IDENTITYMIND AWARDED NEW PATENT FOR USING SOCIAL NETWORKS ANALYSIS TO DELIVER HIGHER ACCURACY ON SANCTIONS AND PEP SCREENING

By: Jose Caldera

IdentityMind, Digital Identities You Can Trust, today announced that the U.S. Patent and Trademark Office (USPTO) has granted IdentityMind a patent for enhanced sanctions screening using digital identities and social media. The patent describes the integration of social networks and media analysis into IdentityMind’s core Electronic DNA™ Digital Identities technology as a way to improve the effectiveness of sanctions screening. This new patent continues to consolidate IdentityMind’s innovation leadership around the definition and use of digital identities for the protection of financial transactions.

The technology described within Patent No. 10,187,369 is already part of IdentityMind’s Platform and is offered: 1) as an independent service; 2) in conjunction with Know Your Customer (KYC) and online onboarding services, and 3) as part of real-time transaction monitoring for anti-money laundering (AML) and fraud. IdentityMind’s Sanctions Screening capabilities are currently in use by hundreds of companies worldwide.

“Sanctions and PEP (Politically Exposed People) Screening is a fundamental process in the fight against financing of terrorism, human trafficking, corruption, and fraud,” said Kieran Sherlock, CTO, IdentityMind. “Compliance teams spend a great deal of resources in dealing with the results of this process. Not doing proper sanctions and PEP screening can yield hefty fines from regulators, and worse, bad people can get through the financial system. The focus of our innovation is to help analysts more accurately detect potential bad actors. Our clients today experience a match rate between 0.7% and 1%, way below industry standards.”

Read more >> https://identitymindglobal.com/press-release/identitymind-new-patent-for-social-network-analysis-higher-accuracy-sanctions-pep-screening/