Regulation is expensive and old compliance methods will no longer do. For instance, the Financial Action Task Force (FATF) estimated that implementing AML regulations cost $7 billion annually in the U.S. alone. What can you do?
ldentityMind offers a full Anti-Money Laundering (AML) solution that enables Banks, Fintech companies and Money Services Businesses to meet U.S. and worldwide regulations. Our AML solution provides you with a fully integrated suite that includes trusted digital identities, transaction monitoring, rules, case management and alerts.
Adding a new person to the team significantly increases cost. Increasing capacity for an automated process is simple with ldentityMind's elastic scaling capabilities.
Manual AML processes can be slow with quality varying with team experience and expertise. ldentityMind delivers automated transaction monitoring that is fast and consistent across any volume, and is easily adjustable through rules.
Data can overwhelm manual systems due to their slow processing speed. ldentityMind's automated AML processes can capture data across multiple systems and analyze it regardless of volume. And, it produces easier and faster access to report information for regulators.
The ldentityMind platform is pre-integrated to 20+ services across identity verification, phone verification, device analysis and more. Custom integrations takes less than 24 hours through our rest APls.
ldentityMind provides rules, case management, and alerts to allow you to authorize and reject transactions based on your specific thresholds, to create cases when additional review is required and to alert the team as actions are taken.
ldentityMind processes transactions in real time -everything from applications in on boarding processes to purchase transactions
Set thresholds to accepted transactions, reject transactions and transactions that require further evaluation
Automatically activate case management for transactions that require further review by one of your compliance analysts
Event-driven alerts, notify the team of the need to respond to cases, and of other activitiy
Identity is critical to reducing risk and ensuring compliance in today’s digital financial services. Trusted digital identities help you Identify who is on the other end of the transaction and help you decide whether you should do business with them.
Use this slider to see the advantages granted by our patented Trust Digital Identities.
This guide, based on important takeaways provided by the expert panelists of a KYC webinar we hosted, will provide a high level analysis of the things you need to pay attention to meet regulatory guidelines when performing Know Your Customer analysis on new and current customers, the approach you should follow on your relationships with regulatory agencies and industry peers, and how to stay out of trouble and avoid fines.
A computer can work around the clock with a level of accuracy that does not vary as it does across a team, reducing the potential for fraud. Greater volume also means data that can’t be captured effectively in high volume manual processes, and a greater chance of being out of compliance.
In many countries there are no regulations to abide by, or the regulations aren’t clear. However, in many cases, these companies are reaching out to local authorities and pushing agendas to help develop regulatory frameworks with the hope that it will give legitimacy to their industries.