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Modulus Selects IdentityMind Global as Preferred KYC & AML Partner

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Modulus Selects IdentityMind Global as Preferred KYC & AML Partner

Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and virtual currency exchanges, today announced that it has selected IdentityMind Global as its preferred KYC and AML partner.

PR Newswire

SCOTTSDALE, Ariz., Aug. 16, 2018 /PRNewswire-PRWeb/ -- Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and virtual currency exchanges, today announced that it has selected IdentityMind Global™, Digital Identities You Can Trust, as its preferred KYC and AML partner.

Through the partnership, cryptocurrency exchanges utilizing the Modulus solution will have access to IdentityMind's digital identity, SaaS-based Version 2.0 platform that builds, maintains, and analyzes digital identities worldwide, allowing exchanges to perform identity proofing, risk-based authentication, and regulatory compliance, while detecting and preventing identity fraud, money laundering, and terrorism financing.

"When we say we're committed to protecting the industry from cybercriminals, those aren't just empty words," said Richard Gardner, CEO of Modulus. "That's why we've partnered with IdentityMind, the leading firm in the KYC/AML space."

The announcement comes on the heels of an agreement Modulus made with its new technology partner, BitGo, the market leader in institutional-grade cryptocurrency security. Before vetting potential partners in the cybersecurity space, Modulus' own team of experts analyzed sophisticated attack vectors to prevent potential account vulnerabilities.

"We're extremely pleased to collaborate with Modulus as its preferred KYC and AML partner," said Gregg Gumbinger, Vice President of Business Development and Channels at IdentityMind Global. "We bring industry-leading virtual currency, regulatory, and risk management knowledge and experience, having successfully worked with over 25 virtual currency exchanges around the world."

IdentityMind Global encourages clients to maintain a proactive compliance program to ensure readiness for auditors and stricter regulatory requirements. It touts its platform's flexibility, which allows cryptocurrency exchanges to be ready to respond quickly to new legislative developments.

"Modulus has long said that those companies which prepare for regulations before they're enacted are the ones which will survive to become market leaders. It only made sense to give our customers access to the tools they'd need to stay ahead of the curve," Gardner said. "We may not know exactly how the regs will read, but there are some requirements, such as KYC and AML, that are all but certain."

The recently released Modulus crypto exchange solution enables exchanges to scale to more than ten million transactions per second with less than 40 nanosecond latency. The solution also features built-in trade surveillance based on machine learning, which uses pre and post trade data to monitor and prevent market manipulation and money laundering in real time.

Modulus has been developing high frequency trading systems, exchanges, trade surveillance systems, and risk management systems for over twenty years. Clients include Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Morgan Stanley, HSBC, TD Ameritrade, CME Group, and thousands of other clients in over 90 countries.

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About Modulus:
Since 1997, Modulus has provided advanced financial technology products and services to professional traders, brokerages, trading firms, exchanges, and educational, governmental, and non-profit institutions throughout 94 countries. The company's products and services reach millions of users around the world.

About IdentityMind Global
IdentityMind Global, Digital Identities You Can Trust, provides a SaaS platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud. Built-in transaction monitoring enables e-commerce fraud prevention, anti-money laundering (AML), and counter terrorism financing (CTF), while patented eDNA™ technology securely tracks the entities involved in each transaction (e.g. onboarding, account origination, money transfers, online payments, etc.) to build unique digital identity trust reputations which are anonymously shared between in-network customers.

 

SOURCE Modulus

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