Business

Dennis Wafula

BITPoint and IdentityMind partner for Latin America AML compliance

IdentityMind Global and BITPoint LATAM, a cryptocurrency exchange in Latin America, have announced a new partnership for KYC and AML compliance.

Currently, BITPoint is operational in Panama and Peru and plans to expand their territories into Latin America. The company already has a presence in five Asian countries, including Japan. BITPoint is among the few certified digital assets exchanges registered with the Japanese Financial Service Authority (JFSA).

BITPoint started operations in Latin America with the objective of provide fast, secure and transparent ways to learn and trade the major cryptocurrency assets using Peruvian Soles (PEN) and the U.S. dollar. BITPoint allows for the trade of SegWitCoin (BTC), Bitcoin Cash (BCHABC), Ethereum, Ripple, and Litecoin.

While commentating on the matter, Julian Geovo, Operations Director BITPoint Latam stated:

“Our partnership with IdentityMind has provided us with risk and compliance technologies 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.”

IdentityMind’s Director of Products, Neal Reiter had this to say:

“Identity Mind is by far the leading provider of Anti-money laundering solutions for the virtual currency industry worldwide. We have been helping digital currency and asset exchanges in more than 40 countries since 2013, and we continue to build specific support within our platform as the regulatory requirements and technology evolves.”

The partnership will enable BITPoint to detect and prevent identity fraud and money laundering, automates transaction monitoring to help identify suspicious activities, assign risk profiles and score reputations, as well as consults both local and international sanctions and politically exposed persons list.

Mireille Aguirre, IdentityMind’s Director of Commercial Operations for Latin America highlights that the region is witnessing rapid growth in FinTech. With a disruption in the traditional financial ecosystem, the company RegTech Digital Identities platform for KYC and AML aims to provide cost effective state of the art tech to support advancing companies so that they comply with local and international regulations.

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