IdentityMind Global included in Forrester's Vendor Landscape: Anti-Money Laundering Solutions 2017

In this report, Forrester explains the main reasons why Anti-Money Laundering (AML) programs are key for companies that facilitate financial transactions, including:

  • Organized crime’s and extremist groups’ schemes are more sophisticated.
  • Regulatory scrutiny is stricter and more comprehensive.
  • Reputational damage due to AML issues can be catastrophic.

According to Forrester, when selecting the right AML technologies you should consider the broader financial crimes prevention and risk management architecture within which AML sits, with special focus on:

  • Customer identification and due diligence. Whom you allow to transact with your firm has a huge impact on how well you can intercept money laundering and meet compliance regulations.
  • Sanctions screening, and transaction monitoring.

The good news is that our platform can help you with all of the above.

Back in 2009 we envisioned the need in the industry for digital identity-based solutions as the new prerequisite for Know Your Customer (KYC), Anti-Money Laundering (AML) compliance solutions and overall online fraud prevention. The use of IdentityMind’s Digital Identities based AML solution is proven to streamline compliance operations by: 
  1. Providing real time online transaction monitoring, accurately capturing user behavior and whether such behavior is in regulatory violation or considered suspicious.
  2. Having access to +20 services pre-integrated via a single API to perform Know Your Customer and identity proofing on your customers, leveraging our own unique database of more than 200 million digital identities.
  3. Significantly reducing Sanctions and PEP screening false positives, from industry average of 12% to less than 4%.

Forrester evaluates IdentityMind's AML solution and shares the following insight: "IdentityMind provides eDNA - a shared electronic human profile data service. The solution provides investigators with a complete understanding of the identity behind transactions"; and "Vendors that include new data sources will come out on top. Beyond identity verification, vendors such as IdentityMind will offer a broader set of data sources, and will provide better AML detection rates".

Download your free copy of the full report now to see what the experts have to say.