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HBUS selects IdentityMind Global as AML compliance services provider

Tony Zerucha



  • IdentityMind Global’s SaaS platform builds, maintains and analyzes digital identities around the world, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud

IdentityMind Global today announced American online virtual currency marketplace HBUS has selected it to provide AML compliance for its marketplace.

An exclusive U.S. strategic partner of Huobi, a global provider of virtual currency related services, HBUS has registered with the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury FinCEN collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing and other financial crimes. 

“When we first set out to create our marketplace, we were immediately confronted with a build vs. buy decision on our compliance solution,” said Harry Zhou, general counsel and compliance officer for HBUS. “When we first started evaluating all available compliance platform options, I was immediately struck by the fact that many legacy AML solutions were not even risk-based – which immediately was a non-starter for us – as they expose organizations to regulatory risks, loss of operational efficiencies, and money laundering. Still others were designed for traditional banking, which is not the virtual currency world in which we operate, and would require time-consuming and expensive customization.

“I also evaluated building our own compliance platform, given my technical and legal background, but that approach would also have taken considerable time and cost, and to be honest, that’s just not our core competency. Luckily, I was attending the annual ACAMS (Association of Certified Anti-Money Laundering Specialists) conference, met with an industry associate who runs a virtual currently marketplace that uses IdentityMind Global, and quickly came to the conclusion that their new Version 2.0 platform had all the features we were looking for.”

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 have a risk-based approach based on the understanding of the user behind the transaction.

A risk-based approach both reduces the cost of compliance and provides better results. This methodology is Favored by regulators in the US via the Bank Secrecy Act (BSA) and Internationally via the Financial Action Task Force (FATF).

“We’re exceptionally pleased to work with a dynamic and innovative company like HBUS that is committed to compliance and safeguarding their virtual currency marketplace,” IdentityMind CEO Garrett Gafke said. “Version 2.0 of our platform – featuring a user centric approach and new, optimized UI – will help HBUS maintain the integrity of their virtual currency marketplace, protect against illicit activities and help their analysts realize greater operational efficiencies while meeting regulatory and compliance requirements.” 

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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