IdentityMind: Pioneers In The Kyc Solutions Space
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IdentityMind: Pioneers In The Kyc Solutions Space

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Garrett Gafke, CEO,  IdentityMindGarrett Gafke, CEO Today, with a growing number of the financial crisis and several recent cases of fraud, money laundering, and tax evasion, financial institutions and fintech companies worldwide are focusing their attention on anti-money laundering and KYC. That being said, the capital market industry is in a state of flux, due to the legal frameworks and related professional standards evolving drastically, along with increasing compliance requirements toward market factors, which therefore increases pressure on regulators to enforce the rules.

With rising regulatory pressure to perform significant amounts of due diligence on counterparties, Know Your Customer (KYC) is not only a regulatory requirement but an integral component to maintaining the integrity of any financial system, fighting fraud, money laundering. It is important for KYC professionals to understand and address the day-to-day challenges within the industry. Without a strong, efficient and evolving KYC, bad actors can conduct and implicate businesses in terrorist financing, human trafficking, drug trafficking and other nefarious activities.

Consequently, financial institutions who are struggling to comply with this ever-evolving AML/KYC and tax transparency framework is in need of a robust, reliable and easy-to-adapt solution. It is safe to say; the entire KYC process chain requires a revamp to ensure that all counterparties’ information is collected, qualified, stored, monitored, and screened, including related parties and the shareholding structure efficiently. As a result, organizations around the world are exploring avenues that hold the potential for a solution—one among these companies is Identity Mind, Identity Mind, the firm offers an identity-based platform that performs identity proofing, risk-based authentication, regulatory identification. In addition, IdentityMind provides risk management, anti-fraud, and anti-money laundering services for online merchants, acquiring banks, payment processors, digital currency exchanges, and financial institutions. The company is headquartered in Palo Alto California, with offices in Spokane, Beijing, Mexico City, Toronto, Los Angeles, Miami, and Luxembourg.


Customers expect interactive technology to provide faster, more accurate customer information and, where possible, specific and contextual information


Viewing the challenges from a purely technological standpoint, it is observed that most financial institutions today are still using legacy solutions, such as an out of the box name screening, rules-based customer profiling, and much more that performs counterparty due diligence or customer profiling. Such technologies are quite expensive, for small/mid-size businesses and especially knowing that Return on Investment (ROI) cannot be part of the equation. With regards to practical implementation, stakeholders should also ensure that their choice of solution is ever-ready to integrate near future technological evolutions.

IdentityMind helps organizations fight bad actors and streamline their compliance needs to provide stakeholders with peace of mind. IdentityMind delivers an industry-leading KYC solution that helps clients stay compliant with regulations in the process. The ‘IdentityMind KYC’ leverages it’s very own patented technology Electronic DNA (eDNA) technology to build digital identities, machine learning and graph intelligence to understand the risk that entity present. The end-product is a multi-layered KYC process which produces results and, leverages a risk-based approach that adjusts dynamically based on the risk of the identity. Furthermore, the firm’s platform automates customer onboarding experience, including an online real-time verification and identity proofing capabilities supported by IdentityMind’s digital identity database that consists of more than 30 plus technology vendor ecosystem. KYC also checks for customer due diligence (CDD) and enhanced due diligence (EDD) requirements. “We offer a SaaS platform that builds, maintains and analyzes digital identities around the world,” explains Garrett Gafke, Chief Executive Officer at IdentityMind.

The main goal of IdentityMind is to assist firms in reducing onboarding and transaction fraud, enhance AML and KYC compliance, and sanction screenings. The platforms continuously build, validates, and risk scores digital identities through its eDNA technology to ensure global business safety throughout the customer lifecycle. IdentityMind KYC’s user-centric risk-based approach enables clients to custom-tailor their onboarding experience for each customer.

The firm’s eDNA engine manages the entire process. Customer information is organized into an identity and verified against a unique database of digital identities and through some of the thirty plus vendors integrated into the platform. This includes foreign nationals, the under-banked and high-risk individuals such as politically exposed persons (PEPs) and individuals associated with known bad actors. The IdentityMind KYC platform then analyzes the information to determine the level of risk that that identity poses and provides firms with a reputation score in real-time so they can determine how to proceed.

“We built our digital Identity platform by not only pushing the envelope around how dependent the world was becoming on digital identities but also the needs of the market,” states Gafke. Furthermore, the IdentityMind platform’s flexibility enables clients to maintain a proactive compliance program, in order to be prepared for auditors, and the latest regulatory and legislative developments. Overtime user information such as name, address, phone, bank info, card info and general activity of the can change. IdentityMind continuously monitors and updates digital identities within the platform and alerts clients to any changes based on their custom-defined rule sets.

To illustrate the effective capabilities of IdentityMind’s KYC platform, Gafke recalls an incident where Databroker DAO, a peer-to-peer marketplace for the Internet of Things (IoT) sensor data approached the company for assistance. The client provides the ability to use an immutable ledger to store data and ensure its integrity, creating a path to data monetization. Databroker DAO wished to conduct a token sale; however, the client’s biggest concern was that they lacked the experience and expertise in risk and compliance. IdentityMind stepped in, and provided Databroker DAO with its SaaS-based solution—enabled them to comply with various regulations around the globe. Using a risk-based approach to KYC allowed the client to assess the risk of their users. This helped ensure that they maximized the number of customers while lowering the threat that they face.

Since the inception of IdentityMind in 2013, the company has been passionate and committed to the principle of promoting integrity into the digital world by building a platform that featured next-gen technologies and trusted digital identities. Moving forward, IdentityMind has garnered many patents in KYC space and plans to collaborate with other industry leaders in a bid to continue protecting enterprises from KYC risks and compliance issues.