BSA / AML Policy (Archived – 2016-12-01)

Last Modified: August 4, 2016

I. Bank Secrecy Act and Anti-Money Laundering Compliance Program

Gemini Trust Company, LLC (“Gemini”) has developed a Bank Secrecy Act and Anti-Money Laundering Compliance Program (“BSA/AML Program”) in an effort to maintain the highest possible compliance with applicable laws and regulations relating to anti-money laundering in the United States and other countries where we conduct business and operate our online platform . This includes, but is not limited to:

  1. Establishing robust internal policies, procedures and controls that strive to combat any attempted use of Gemini for illegal or illicit purposes and to ensure our customers basic protections under consumer protection laws;
  2. Complying with the applicable regulations and guidance set forth by the Financial Crimes Enforcement Network (“FinCEN”);
  3. Filing Suspicious Activity Reports (“SARs”);
  4. Filing Currency Transaction Reports (“CTRs”);
  5. Maintaining comprehensive records of orders and other transfers;
  6. Appointing a Chief Compliance Officer who will be responsible for the implementation and oversight of our BSA/AML Program;
  7. Executing know your customer (“KYC”) procedures on all customers;
  8. Performing regular, independent audits of our BSA/AML Program;
  9. Following record retention requirements; and
  10. Implementing a formal and ongoing compliance training program for all new and existing employees.
Policies and Procedures

Our BSA/AML Program has been reviewed and approved by our Board of Managers. It will also be provided to all employees for review and acknowledgment in writing. Our BSA/AML Program will be regularly reviewed and, if necessary, revised in an effort to comply with applicable rules, regulations and policies. Gemini is regulated by the New York State Department of Financial Services and our BSA/AML Program is subject to its review and comment.

Internal Controls

We have developed robust internal policies, procedures, and controls designed to comply with applicable BSA/AML laws and regulations, some of which are outlined here on this page including, but not limited to, our Customer Identification Program (“CIP”), SARs, reporting requirements and audits.


All employees and officers of Gemini will receive ongoing broad-based BSA/AML training as well as position-specific training. They must repeat this training at least once every twelve (12) months to ensure they are knowledgeable and in compliance with all pertinent laws and regulations. New employees will receive training within thirty (30) days of their start date. All documentation related to compliance training including materials, tests, results, attendance and date will be maintained. In addition, our compliance training program will be updated as necessary to reflect current laws and regulations.

Compliance Officer

Our Chief Compliance Officer (“CCO”) is responsible for leading the development and enforcement of compliance policies and procedures for our BSA/AML Program. Our CCO is also responsible for reporting any violations of our BSA/AML Program directly to the CEO and our Board of Managers. In addition, the CCO will be responsible for recording and filing SARs, CTRs and performing a BSA/AML Program audit at least once every twelve (12) months.

II. Customer Identification

Our Customer Identity Program (“CIP”) is an important part of our BSA/AML Program by helping to detect suspicious activity in a timely manner, and prevent fraud.

Account Opening Process

In order to open an account and use Gemini’s online platform, the applicant customer’s identity must be verified, authenticated and checked against government watch lists, including the Office of Foreign Assets Control (“OFAC”). Failure to complete any of these steps will result in your inability to use the online platform.


Prior to opening an account for an individual customer, we will collect, verify and authenticate the following information:

  • Email address;
  • Mobile phone number;
  • Full legal name;
  • Social Security Number (“SSN”);
  • Date of birth (“DOB”);
  • Proof of identity (e.g., driver’s license, passport or government-issued ID);
  • Proof of address (e.g., electric, gas or water bill); and
  • Home address (not a mailing address or P.O. Box).

If you successfully meet and complete our CIP requirements and do not appear on the OFAC or any other government watchlist, then we will provide you with account opening agreements electronically.


Prior to opening an account for an institutional customer, we will collect, verify and authenticate the following information:

  • Institution legal name;
  • Employer Identification Number (“EIN”);
  • Full legal name (of all account signatories);
  • Email address (of all account signatories);
  • Mobile phone number (of all account signatories);
  • Address (principal place of business and/or other physical location);
  • Proof of legal existence (e.g., state certified articles of incorporation/certificate of formation, unexpired government-issued business license, or a trust instrument);
  • Contract information of owners/principals/executive management (as applicable);
  • Proof of identity (e.g., driver’s license, passport or government-issued ID) for each individual beneficial owner that owns 10% or more as well as all account signatories; and
  • Identifying information for each entity beneficial owner that owns 10% or more.

If your institution successfully meets and completes our CIP requirements and its name as well as the names of its owners/principals/executive managers do not appear on OFAC or other governmental watch lists, we will provide you with account opening agreements electronically.

III. Suspicious Activity / Currency Transaction Reports

We will file SARs if we know, suspect or have reason to suspect suspicious activities have occurred on Gemini. A suspicious transaction is often one that is inconsistent with a customer’s known and legitimate business, personal activities or personal means. We will leverage our compliance department, which performs transaction monitoring to help identify unusual patterns of customer activity. The Chief Compliance Officer will review and investigate suspicious activity to determine if sufficient information has been collected to justify the filing of a SAR.

In addition, all currency transactions over a determined USD value will be reported to FinCEN by filing of a CTR.

The CCO will maintain records and supporting documentation of all SARs and CTRs filed.

IV. Reporting Requirements

All records will be retained for seven (7) years and will be readily available upon request by the applicable examiner.

V. BSA/AML Program Audit

The CCO will be responsible for performing an audit of our BSA/AML Program at least once every twelve (12) months and presenting the results to the President, CEO and Board of Managers.


The President will oversee the performance of an independent third-party audit of our BSA/AML Program at least once every twelve (12) months. The CCO will not be responsible for the independent audit, and the CCO’s performance will be a subject of the review. Results will be reviewed and discussed by senior management and our Board of Managers.

BSA / AML Policy Archive

August 4, 2016