IdentityMind Global Announces It Is GDPR-Ready in Run-up to May 25 EU Deadline
March 20, 2018
Digital Identity Pioneer’s Compliance and Risk Management Platform to be showcased at KNOW 2018 in Washington, D.C.
PALO ALTO, CA., March 21, 2018 – IdentityMind Global™, the leader in Digital Identities You Can Trust, today announced that the company is GDPR-ready in the run-up to the May 25, 2018 EU deadline. The General Data Protection Regulation – or GDPR – is set to come into full effect on May 25, 2018 and will dictate how companies address data privacy and protection in the EU.
IdentityMind will be highlighting its GDPR-ready solutions in Booth 304 at the KNOW 2018 Identity Conference – sponsored by One World Identity – scheduled for March 26 – 28 in the Ronald Reagan Building & International Trade Center in Washington, D.C. IdentityMind CMO Jose Caldera will be participating in a panel on “Compliance as a Competitive Advantage” from 1:30 – 2:20 pm, Monday, March 26. Additionally, Caldera will be participating in a Verification Demo Session at 11:40 am, Tuesday, March 27 in the Green Room.
“Any company transacting business in the EU should consider using IdentityMind for their AML and KYC requirements today,” said Garrett Gafke, CEO, IdentityMind Global. “Privacy isn’t an afterthought at IdentityMind. Our digital identity-based platform was built with privacy designed in from day one. The clock is ticking on legacy providers who are already struggling to meet the GDPR compliance deadline given the challenges to update their systems. Still others have come to the realization that they haven’t allocated sufficient human and capital resources to meet requirements they may not fully understand.”
According to Gafke, financial service organizations and other companies will be at risk of loss of revenue, business and reputation if they use identity data without the full consent of the data subject. IdentityMind as a data processor fully complies with GDPR and uses it solely for fraud prevention and regulatory purposes. The GDPR imposes stiff fines on data controllers and processors who are in non-compliance. In fact, maximum penalties for non-compliance can reach as high as €20 million, or 4% of the worldwide annual revenue of the prior financial year, whichever is higher.
“Companies need to be proactive and take seriously the May 25 deadline for GDPR compliance,” said Ron van Wezel, senior analyst for Aite Group’s Retail Banking practice. “Companies are accountable to demonstrate compliance with the data protection principles codified in the GDPR. Regulators can impose heavy fines on companies that don’t have their house in order.”
IdentityMind Global’s KYC Plugin, which allows clients to onboard customers, has been updated to meet GDPR readiness. KYC plugin takes care of consent flow, consent management, right to erasure and data minimization. KYC decisioning process takes into consideration the third-party data sources being used for KYC and their GDPR compliance. IdentityMind’s risk and compliance platform meets the increased security requirements of GDPR for KYC data.
- Blog: “Reducing the Burden of GDPR Compliance Cost”
- GDPR Guide: “IdentityMind GDPR, and You”
- Press Release: “Digital Identity Pioneer IdentityMind Global Lands $10 Million Series C”
- Blog: “IdentityMind Global Highlights 2017 Year of Rapid Growth”
- Guide: “Trusted Digital Identities”
About IdentityMind Global
IdentityMind Global, the leader in Digital Identities You Can Trust, provides a SaaS platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud. Built-in transaction monitoring enables e-commerce fraud prevention, anti-money laundering (AML), and counter terrorism financing (CTF). Our patented eDNA® technology securely tracks the entities involved in each transaction (e.g. onboarding, account origination, money transfers, online payments, etc.) to build unique digital identity trust reputations. This reputation is anonymously shared between customers in IdentityMind’s Global Identity Network. © 2018 IdentityMind Global. All rights reserved. IdentityMind Global and the IdentityMind logo are trademarks or registered trademarks of IdentityMind Global in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.
Director of Corporate Communications