BITPoint LatAm boosts AML and KYC with IdentityMind partnership

BITPoint LatAm, a crypto to fiat exchange platform, has partnered with IdentityMind to support its AML and KYC processes in Latin America.

The Japan-headquartered crypto company recently deployed into Panama and Peru as part of its expansion into Latin America.

By leveraging IdentityMind, it hopes to detect and prevent fraud, automate transaction monitoring to identify and alert suspicious activity, assign risk profiles and score reputations, and consult local and international sanctions and Politically Exposed Persons (PEP) lists. In addition to all of this, it hopes to uncover and stop money laundering and terrorist financing taking place through its services.

BITPoint is a certified digital assets exchang registered with the Japanese Financial Services Authority (JFSA). Its technology offers an easy, secure, and transparent way for customers to learn, buy, and sell the main cryptocurrency assets using Peruvian Soles (PEN) and U.S. Dollars. BITPoint allows users to exchange Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin.

BITPoint LatAm operations director Julian Geovo said, “Our partnership with IdentityMind has provided us with risk and compliance technology necessary to know who our users are, know their source of funds, and monitor their transactions to prevent potential money laundering. On top of that, in Latin America we self-regulate using Japanese laws, which are the most advanced.

“In Latin America, we see a very interesting opportunity, and we are here to work with the authorities and the traditional financial system in order to create and guarantee a sustainable model and regulation-oriented ecosystem for this new industry. We look forward to contributing to the region, using our knowledge and experience in Japan.”

IdentityMind has formed a number of partnerships with FinTech companies over the past year. Last month, the RegTech company teamed up with another blockchain-based trading platform Bittrex.

This deal sees Bittrex use IdentityMind’s Digital Identities platform for automated transaction monitoring as a core function of its AML program.

Other recent partnerships formed with IdentityMind include digital asset issuance service InvestorID, crypto exchange Binance, and AI-loan management platform MO Technologias.

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