KYC2020 Joins IdentityMind Global’s RegTech Partner Ecosystem to Enhance KYC and AML Global Sanctions Screening
June 21, 2018
Digital Identity Pioneer IdentityMind Secures Access to Over 500 Global Sanction Lists Via KYC2020
PALO ALTO, CA., June 21, 2018 – IdentityMind Global™, Digital Identities You Can Trust, today announced that it has signed a license agreement with KYC2020 whereby KYC2020 will integrate with the IdentityMind technology partner ecosystem to enhance IdentityMind’s know your customer (KYC) and anti-money laundering (AML) sanctions screening solution coverage.
KYC2020 is a single source for comprehensive global Politically Exposed Persons (PEP), criminal, sanction, and terrorist lists for KYC and AML compliance requirements.
IdentityMind’s Version 2.0 sanctions screening solution incorporates public sanctions lists, proprietary lists such as those provided by KYC2020, and eDNA™, IdentityMind’s own proprietary database. The solution uses a variety of powerful algorithms to ensure false positives are reduced while true negatives are not missed. The company’s sanctions screening uses deterministic and probabilistic types of algorithms for matching, and machine learning is used to fine tune and optimize probabilistic matching results. This approach has proven to reduce false positives for clients resulting in operational efficiencies and increased straight through processing.
“We’re pleased to partner with IdentityMind Global, the market’s leading provider of digital identity-based compliance, risk management, and fraud prevention solutions,” said Joseph Iuso, Head of Business Development, KYC2020. “IdentityMind is utilizing our proprietary database-as-a-service offering with access to over 500 global sanction lists to perform KYC and AML sanctions screening and PEP lists to enhance its screening solution.”
“KYC2020 is a leader in delivering a comprehensive and continuously expanding global watch lists,” said Garrett Gafke, CEO, IdentityMInd Global. “Their watch lists complement our industry leading ecosystem of 30 plus strategic partners, all of whom can be accessed through a single, standards-based API. Data integrity is key for IdentityMind and our clients and KYC2020 delivers.” IdentityMInd technology ecosystem includes partners providing device, email, phone, identity, document, sanctions screening, geolocation, biometric, behavioral verification, and more.
The IdentityMind Version 2.0 platform – which is focused on advancing transaction monitoring for anti-money laundering (AML) through the introduction of a user-centric, risk-based approach, which regulators favor – does so while reducing the operational burden associated with sanctions screening. IdentityMind enables strong detection while minimizing false positives.
IdentityMind’s own proprietary eDNA database is unique to IdentityMind and contains descriptions of users, businesses, and their relationships to other users and businesses, built over time from digital transactions across the financial ecosystem. These entities (users and businesses) achieve reputations representative of their aggregated behavior through authoritative sources, heuristics, and the lenses of the clients that recorded and evaluated their transactions.
IdentityMind was recently named the recipient of two top industry awards: CIO Review’s 50 Most Promising FinTech Solution Providers and Disruptor Daily’s 10 RegTech Companies Making Waves in the Industry.
- Use Case: Why Getting 6,000 Sanctions Screening Matches is a Good Thing
- Press Release: IdentityMind Global Announces New Generation of AML Transaction Monitoring Featuring a Risk-based Approach and Redesigned UI
- White Paper: Sanctions Screening: Reducing False Positives
KYC2020’s mission is to be the single source for global know your customer (KYC), anti-money laundering (AML), politically exposed person (PEP), and combating the financing of terrorism (CFT) lists for screening and due diligence. KYC2020 aggregates, consolidates, and standardizes global data sources to handle the wide-ranging KYC rules and regulations regimes around the world. Sources include sanctions lists, and open government data lists. With our sophisticated search and scoring engine compliance officers are able to screen against any and all these lists to ensure their risk-based approach meets and exceeds the regulators requirements for their specific regions and segments of business. For more information, visit KYC2020.
About IdentityMind Global
IdentityMind Global, 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. For more information, visit IdentityMind on Web, Twitter, LinkedIn, Facebook, Blog, and Google+.
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Director of Corporate Communications