IdentityMind announces Safe Harbor Certification, expansion of AML solution to Europe

IdentityMind (IDM) Global, a Bitcoin-focused anti-money laundering (AML) and Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term solutions provider, has announced their expansion to Europe.

IDM's solutions are come at an opportune time as the day gets closer for Bitcoin businesses in New York to employ tighter controls. A proposal for a "Bitlicense" has been drafted and the community has 45 days to provide feedback.

According to a press release, the company already offers solutions tailored for multiple countries including the US, Canada, Mexico, Hong Kong, Australia, Barbados, Jamaica, Brazil, Chile, Colombia and Peru.

Their solutions aim to help businesses ensure compliance with country-specific Know Your Customer (KYC) Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term) and AML policies in a streamlined manner. Also offered are anti-fraud, risk management and payment solutions.

They have now tailored their offering to 28 European Union (EU) states and any other European country meeting EU standards. Said Garrett Gafke, IdentityMind Global President and CEO:

"We are proud to extend our industry-leading Bitcoin compliance solution to new customers around the globe. We have taken the different requirements of various countries into account when growing our solution. Thanks to customer input and our regulatory expertise, we've built a platform that can support Bitcoin companies nearly anywhere in the world."

Key to their expansion into Europe was their Safe Harbor Certification, which is a process for US companies to become compliant with EU data privacy standards. These include the prevention of the unintentional leaking or loss of customer data. Organizations need to re-certify once every 12 months.

The certification has been criticized by the EU in only requiring organizations to "self-certify", absent of any external verification.