The US-based blockchain trading platform, Bittrex announced that it is utilizing IdentityMind’s. It is a digital identities platform, for automated Transaction Monitoring as a core function of its AML program for both its Bittrex.com and Bittrex International platforms.
Basically, Anti-money laundering refers to a set of laws, regulations, and procedures introduced to prevent criminals from pretending illegally obtained funds as legitimate income.
“At Bittrex, we have gone to great lengths to implement an AML compliance program in order to help prevent, detect and remediate suspicious behavior,” said Bill Shihara, Bittrex CEO.
The Bittrex exchange platform claim that the cost of compliance continues to rise for organizations that depend only on manual operations. The availability of platforms like IdentityMind that focus on comprehensive operational support of the AML process provides a more efficient and scalable solution
We continue to invest in how our clients can quickly turn their manual processes into automated transaction monitoring and cost-effective compliance operations” said Garrett Gafke, IdentityMind’s President and CEO.
According to IdentityMind, for financial institutions to take advantage of the advancement in compliance technology. And we have to integrate quickly and seamlessly into their day-to-day operations.