Bitcoin ATM manufacturer Lamassu Bitcoin Ventures partners up with IdentityMind Global to offer integrated Anti-Money Laundering and Compliance platform within Bitcoin ATMs.
The companies announced today they had partnered up to provide international Lamassu Bitcoin ATM operators with integrated compliance features, which include built-in Know Your Customer (KYC), transaction monitoring, Sanctions Screening, automated SAR filing and Anti-Fraud services.
IdentityMind is said to have provided compliance services to more than 30 Bitcoin and digital currency-related companies around the world. The company offers different ranges of services, from tailored-made for international exchanges, to specialized programs for startups.
According to Lamassu CEO, Zach Harvey:
"It has always been important for us not to burden the end-users of our machines with a complicated or intrusive compliance solution. This integration allows us to provide our operators with an affordable and quality solution that fits the Lamassu user experience. It's fast, it's intuitive and it's easy."
Lamassu is a prominent Bitcoin ATM manufacturer, who is said to have boasted more than 200 devices around the globe. Lamassu's Bitcoin ATM accepts 200 different currencies, and can make a fiat-to-Bitcoin transaction in as fast as 15 seconds.
"IdentityMind has demonstrated time and again our dedication to providing the most advanced compliance platform for virtual currencies - whether you're an established exchange, start-up, or Bitcoin ATM," stated IdentityMind president and CEO Garret Gafke in the partnership announcement.
In many countries, Bitcoin ATMs are regulated under Anti-Money Laundering laws. In the US, for instance, Bitcoin ATMs are defined as money transmitters and hold many responsibilities such as establish an AML program, appoint an AML compliance officer, and 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.
The integration of IdentityMind's AML and compliance platform within Lamassu's Bitcoin ATMs comes only one month after the ATM Industry Association (ATMIA) suggested an "International Accreditation Program for Bitcoin ATM Operators." The trade group then said Bitcoin wasn't a threat to neither cash, nor established electronic payments systems, but recommended more control and support within the Bitcoin ATM network.
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