It comes after HBUS, the exclusive US partner of virtual currency services provider Huobi, registered with the US Financial Crimes Enforcement Network (FinCEN), which collects and analyses information about financial transactions in order to combat money laundering and other financial crimes.
Harry Zhou, General Counsel and Compliance Officer for HBUS, says many legacy AML solutions are not risk-based and expose organisations to regulatory risks, loss of operational efficiencies and money laundering. “Still others were designed for traditional banking, which is not the virtual currency world in which we operate, and would require time-consuming and expensive customisation,” he comments.
IdentityMind’s Version 2.0, SaaS-based platform enables clients’ compliance and risk analysts to have a risk-based approach based on the understanding of the user behind the transaction. The company’s ‘eDNA’ technology tracks the entities involved in each transaction to build unique digital identity trust reputations.
A risk-based approach is favoured by regulators in the US via the Bank Secrecy Act and internationally via the Financial Action Task Force. “We’re exceptionally pleased to work with a dynamic and innovative company like HBUS that is committed to compliance and safeguarding their virtual currency marketplace,” says Garrett Gafke, Chief Executive of IdentityMind.
“Version 2.0 of our platform – featuring a user centric approach and new, optimised user interface – will help HBUS maintain the integrity of their virtual currency marketplace, protect against illicit activities and help their analysts realise greater operational efficiencies while meeting regulatory and compliance requirements.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.