IdentityMind Global recently announced that IdentityMind’s 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 that accepts cryptocurrency to understand the risk they present.
The combined IdentityMind and CipherTrace solution provides a complete anti-money laundering 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. Moreover, if there is suspicious activity, the IdentityMind platform can pre-populate a suspicious activity report.
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.