Gemini Exchange Integrates ComplyAdvantage AML Solutions
- Gemini will utilize ComplyAdvantage’s risk management solutions to automate customer onboarding.
- The integration is a result of Gemini’s rapid customer growth and the need for more efficient review processes.
Man holding a smartphone with Gemini app logo and blurred website background. Shutterstock
According to the Gemini press release, the firm’s integration with ComplyAdvantage was the result of the exchange’s rapid growth. Elena Hughes, the chief compliance officer at Gemini, said the exchange selected ComplyAdvantage because of its agile approach to financial crime risk management.
“ComplyAdvantage’s hyper-scalable model, customizable screening solution, and collaborative approach to Gemini’s model were critical to meeting our compliance needs,” she explained.
Gemini will utilize the company’s proprietary data asset and advanced machine learning to detect sanctions and adverse events during customer onboarding. The integration will enable Gemini to automate the majority of its risk monitoring and maintain a high level of compliance oversight and integrity.
ComplyAdvantage’s proprietary database is derived from millions of data points that provide real-time insights across sanctions, watchlist, politically exposed persons, and negative news. This process, the company explained, reduces dependence on manual review processes and legacy databases by up to 80%.
Charles Delingpole, the founder and CEO of ComplyAdvantage, said that Gemini was a great example of a market leader implementing the best in compliance practices to support onboarding.
“Now, Gemini can scale with our real-time, high-quality sanctions, PEPs, and adverse media solutions, allowing them to make more informed decisions on their customers relative to their risk-based approach,” he said in the release.
- An investigation from the New York Attorney General’s office has allegedly found that Gemini was aware of Genesis’ weak financial position, but still lied to investors.
- The lawsuit is looking to ban DCG, Genesis, and Gemini from the New York financial industry, seek restitutions for investments, and the return of “ill-gotten gains”.
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- Cameron Winklevoss, co-founder of crypto exchange Gemini, proposed a plan that would see Digital Currency Group pay close to $1.5 billion over the next five years.
- The Winklevoss twin said that if the “final offer” is not accepted by the end of the week, Gemini would file a lawsuit against DCG and CEO Barry Silbert.
- Called Coinbase International Exchange (CIE), the new platform will allow institutional users outside of the U.S. to bet on the price of crypto via perpetual futures.
- The platform will not be available to retail customers “at this time”, and will initially provide trading of only BTC and ETH perpetual futures, settled in the USDC stablecoin.