IdentityMind is a plug-in software solution that handles AML and KYC requirements for ICOs. Find out how it works today in our review.
What is IdentityMind?
IdentityMind, found online at IdentityMindGlobal.com, aims to help companies protect their ICOs from regulators.
Today, some ICOs allow anyone to participate. As long as you have a cryptocurrency wallet, you can send money to a company and receive digital tokens in return. This isn’t necessarily a good thing. It prevents companies from knowing their investors, and it exposes companies to possible liabilities. It’s also a major reason why ICOs are being banned around the world.
IdentityMind wants to solve this problem by helping companies comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Using IdentityMind, companies can ensure their ICO meets legal requirements while demonstrating to regulators that they’re doing the right thing.
How Does IdentityMind Work?
IdentityMind comes in the form of a preconfigured plug-in. That plug-in has two core functions:
- It tells companies where their contributors are coming from, and allows companies to block geographic locations, regions, or countries to comply with local regulations
- Companies can perform risk-based KYC in order to comply with the regulations of various governments
The end result is that companies who are running ICOs can get digital identities for all participants in that ICO. IdentityMind’s goal is to give companies “digital identities they can trust.” Each investor has a digital identity, and companies can analyze those digital identities, prepare compliance reports for regulators based on those digital identities, and get a better overall look at their contributors based on those identities.
Core features of IdentityMind include:
- Know where contributors are coming from (based on geographic data, IP address, and more)
- Automated, risk-based KYC
- Regulations are already pre-configured by country
- Ability the validate contributors worldwide
- 20+ data services available from one API (including everything from facial recognition to phone verification)
- Conduct enhanced due diligence
- Real-time risk scoring using machine learning and AI
- Velocity analysis to prevent illegal behavior
- Risk scoring based on the source of funds to prevent contributors that will bring regulator attention
- Manually review suspicious transactions flagged by the system
- Prepare pre-built reports for regulators
- Queue management
Benefits of IdentityMind
IdentityMind advertises all of the following benefits:
Easy to Use: IdentityMind’s platform is rolled into a pre-configured plugin. ICO participants move through the online form before contributing to the ICO.
Stay Out of Trouble: Regulators are cracking down on ICOs like never before. IdentityMind provides real-time KYC and risk analysis of ICO contributors using proprietary data along with 20+ services. Those services include sanctions screening, name and address validation, phone verification, device analysis, IP analysis, document validation, and even facial matching.
Broaden your Contributor Base: IdentityMind uses digital identities to ensure the same person is not making multiple purchases. IdentityMind lets companies understand the reputation of each contributor and accept as many contributors as possible while still complying with the law.
Simple Setup and Faster Processing Times: IdentityMind promises to get companies up and running quickly. Swagger documentation, a RESTful JSON API, and staging environment creation all take less than 24 hours.
Country-Specific Support: Countries around the world have issued specific regulations related to ICOs. IdentityMind uploads these regulations into its platform. Some of the country-specific regulations addressed by the platform include regulations from the United States, Canada, Brazil, Australia, Malaysia, Singapore, China, Japan, Russia, Switzerland, and the UK.
Who’s Behind IdentityMind?
IdentityMind Global has two offices – one in Palo Alto, California and the other in Spokane Valley, Washington.
Key members of the company include Garret Gafke (President and CEO), Jose Caldera (Chief Marketing Officer), Kieran Sherlock (Chief Technology Officer), and Bin Tang (Chief Data Architect).
Gafke is an entrepreneur and Fortune 500 executive who served as President and CEO of Paymate, a payment and risk management services platform that was acquired by Flexigroup.
Full details about the company and its team can be found at their official website here.
IdentityMind aims to be a KYC and AML solution for companies undergoing ICOs. The company’s platform consists of a plug-and-play solution that can easily be integrated into any ICO. That platform offers 20 different services rolled into one, including geographic blocking, facial recognition, phone verification, and more. As regulators continue to clamp down on ICOs around the world, platforms like IdentityMind are expected to become increasingly important.
To learn more about IdentityMind and how it works, visit the company online today at IdentityMindGlobal.com.