IdentityMind is a company based in 2013 which develops a range of services for Know Your Customer (KYC) measures, sanctions screening, monitoring AML transactions, and chargeback tracking. The company crypto exchanges to comply with KYC and AML regulations on a global scale.
IdentityMind has also partnered up with Binance earlier in March in order to enhance the security of existing data and to improve the compliance measures of its services.
According to a press release from last week, Bittrex will use its Digital Identities Platform for automated Transaction Monitoring as the main function “of the exchange’s AML program for both Bittrex.com and Bittrex International platforms.”
“We are thrilled to help Bittrex, one of the most important digital exchange platforms in the world, in adopting and realizing the benefits of automated transaction monitoring,” said IdentityMind’s Chief Products and Marketing Officer Jose Caldera.
“We continue to invest in how our clients can quickly turn their manual processes into automated transaction monitoring and cost-effective compliance operations.”
“It is clear to us that in order for financial institutions to take advantage of the advancement in compliance technology we have to integrate quickly and seamlessly into their day-to-day operations.”- said Caldera.
Another collaboration of Bittrex is with the iBitt platform, the two companies working together to release a new crypto trading site in Chile and Peru.
Bittrex CEO Bill Shihara said regarding its newest affiliation with IdentityMind, said that “At Bittrex, we have gone to great lengths to implement an AML compliance program in order to help prevent, detect and remediate suspicious behavior.”
He continued: “With headquarters in the U.S., our expansion into Europe, and a growing network of partner platforms around the globe, we were looking for a state of the art technology to make our compliance posture worldwide even stronger.”
Bittrex’s application for BitLicense was rejected by the New York State Department of Financial Services (DFS) for not meeting several of their criteria. Bittrex disputed the claim and said that it “fully disputes the findings”, having presented a “supervisory agreement” that would have allowed them to receive their BitLicense and a Money Transmission License.
The financial service stated that the agreement has many issues such as limiting coin support to NY residents to 10, as well as “unrealistic” capital requirements, among other things.
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