AML Compliance (and Financial Inclusion) For Everyone — Step 2: A better-suited Business Model

AML Compliance (and Financial Inclusion) For Everyone — Step 2: A better-suited Business Model

About a year ago we launched our regtech store. At the time, I wrote this post to explain why we thought it was important to do so. A year later, and after hundreds of clients using our KYC plugin and benefiting from the simplicity of it, we are doubling down! We are launching IDM Online to enable access even further to all those startups and small businesses worldwide that are working hard to bring financial inclusion to the unbanked or underbanked, and that are in need of a true all-in-one anti-money laundering (AML) compliance platform.

In this past year, more and more we’ve learned that there are many FinTech companies that really struggle with compliance functions, especially those necessary to meet global KYC requirements. And regulatory compliance can’t be an afterthought, there is too much at stake. The abuse of the financial ecosystem (either traditional or new) for nefarious purposes continues to grow. The United Nations estimates that money laundering proceeds are between 2%-5% of the global GDP, that is between $800B to $2T every year. And that doesn’t speak to the devastating consequences of the actual activities that need the financial system to launder their proceeds: terrorism, human trafficking, drugs, just to name key ones.

So it is very important that every entrepreneur, every CEO, every funding member, every product owner of companies thinking about or starting to offer financial services have access to technologies that can make their businesses safe from those nefarious actors. If their businesses are safe, so will be the overall financial ecosystem… oh yes, and it is the law.


If any of the following resonates with you:

  1. In order to establish a banking relationship you need to prove that you are taking compliance seriously, and that you check every item on the banking regulatory compliance checklist.
  2. Your product launch date is somewhat fluid, it is hard to commit to a specific date because you are waiting for funding, for board approval, for banking approval, for money businesses licenses, etc.
  3. You plan to perform digital onboard of hundreds of thousands of clients but you don’t quite know how soon that will be, and neither you know how quickly it will ramp up.
  4. You are launching a beta version first to friends and family to kick the main bugs out of the system before a formal launch, including testing operational processes.
  5. You have a small customer base and a need for compliance functions is required but not a fundamental part of your business, and yet the manual processes are inadequate.
  6. You are tired of your current AML compliance provider nickel-and-dime you for every small feature because your operations isn’t big, and you want to try a new solution, and demonstrate that it is actually not hard to shift.

If you feel represented in these points then likely IDM Online is for you.



You have questions — I have answers:


What is IDM Online?

The IDM Online is a month-to-month program designed to satisfy the AML compliance requirements of your organization, especially those organizations that have not fully established themselves yet with their operations.


How much is it?

It is $840 per month.


What are the hidden fees?

There are no upfront fees, no setup fees, no long term commitments. Just a reasonable monthly fee and et voila you have access to the full award-winning IdentityMind platform that is serving hundreds of large and small businesses in more than 40 countries worldwide.


What services can I access?

The IDM online program gives you access to:

  • KYC / Onboarding
  • Transaction Monitoring for detection of suspicious activities (fraud and money laundering)
  • Sanctions and PEP screening
  • The most comprehensive third party ecosystem under a single contract
  • Case management
  • Reporting and Analytics


You said no setup fees, but don’t I need help during the integration?

Right. Because we know you’ll need it, you get 3 hours of dedicated integration support for free. It is an API after all, how hard can it be… just ask your development team.


What if I genuinely have to stop the service?

We give you a one-time opportunity to suspend your account for up-to 90 days. Yeah, just once.


What if I need to cancel the service?

No worries, it is a month-to-month service… but we will charge you for an extra month if you haven’t been with us for more than 12 consecutive months. We want to help, really, but we are not in the non-for-profit business. Onboarding a client is expensive for us, so we are willing to invest with you, but we have a workforce to maintain too.


What do I need to subscribe to this program?

First, talk to one of our commercial sales guys or find more information here. Let’s make sure this is the right program for you. Then, assuming you like what you see, and you are comfortable with the program, get your credit card or bank account ready and sign up. You’ll receive an email from us to welcome to the program, and to schedule your first one-hour integration call with our team. You should be up and running soon. That simple!


I really expect my business to grow quickly, and I notice some of the services are cheaper at larger volume?

Yes they are. But that also requires financial commitment to us. Now, we are ready when you are, and all the work you did for the integration works the same, so a win-win for everyone.


Is there anything else I should know?

Do you have a compliance officer? Likely you need one if you don’t have one already. They know the rest.

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