Oct 30, 2017
IdentityMind provides back-end software to 25 cryptocurrency
exchanges that helps them meet various government standards for
anti-money laundering (AML) and Know Your Customer (KYC)
requirements. This reduces the risk of fraud and identity theft on
exchanges, which is a huge concern–if an exchange is hacked, the
hacker can get large amounts of money, anywhere in the world, and
no one will know who you are. The IdentityMind software can share
meta data with all of the exchanges that use it, so a successful
customer onboarding on one exchange can be shared with all the
rest. The key to reducing the risk to exchanges lies in customer
onboarding, by creating a tiered classification of the risk that
each customer poses, with different validation techniques for each
tier. All of this is done on the back-end, so that customers of
each exchange doesn't necessarily know that it is taking place.
IdentityMind is also working on a software plug-in that can
validate customers against AML/KYC regulations worldwide, depending
on where they and the exchange are located.
For more information, visit www.identitymindglobal.com.