Virtual currency is an amazing technology that has already been used to provide aid to developing countries and move funds almost instantly. However, it has also been used by bad actors in connection with ransomware, money laundering and to conduct business with sanctioned countries and individuals. As a result, virtual currencies are receiving increased regulatory scrutiny. Most recently, OFAC (Office of Foreign Assets Control) added sanctioned bitcoin addresses to their specially designated nationals (SDN) list. However, your institution must do more than sanction against addresses.
IdentityMind’s Virtual Currency Risk Assessment (VCRA) solution provides you with the most comprehensive insight into virtual currency compliance risk. VCRA allows institutions to evaluate the risk of virtual currency transactions as well as the risk of dealing with individuals and businesses that currently transact in virtual currencies. Beyond traditional sanctions screening, which allows you to know whether the person in front of you is using a sanctioned account, IdentityMind VCRA goes further to let you know if this individual has used a sanctioned bitcoin address in the past or whether they are associated with an individual who has used a sanctioned bitcoin address.
Along with superior sanctions screening capability that adapts to the regulatory environment, IdentityMind ensures that you master today’s regulations and are prepared to take on any regulatory change.
Know the True Risk of Every Virtual Currency Transaction
IdentityMind’s VCRA solution provides you with full transparency into the transactional history of the bitcoin address.
Prevent Bad Actors from Working With You
Proactively block known bad and sanctioned addresses from sending or receiving funds from your institution.
The Power of Digital Identity Risk Analysis with Superior Sanctions Screening
IdentityMind’s platform through the power of digital identities allows you to screen the individuals associated to the bitcoin address for real time regulatory compliance
Comprehensive Compliance Risk Solutions
IdentityMind’s VCRA solution provides reputation scoring based on various data attributes for accurate risk assessment and aid in the decision making process
Blacklist Sanctioned AddressesAbility to leverage latest OFAC lists including sanctioned bitcoin addresses
Connect Bitcoin Addresses to IndividualsIdentityMind’s electronic DNA (eDNA) creates a digital identity for each customer. This identity contains information on the various payment instrument a customer has been associated with, including bitcoin addresses. This enables clients to know if an individual receives or sends funds from a blacklisted bitcoin address, even if the customer never discloses their address.
Explore Bitcoin Historical ActivityA blockchain explorer tool tracks bitcoin from when they were mined to today, knows every-time they were moved and if they’ve been associated with dark markets, ransomware, criminal enterprise, sanctioned individuals, etc.
Factor Use of a Sanctioned Bitcoin Address Into the Individual's Reputation
Customization of KYC Form Allows You to Request Virtual Currency Information (e.g. bitcoin address)
Comprehensive Risk Analysis that Takes Into Account:
- Peer Group Analysis
- Historical deviation of transactions
- Fake ICOs
- Stolen Token
- Detect transactions with illegal sources of funds
Tracks and Profiles Hundreds of Known:
- Global currency exchanges
- Money laundering addresses
- Dark market sites
- Online gambling shops
- Criminal addresses
Watch The Webinar:
In this webinar, David Murray, VP of Products and Services at FIN, an expert in sanctions screening and virtual currencies, and IdentityMind’s product team leadership will discuss the background behind this decision, what it means for regulated institutions, what we can expect in the future, and more importantly how to ensure that your program is up to date for compliance.
Panelist: David Murray, VP Products and Services, Financial Integrity Network
Neal Reiter, Director of Product, Virtual Currencies and Tokens, IdentityMind
Read The Blog Post:
For the first time, bitcoin addresses have been added to an Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list On Wednesday, November 28, the US Treasury added two bitcoin addresses to the OFAC SDN list. For those not familiar, a bitcoin…