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.