Lamassu Bitcoin Ventures Partners with IdentityMind Global to Offer Anti-Money Laundering Solution

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Lamassu Bitcoin Ventures Partners with IdentityMind Global to Offer Anti-Money Laundering Solution

After reaching to a large number of countries with its Bitcoin ATMs, Lamassu Bitcoin Ventures has announced that it has partnered up with IdentityMind Global. According to the company the partnership is aimed at offering integrated Anti-Money Laundering and Compliance platform within Bitcoin ATMs.

The two companies in their announcement have said that they partnered to provide international Lamassu Bitcoin ATM operators with integrated compliance features. According to them, the features include built-in Know Your Customer (KYC), transaction monitoring, Sanctions Screening, automated SAR filing and Anti-Fraud services, etc.

According to the news reports, IdentityMind has provided compliance services to more than 30 Bitcoin and digital currency-related companies around the world and the latest partnership with Lamassu is an addition to the list. Also, as the company offers different ranges of services, from tailored-made for international exchanges, to specialized programs for startups, it has emerged as a popular choice.

Lamassu Aims to provide operators with an affordable and quality solution

In his statement to the media Lamassu CEO, Zach Harvey said that it has always been important for his company not to burden the end-users of its machines with a complicated or intrusive compliance solution. Thus, according to him this integration is going to allow it to provide operators with an affordable and quality solution.

He says that the solution will fit the Lamassu user experience as it is fast, intuitive and easy as well. Nonetheless, Lamassu being a prominent Bitcoin ATM manufacturer, with more than 200 devices around the globe has emerged as the right choice for clients. Also, as Lamassu’s Bitcoin ATM accepts 200 different currencies, and can make a fiat-to-Bitcoin transaction in as fast as 15 seconds, clients prefer it a lot.

Sharing his thoughts on the agreement IdentityMind president and CEO Garret Gafke said that his company has demonstrated time and again its dedication to providing the most advanced compliance platform for virtual currencies – whether clients are an established exchange, start-up, or Bitcoin ATM.

Nonetheless, as in many countries, Bitcoin ATMs are regulated under Anti-Money Laundering laws, the requirement for such a solution was long felt and Lamassu felt it quicker. Even in the US, Bitcoin ATMs are defined as money transmitters. They hold many responsibilities such as establish an AML program; appoint an AML compliance officer, etc.

Also, Bitcoin ATMs need to report suspicious activity to the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury, which collects and analyzes information about financial transactions in order to combat financial crimes. However, with the new solution from Lamassu, the compliance has been made easy for clients.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com