Gemini, one of the world’s largest cryptocurrency exchanges, has signed a deal to use ComplyAdvantage’s hyperscale platform for its AI-powered AML (Anti-Money Laundering) risk management.
London-based fintech start-up, ComplyAdvantage announced today that Gemini will be using its product to detect sanctions and hidden risks during the customer onboarding process as well as throughout the client lifecycle.
Crypto assets, wallets and exchanges are now considered “obliged entities” under the Fifth Anti-Money Laundering Directive and face the same Counter Terrorism Financing/AMLregulations as financial institutions, including an obligation to perform customer due diligence (CDD), and submit suspicious activity reports (SARs).
A spokesperson for ComplyAdvantage said, “With the accelerated adoption of cryptocurrency and digital assets, Gemini wanted a solution that could continue to scale with its rapid growth.”
Gemini, a cryptocurrency exchange and custodian based in New York, enables customers to buy, sell, and store more than 30 cryptocurrencies including bitcoin, bitcoin cash, ether, litecoin, and Zcash. It is in the top 40 busiest cryptocurrency exchanges worldwide, with more than 678,000 weekly visits to its site.
“We selected ComplyAdvantage because of the company’s agile approach to financial crime risk management,” said Elena Hughes, Chief Compliance Officer at Gemini.