IdentityMind Global, a compliance company which provides KYC, sanctions screening, transaction monitoring and anti-fraud services, recently signed it's 25th Bitcoin client.
CEO Garrett Gafke, who previously served as CEO of Paymate1 and joined IndentityMind in 2012 said "We’re proud to be providing this industry with the affordable tools they need to operate legally in the U.S. and abroad. We made our commitment to the industry earlier this year and will continue to support it as it grows."
Some of tools the company provide Bitcoin startups with allow them to establish strong banking relationships in the United States and configure alerts for when suspicious activities related to funding bitcoin wallets with a credit card or bank account, transferring coins between wallets, withdrawing from a wallet or bank account and wiring money between bank accounts occurs.
IdentityMind Global claims it is currently working with Bitcoin startups including exchanges and wallet providers, some of which are yet to launch although at this time, no list of clients can be found.
Of the clients they work with, Jose Caldera2 stated that "all of the companies are considered money transmitters or regulated by Fincen in some way".
The company will be presenting at this years Money2020 expo to be held on November 2-6, 2014 in Las Vegas. Speakers at this event also include the Winklevoss twins, David Kinitsky from the Bitcoin Investment Trust and Marco Santori from The Bitcoin Foundation.
This is a nice and clean option for bitcoin businesses… except that it encourages not thinking but simply complying with whatever the latest regulations are, and moreover, as a US company, they're nice and convenient centralised way for the us government to get their hands on personal details of bitcoin users the world over. In that sense, this is instant anti-innovation sauce for your bitcoin business. But hey, KYC is a solved problem, right?
Also: Mind the apostrophes.