IdentityMind Provides Full Coverage for AML Operations Across Jurisdictions
IdentityMind, Digital Identities You Can Trust, announced today that it has extended its partnership with Wirebarley, a leading money transfer company based out of Seoul, Korea, to provide compliance services in support of its launch in the United States. WireBarley provides online money transfer services in the Asia-Pacific region, and has been working with IdentityMind to fulfill AML regulatory compliance for the past three years.
Founded in Australia in 2016, WIrebarley has developed a platform that provides a quick and easy way to offer money transfer services around the world without prohibitive infrastructure investment. WireBarley directly offers online-based money transfer services in the Asia-Pacific region including Korea, New Zealand, Hong Kong, Australia, and now, the United States. WireBarley has helped customers make over 300,000 transactions for an accumulated transaction volume of $150 million US dollars over the past 2 years.
“One of our core design principles is terrific money service capabilities that are easy to use,” said John Joongwon Yoo, Wirebarley’s CEO. “However, in doing this we don’t want to let down our guard to the fraudsters who are looking to make a quick buck. IdentityMind provides us with the ability to provide the best compliance capabilities available to protect our users and WIrebarley, while also maintaining the strong user experience that keeps them coming back.”
“Money transfer is the number one financial service globally,” said Garrett Gafke, IdentityMind’s Chairman and CEO. “Through our global compliance capabilities, we help a wide variety of money service businesses enable global money transfers while protecting their business from fines and fraudsters. It is exciting to work with Wirebarley to help them expand into new geographies.”
The IdentityMind platform through its core patented Electronic DNA™( eDNA™) technology and its third party ecosystem can proof identities and track their behaviors through their transactions, identifying in real-time potential rogue actors and the abuse of the accounts for nefarious purposes. The global aspect of the platform makes sure that the activities are consistent with regulatory requirements across jurisdictions where Wirebarley operates.
- Video – Sanctions Coverage – https://www.youtube.com/watch?v=sPn32OPIcnU
- Video – Reducing False Positives – https://www.youtube.com/watch?v=OU1_lIK3uH4
- Use Case – Sanctions Matches – https://info.identitymindglobal.com/Sanctions-Use-Case.html
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, 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 the Web, Twitter, LinkedIn, Facebook, Instagram, Blog, and Google My Business.
WireBarley has been committed to helping people better connect with families and friends in different countries by providing easy, fast, and less-costly ways of money transfer. Headquartered in Seoul, Wirebarley has legal entities with qualified remittance licenses in five countries across Asia, Oceania, and North America and is providing cross-border remittance service to a couple of Asian countries and some European region including UK, Germany and France. As WireBarley has been focusing on individual service market, it has plan to expand to B2B market in 2019. For more information, visit: www.wirebarley.com