AlphaPoint Teams with IdentityMind to Bundle Compliance into Offerings

New York-based AlphaPoint, a white label solutions provider for digital currency exchanges, has teamed up with IdentityMind to bring compliance tools to its offerings.

AlphaPoint supplies technological infrastructure for digital currency exchanges, catering toward both new launches and established players. Last year, its technology was employed by Bitfinex, which sought to enhance the performance of its trading functionality and keep it scalable. It is one of the few exchange-related ventures in the industry to have landed funding, securing $1.35 million.

IdentityMind's solutions aim to help digital currency businesses ensure compliance with country-specific Know Your Customer (KYC) Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term) and AML policies in a streamlined manner. Also offered are anti-fraud, Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term, transaction monitoring and payment solutions. It says to partner with numerous 3rd party service and data providers.

Many exchanges are planning for the day when the regulation of digital currencies is formalized, many already employing various compliance measures. AlphaPoint, as a software provider, is unlikely to be bound directly by new regulations. Several of its clients have already been employing IdentityMind's tools, so the bundling of the two makes sense. Both companies design their solutions to be flexible for the differing needs of each jurisdiction they serve.

Also last year, IdentityMind said it obtained Safe Harbour Certification, a standard whereby US-based companies seek to become compliant with European data privacy standards.