IdentityMind agrees licensing agreement with KYC2020

RegTech 100 company IdentityMind Global has signed a licensing agreement with KYC2020.

KYC2020, which will enhance IdentityMind’s know your customer (KYC) and anti-money laundering (AML) sanctions screening solution coverage, is a single source for comprehensive global politically exposed persons (PEP), criminal, sanction, and terrorist lists for KYC and AML compliance requirements.

IdentityMind’s Version 2.0 platform is focused on advancing transaction monitoring for anti-money laundering (AML). It incorporates public sanctions lists, proprietary lists such as those provided by KYC2020, and eDNA, the RegTech’s own proprietary database.

Its sanctions screening uses deterministic and probabilistic types of algorithms for matching, and machine learning is used to fine tune and optimise probabilistic matching results. It claims this approach has proven to reduce false positives for clients resulting in operational efficiencies and increased straight through processing.

Joseph Iuso, head of business development, KYC2020 said: “IdentityMind is utilising our proprietary database-as-a-service offering with access to over 500 global sanction lists to perform KYC and AML sanctions screening and PEP lists to enhance its screening solution.”

IdentityMind is a SaaS platform that builds, maintains and analyses digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud. Built-in transaction monitoring enables e-commerce fraud prevention, anti-money laundering (AML), and counter terrorism financing (CTF). Its eDNA technology securely tracks the entities involved in each transaction (e.g. onboarding, account origination, money transfers, online payments, etc.) to build unique digital identity trust reputations.

“KYC2020 is a leader in delivering a comprehensive and continuously expanding global watch lists,” said Garrett Gafke, CEO, IdentityMInd Global. “Their watch lists complement our industry leading ecosystem of 30 plus strategic partners, all of whom can be accessed through a single, standards-based API. Data integrity is key for IdentityMind and our clients and KYC2020 delivers.” IdentityMInd technology ecosystem includes partners providing device, email, phone, identity, document, sanctions screening, geolocation, biometric, behavioural verification, and more.

Earlier this year, IdentityMind partnered with Ripio Credit Network (RCN), a peer-to-peer credit network, for KYC and AML compliance support. The RegTech provides a turnkey solution for customer onboarding, helping companies conduct know your customer (KYC) in an automated fashion, while meeting regulations worldwide. In addition, it provides anti-money laundering (AML) checks on potential contributors.

Last year, IdentityMind was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.

Copyright © 2018 RegTech Analyst

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