and I have lived through the chaos, pain, and uncertainty caused by the devaluation of local currency, inflation, and isolated bank networks that made it difficult to move money into or out of the country,” said Ruben Galindo Steckel, co-founder, AirTM. “Our solution – leveraging IdentityMind’s SaaS-based RegTech platform – enables Venezuelans, and other nationalities, to protect their earnings from daily devaluation by offering a digital wallet where they can exchange local currency for more stable U.S. dollars and then back to local currencies like the Venezuelan Bolivares. They can send and receive U.S. payments from anyone in the world. No matter the currency they use to deposit and withdraw, their AirTM wallet holds U.S. dollars.”
The AirTM ecosystem is based on a trusted relationship between users and exchangers and vice versa. To protect their ecosystem, to build trust, and to ensure that it is free from money launderers, drug dealers, human traffickers, financing of terrorism, and other unscrupulous actors, every user and exchanger must go through a comprehensive know your customer (KYC) and transaction monitoring process. AirTM is FinCEN certified and is responsible to regulatory bodies in reporting suspicious activities depending on the jurisdiction where their users and exchangers reside and operate. This further exacerbates the complexity of compliance as each jurisdiction has its own requirements.
AirTM partnered with IdentityMind to fulfill all their KYC, sanctions and politically exposed person (PEP) screening, transaction monitoring, and fraud prevention needs. Every user and exchanger is represented through a digital asset and every transaction performed by either of them is evaluated based on the knowledge of the identity.
IdentityMind enables AirTM to create and maintain a digital representation of each of its users. The platform offers all the KYC capabilities needed for regulation, effectively proofing the identity at onboarding and challenging it when suspicious activities are detected through careful monitoring of the identities behavior inside and outside the AirTM ecosystem.
Digital identities are effective at reducing fraud and detecting suspicious activities, while complying with regulatory requirements. IdentityMind takes digital identities a step further through its patented eDNA™ technology which builds digital assets that represent individuals and their behaviors based on their digital footprint on online transactions. These digital assets are created and maintained over time, becoming richer and far more accurate the more individuals transact.
Every deposit and withdrawal transaction is being evaluated for fraud based on an exhaustive rules-based engine. Moreover IdentityMind is adjusting its machine learning algorithms to the specific details of the risk scenarios that the AirTM business model requires.
“It feels good to work with a company like AirTM and together have a meaningful social impact,” said Jose Caldera, CMO, IdentityMind Global. “We take satisfaction in helping clients like AirTM revolutionize the digital economy, keep the bad actors at bay and comply cost efficiently with regulations.”
IdentityMind was recently named the recipient of two top RegTech and FinTech industry awards: CIO Review’s 50 Most Promising FinTech Solution Providers and Disruptor Daily’s 10 RegTech Companies Making Waves in the Industry.
- Case Study: AirTM Case Study
- Guide: “Effective KYC in Digital Environments”
- Case Study: “Sanctions Screening Use Case”
- White Paper: “Trusted Digital Identities”
About IdentityMind Global
IdentityMind Global, Digital Identities You Can Trust, provides a SaaS platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud. Built-in transaction monitoring enables e-commerce fraud prevention, anti-money laundering (AML), and counter terrorism financing (CTF). Our patented eDNA™ technology securely tracks the entities involved in each transaction (e.g. onboarding, account origination, money transfers, online payments, etc.) to build unique digital identity trust reputations. This reputation is anonymously shared between customers in IdentityMind’s Global Identity Network. For more information, visit IdentityMind on Web, Twitter, LinkedIn, Facebook, Blog, and Google+.
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Director of Corporate Communications
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