IdentityMind, a RegTech 100 company, has been selected by North International Bank to conduct its KYC and AML processes.
Through this new deal, IdentityMind will consolidate all of the bank’s KYC, AML, Office of Foreign Assets Control (OFAC), transaction monitoring, and sanction screening into a single platform.
When deciding on how to improve its compliance measures, the bank explored a number of available options, the company said.
The bank’s vice president of information technologies Jonathan Barrios said that one initial idea was to build a system in-house but went against this as it was not their ‘core competency’ and didn’t want to make additional investments in headcount or hardware. Following this, the bank looked at the various players in the market.
IdentityMind is an on-demand platform which offers online risk management and compliance automation. Its technology continuously builds, validates and risk scores digital identities to ensure compliance and security throughout a customer’s lifecycle.
North International Bank vice president of information technologies Jonathan Barrios said, “From initial contact to implementation, we made it in 30 days. The beauty of the IdentityMind platform is that it has been designed in such a practical and flexible way in a dashboard environment with an easy to navigate UI. With just one click of the mouse, we have the ability to do all of our KYC and AML reporting without having to consult multiple systems.
“Prior to IdentityMind, we were managing manual spreadsheets of checks and balances, clicking through various portals. That use to take one administrator multiple days to process. We’ve now reduced it to less than one hour. The turnaround to tell a customer that they can open an account, or add additional services, has been reduced from days to hours.”
NIBank is a private bank in Antigua and Barbuda and is regulated and overseen by the Financial Services Regulatory Commission (FSRC).
IdentityMind recently launched a virtual currency risk assessment following recent sanctions on Bitcoin. Financial institutions can leverage the service to protect themselves and identify illicit actors working in the crypto space.
Earlier in the month, IdentityMind was named in the RegTech 100 for the second consecutive year. The list is made up of the most innovative RegTechs that every financial institution needs to know about.
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