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IdentityMind Global’s CipherTrace integration to benefit virtual currency exchanges, ICOs

Tony Zerucha



IdentityMind Global today announced its compliance, risk management, and fraud prevention platform has integrated CipherTrace’s digital currency risk assessment technology. This integrated solution allows virtual currency exchanges, ICOs, hedge funds, financial institutions, and any company accepting cryptocurrency to better gauge risk.

The combined IdentityMind and CipherTrace solution provides a complete AML analysis tool for cryptocurrency — assessing the risk of the wallet and addresses involved in a transaction, providing a risk score, ensuring both sides of a transaction are not connected, and creating alerts when predefined dollar limits are reached. If there is suspicious activity, the IdentityMind platform can pre-populate a suspicious activity report (SAR). 

The new combined virtual currency risk assessment enables IdentityMind clients to know the source of funds for virtual currencies and provides the information required to properly evaluate the risk of both where the funds are coming from and where they’re going to. This data includes the positives, such as if the funds are coming from known good exchanges, and the negatives, including funds associated with ransomware, dark markets, gambling, and known criminal addresses.

“We’re excited to partner with IdentityMind Global,” CipherTrace CEO David Jevans said. “IdentityMind and CipherTrace offer the ideal fusion of KYC and virtual currency AML in one complete, integrated solution for virtual currency exchanges and financial companies. Virtual currencies are an important, emerging area within the world’s fast-growing digital economy. Working together, we make sure that virtual currencies are legitimate, safe, investable and globally transactable, while meeting compliance requirements of regulatory bodies worldwide.”

“The rapid rise of virtual currencies in today’s global digital economy is irrefutable,” said Jose Caldera, chief products and marketing officer, IdentityMind Global. “But for that growth to continue and scale significantly, it’s critical to identify the individual behind the digital transaction. That’s what we do. We help companies identity the good guys they want to do business with while avoiding the bad actors. Working together with CipherTrace, we bring transparency, integrity and compliance to the world of virtual currencies.”

IdentityMind said it is working with more than 50 virtual currency exchanges and almost 200 of all companies worldwide conducting a compliant ICO or STO.


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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