Bringing KYC and Transaction Monitoring Best Practices to the LATAM Region
PALO ALTO, CA, June 12, 2019 — IdentityMind, Digital Identities You Can Trust, today announced that BITPoint LATAM, Crypto to FIAT exchange operator in Latin America, is using IdentityMind for KYC and AML compliance. BITPoint is currently operating in Panama and Peru was recently launched as part of its expansion into Latin America, in addition to its large presence in five Asian countries, including as one of the largest exchanges in Japan.
BITPoint is one of the few certified digital assets exchanges registered with the Japanese Financial Services Authority (JFSA). It began operations in Latin America to provide an easy, secure, and transparent way for customers to learn, buy, and sell the main cryptocurrency assets using Peruvian Soles (PEN) and U.S. Dollars. BITPoint allows users to exchange Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin.
“Our partnership with IdentityMind has provided us with risk and compliance technology necessary to know who our users are, know their source of funds, and monitor their transactions to prevent potential money laundering. On top of that, in Latin America we self-regulate using Japanese laws, which are the most advanced,” said Julian Geovo, Operations Director of BITPoint Latam, who adds, “In Latin America, we see a very interesting opportunity, and we are here to work with the authorities and the traditional financial system in order to create and guarantee a sustainable model and regulation-oriented ecosystem for this new industry. We look forward to contributing to the region, using our knowledge and experience in Japan.”
“IdentityMind is by far the leading provider of Anti-money laundering solutions for the virtual currency industry worldwide” said Neal Reiter, IdentityMind’s Director of Products. “We have been helping digital currency and asset exchanges in more than 40 countries since 2013, and we continue to build specific support within our platform as the regulatory requirements and technology evolves. BITPoint takes regulation seriously, and we are thrilled to support them in their expansion into Latin America.”
Using IdentityMind for KYC and AML enables BITPoint LATAM to:
- Detect and prevent identity fraud
- Automate transaction monitoring to detect and alert on suspicious activities
- Assign risk profiles and score reputations
- Consult local and international sanctions and Politically Exposed Persons (PEP) lists
- Detect and prevent money laundering and the financing of terrorism
“Latin America is witnessing an explosive growth in FinTech,” said Mirel Aguirre, IdentityMind’s Director of Commercial Operations for Latin America. “The financial inclusion revolution is disrupting the traditional financial ecosystem, and IdentityMind’s RegTech Digital Identities platform for KYC and AML is bringing cost-effective, state-of-the-art technology to support all companies to comply with the local authorities and international regulations.”
IdentityMind has been operating in Latin America for the past three years with a regional headquarters in Mexico City.
BITPoint Japan Co Ltd is a wholly owned subsidiary of Remixpoint Inc, listed conglomerate on the Tokyo Stock Exchange (TYO: 3825). BITPoint Japan is one of the currently 16 licensed crypto-to-fiat exchanges in Japan, regulated by the Financial Services Authority (JFSA). Based on its licensed business operations and robust technology platform, BITPoint currently operates in five Asian countries and in Latin America with Panama and Peru.
BITPoint Panama is supported by top-notch technology from Japan, and in the absence of local regulation, auto-submits itself to the same regulatory standards that BITPoint Japan observes. BITPoint Panama works in close interaction with local authorities to help shape crypto assets-related regulation. The platform offers two safe trading modalities depending on the degree of sophistication of the user: Web Trading (fully responsive) and BITPoint Advance.
IdentityMind, the leader in 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 Identity Network.
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