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The latest release of the IdentityMind platform, version 1.37, is out. This release boosts the coverage we provide through sanctions screening lists, adds an advanced statistical analysis tool for transaction monitoring, and delivers a few bug fixes with document verification.

Sanctions Screening

All regulated institutions are required to assess whether they are allowed to conduct business with potential customers. A match against a sanctions list forbids any business, while matches against PEP (politically exposed person) lists call for enhanced due diligence and reporting. Failing to screen against lists properly can result in significant fines, not to mention the risk exposure associated with the financing of terrorist, arms or drug organizations.

In release 1.37:

  • 300 additional sanctions lists have been added, offering global coverage of sanctions and PEP lists. You can select which lists are applied per user segment, adjusting them to suit the segment’s compliance requirements, and speed up the sanctions process.
  • You can now see whether a customer is using an anonymous proxy through our integration with Maxmind. Anonymous proxies are a high risk indicator which can be taken into account during onboarding, and for fraud prevention.

AML Transaction Monitoring

Sifting through the volumes of transactional data, in real time, for AML Transaction Monitoring purposes is one of more obvious benefits of turning to a RegTech platform like ours. And adding sophisticated ways to parse that data helps detect patterns that might normally go undetected, and when observed would otherwise require manual time-consuming adjustments across spreadsheets and disparate systems.

In release 1.37:

  • A new AML policy allows clients to perform IQR (interquartile range) analysis on inbound and outbound transfers. This creates a statistical range based on a user’s historical behavior. Alerts can then be triggered if a user deviates from the historical min/max range derived from IQR analysis.

Document Verification

While it is becoming more common for financial institutions to enhance their KYC process with Document Verification, leading a customer through the steps in a way which feels easy and responsive is key.

Having added to the platform’s Document Verification capabilities in the last few releases, version 1.37 also contains a number of related bug fixes to improve scenarios where the data was not being extracted correctly, and the right Document Verification tests were not running. We have also updated the API integrations Swagger documentation to include the ‘docType’ and ‘docCountry’ variables.

These features are available now to customers using our AML, KYC and Sanctions Screening capabilities. If you are a customer and have questions about these features, please contact the support team here. If you are interested in these features, contact the demo team to get started.