Moni Talks & ComplyAdvantage
By Moni Talks Chairman and Founder Brendan Beeken FInstSMM
As regular readers will know, at Moni Talks we put the security of our users and our platform first.
We want to spearhead the movement to making cryptocurrency a safer space and enhance the reputation of decentralised finance as a safe place to do business.
In the past 18 months, the reputation of crypto has taken a battering. Frauds, scams, and hacks have shaken public confidence. The collapse of major organisations, including FTX , brought global negative media attention, further undermining faith in crypto currency.
Without public confidence, the widespread adoption of DeFi will take even longer, if it ever happens at all.
Our Role
From day one, Moni Talks has been about giving users confidence and security. We have been transparent about who we are, where we are, what we will deliver, and our progress.
We are committed to observing regulation in every jurisdiction we operate in and have taken time developing the most sensitive parts of our platform.
Our social community, Talk Moni, and our trading platform, Trade Moni, will be launched soon. We could have rushed them to market and saved a lot of time and money.
But we have invested both because we want them to work correctly and give users, our business, and the wider crypto industry, the level of safety and security we believe everyone in the DeFi space should be aiming for.
Our Partners
Critical to our mission is working with the right partners. Senior team members have spent a large portion of the last two years examining the tools, products, and services on the market, and selecting the ones which offer the best and most reliable services.
This has been a meticulous process, focused on finding partners who can truly help us achieve the user experience and platform safety we want.
I have previously spoken about the decision to select the Sonic Labs blockchain and to use MIRACL | The login you love as our multi-factor authenticator partner.
In the coming weeks, I’ll introduce more of our carefully selected partners and explain what they will do and why we chose them.
Today, I’d like to focus on one.
ComplyAdvantage
At Moni Talks, we believe it is important to protect our users and our platform from association with people whose involvement may harm the reputation of our business.
It is vital during onboarding for our platform, especially to access Trade Moni, that the verification process screens people.
We will need to identify those whose finances, or nations, are subject to international sanctions. We will need to be aware of politically exposed persons (PEPs), and aware of adverse media attached to any prospective users.
It is a complex process and one which takes expertise and experience. That is why we turned to ComplyAdvantage .
Why We Chose ComplyAdvantage
I believe a lot of business is personal, and I was highly impressed by ComplyAdvantage founder Charles ?? Delingpole . An innovative entrepreneur with an extensive finance background who had a clear mission for his new venture when it launched in 2014.
The goal was to become the leader in AI-driven financial crime risk and detection technology with a service powered by ComplyData, the world's hyperscale source of financial risk insights.
There is a clarity about how ComplyAdvantage works. It is focused on teamwork, continuous improvement, and delivering results. These are all values Moni Talks is aligned with.
In addition, the business reflects a personal mantra of mine: “What we do is hard, but we don’t give up. We learn from our mistakes and are not afraid to fail.”
We were also impressed with the clarity and accessibility of how Charlie’s team explained how ComplyAdvantage works and how it could be integrated into Moni Talks. It is highly complex and technical, but they made it sound simple! This was encouraging.
As Albert Einstein is reputed to have said: “If you can't explain it simply, you don't understand it well enough.”
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We knew we wanted to work with ComplyAdvantage
What’s It For?
I will not get into the tech behind ComplyData and ComplyAdvantage, but I will explain what we will use it for.
During onboarding of future users to the Moni Talks platform, we need to be aware of sanctions, watchlists and reputational risk. Checking this manually is time consuming, potentially delaying onboarding for users, and open to mistakes caused by human error.
By deploying the sanctions and watchlists screening service from ComplyAdvantage, we will introduce category-leading, AI-driven tech which is fully automated, and access a global database of sanctions, watchlists, and PEPs.
We will also deploy ComplyAdvantage’s adverse media monitoring, which uses dynamic information from millions of data points to create structured profiles so we can quickly determine who we’re doing business with.
It also allows us to protect ourselves in the future by highlighting incoming threats so we can respond proactively.
Again, this is not just good for Moni Talks and its reputation, it will help to speed up the onboarding process for future users too.
Further attractions are that ComplyAdvantage is user friendly and integration is straightforward and speedy.
More to Come
In future editions of Beyond the Boardroom, I’ll introduce you to more of our partners and explain how they are helping Moni Talks deliver a new type of cryptocurrency community.
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