PYMNTS-MonitorEdge-May-2024

IdentityMind Announces 2.0 Version Of AML Transactions

fraud prevention data

IdentityMind Global, the AML transaction monitoring company, announced on Wednesday (June 20) the launch of IdentityMind 2.0, which the firm is calling a new generation of AML transaction monitoring.

In a blog post on its website, IdentiyMind said the new monitoring product expands the company’s risk-based approach to monitoring based on insights from more than 250 clients and five years of innovation.

“Our compliance and risk management knowledge, marketplace experience and conversations with clients made it clear that expanding our platform’s risk-based approach would be an important focal point for our next release,” the company wrote. “For starters, regulators have been advocating for a risk-based approach as a way to improve results in the U.S. and internationally. But a risk-based approach also benefits our clients by reducing compliance costs and improving their customer’s experience.”

As a result, IdentityMind said that became the centerpiece of its 2.0 product.

According to the company, embracing a risk-based approach means applying risk mitigation techniques that match identified risks. By adjusting the level of oversight given to a user or transaction based on their risk levels, compliance teams can better focus on suspicious users or transactions. IdentityMind said the approach enables companies to focus resources on higher-risk areas rather than putting everyone through the same checks even if they aren’t deemed a risk.

The result of a risk-based approach is improved operational efficiency and cost savings, the company said, as well as an improved customer experience. IdentityMind also noted that existing customer feedback was instrumental in developing the 2.0 platform.

“We have been using the IdentityMind platform since we started our operations. It provides the needed services for implementing a KYC and AML cost-effective, risk-based approach worldwide,” Martin Kopacz, chief compliance officer of Xapo, said in the post. “The IdentityMind team has demonstrated commitment to our team by working on specific features that meet our operational needs.”

PYMNTS-MonitorEdge-May-2024