Company’s Compliance and Risk Analysts Able to Take a Risk-based Approach Based on the Understanding of the User Behind the Transaction
PALO ALTO, CA., November 13, 2018 – IdentityMind, Digital Identities You Can Trust, today announced that B2Broker, a provider of liquidity and technology solutions for the foreign exchange and cryptocurrency markets, selected IdentityMind to meet its know your customer (KYC) and anti-money laundering (AML) compliance requirements for itself and its global business-to-business (B2B) clients.
“In our line of business, KYC and AML is of paramount importance,” said Evgeniya Mykulyak, COO, B2Broker. “Our business, as well as that of our clients, depends on watertight procedures to carry out all the necessary client checks and to ensure that we are fully compliant in accordance with regulations in different global markets. We felt IdentityMind offered the best KYC and AML compliance solutions available with its automated customer onboarding process and global online identity verification service which matched our rigid requirements.”
According to Mykulyak, B2Broker needed a full proof way to perform KYC and AML compliance requirements as well as identity proofing, risk-based authentication, regulatory compliance, and the prevention of identity fraud.
“We use IdentityMind both for ourselves as B2Broker and also offer it to our B2B clients for KYC and AML in order to help with the process of verifying the identity of their clients and the assessment of potential risks of illegal intentions such as money laundering,” continued Mykulyak. “Industry regulations are tougher than ever and in order to be compliant, and protect all parties involved, KYC and AML are a necessity. We have integrated all our services through IdentityMind’s standards-based API and use it on all of our offerings.”
IdentityMind’s Version 2.0, SaaS-based, Trusted Digital Identities platform for risk and compliance represents the culmination of years of research in digital identities, machine learning, anomaly detection, regulatory compliance, product development, and close consultation with IdentityMind clients. It enables clients’ compliance and risk analysts to take a risk-based approach based on understanding the user behind the transaction.
IdentityMind is the go-to partner for virtual currency exchanges, payment service providers, payment processors, money transmitters, money service businesses, retailers, businesses performing initial coin offerings (ICOs) or security token offerings (STOs), e-banks, banks, broker/dealers and credit unions around the world. Today, IdentityMind is working with over 50 virtual currency exchanges and over 10% (almost 250) of all companies worldwide conducting a compliant ICO or STO.
“We’re excited to work with B2Broker by helping them keep compliant in all the global markets they serve,” said Jose Caldera, Chief Products and Marketing Officer, IdentityMind. “IdentityMind is intimately aware of the constantly-changing regulatory environment and assists its clients in ensuring they are compliant. By doing so, we also help them protect their brand and scale their businesses.”
- Video: IdentityMind 2.0 Intro Video
- White Paper: 10 Essential Terms for Bitcoin Compliance
- Blog: ICOs and Virtual Currency Exchanges: A Mid-Year Review
- Webinar: “KYC Compliance for ICOs Made Easier”
B2Broker, in operation since 2014, is a liquidity and technology provider of solutions for the cryptocurrency and foreign exchange markets. The company specializes in B2B services and products catering to a wide range of clients including large licensed brokers, cryptocurrency exchanges and brokers, foreign exchange brokers, hedge and cryptocurrency funds, and professional managers.
B2Broker’s advanced, ready-to-use technical solutions enable brokers to save time and money on consuming infrastructure projects so they can focus on selling and enlarging their client base while eliminating the need to commit to expensive, long-term and labor-consuming processes of building and supporting the technical infrastructure of a brokerage business. The company operates from offices in Moscow, Hong Kong, and Cyprus, offering 24/7 support in Chinese, English, Spanish, Russian, Arabic, and Greek. For more information, visit B2Broker.
About IdentityMind Global
IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS platform for online risk management and compliance automation. We help companies reduce client onboarding fraud and transaction fraud, and improve AML, sanctions screening, and KYC. IdentityMind continuously builds, validates and risk scores digital identities through eDNA™ technology to ensure global business safety and compliance from customer onboarding and throughout the customer lifecycle. We securely track the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, and alternative payment methods) to build payment reputations, and allow companies to identify and reduce potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering. For more information, visit IdentityMind on Web, Twitter, LinkedIn, Facebook, Instagram, Blog, and Google My Business.
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Director of Corporate Communications
Email: [email protected]