IdentityMind Stands at the Forefront Meeting Treasury’s FinCEN and Federal Banking Agencies’ Call for “Innovative Approaches” to Combat Money Laundering and Terrorist Financing

IdentityMind Stands at the Forefront Meeting Treasury’s FinCEN and Federal Banking Agencies’ Call for “Innovative Approaches” to Combat Money Laundering and Terrorist Financing

“Green Light” Given for Innovative Approaches Like IdentityMind’s Digital Identities, Machine Learning, and More

PALO ALTO, CA., December  6, 2018 – IdentityMind, Digital Identities You Can Trust, today announced that it is well positioned to meet the recent, December 3 joint statement by the  Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively, the Agencies) to “encourage banks to consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering (BSA/AML) compliance obligations, in order to further strengthen the financial system against illicit financial activity.”

“As leaders in the compliance and risk management community, we’re pleased to see the collective agencies call for ‘innovative approaches’ from the private sector and encouraging bank management to discuss pilot programs for innovative BSA/AML approaches,” said Garrett Gafke, President and CEO, IdentityMind. ”We view the regulators’ joint statement as a ‘green light’ for banks, credit unions, MSBs and others to embrace IdentityMind’s innovative approaches, which encompass trusted digital identities, machine learning, and more.”

IdentityMind’s Version 2.0 of its award-winning, Trusted Digital Identities platform for risk and compliance is focused on advancing transaction monitoring for anti-money laundering (AML) through the introduction of a user-centric, risk-based approach, which regulators favor. It is designed to provide users with the industry’s most accurate and efficient AML compliance results through dynamic modeling, a transparent access framework, and contextual identity analysis designed to help supercharge the regulatory compliance efforts of any company.

Version 2.0 represents years of research in digital identities, machine learning, anomaly detection, regulatory compliance, product development, and close consultation with IdentityMInd clients. It enables clients’ compliance and allows risk analysts to put in place a risk-based approach based on the understanding of the user behind the transaction.

A recent example of IdentityMind’s “innovative approaches” was in evidence this week when the U.S. Department of the Treasury’s Office of Foreign Assets (OFAC) took action on adding two bitcoin addresses linked to sanctioned Iranians to the OFAC specially designated nationals (SDN) list. Here, IdentityMind is uniquely positioned to help protect financial institutions and others with its patented virtual currency risk assessment (VCRA) intelligence that is already built into its Version 2.0 platform.  


About IdentityMind

IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS-based platform for online risk management and compliance automation. We help companies reduce client onboarding fraud and transaction fraud, and enhance AML compliance, sanctions screening, and KYC compliance. IdentityMind continuously builds, validates, and risk scores digital identities through electronic DNA (eDNA) technology) to ensure global business safety and compliance from customer onboarding and throughout the customer lifecycle. We securely track the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, and alternative payment methods) to build payment identity reputations and allow companies to identify and reduce potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering. For more information, visit IdentityMind on Web, Twitter, LinkedIn, Facebook, Instagram, Blog, and Google My Business.

Media Contact

Dan Rampe
Director of Corporate Communications
Tel: 415-205-9378
Email: [email protected]


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