Former US Treasury official joins Binance to lead AML efforts

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Former United States Treasury Prison Investigator Greg Monahan joined main cryptocurrency trade Binance to supervise the corporate’s worldwide Anti-Cash Laundering (AML) efforts, the trade announced on Aug. 18.

Earlier than changing Karen Leong as the worldwide cash laundering reporting officer at Binance, Monahan labored for the U.S. Treasury for nearly 20 years as a member of the Inner Income Service’s prison investigation unit. He was primarily liable for tax, cash laundering and different associated monetary crime investigations. He additionally held a quick place at Deloitte as a senior supervisor, in line with his skilled profile.

Reminding earlier efforts of the trade to help high-profile investigations, Monahan mentioned that his efforts can be targeted on Binance’s AML and investigation packages, “in addition to strengthening the group’s relations with regulatory and legislation enforcement our bodies worldwide.”

Binance mentioned that its worldwide compliance crew and advisory board grew by 500% since 2020. Changpeng Zhao, the CEO of Binance, famous that the crew is increasing its capabilities “to make Binance and the broader business a secure place for all members.”

Former GMLRO Karen Leong will stay at Binance as a director to advertise the compliance efforts throughout the group, the announcement reads.

Associated: Binance to shut down crypto derivatives trading in Europe

Binance is ramping up its compliance and AML efforts in a bid to make peace with regulators, who’re accusing the exchange of illegal operations inside worldwide. CZ not too long ago shared the company’s vision to be licensed everywhere. “Any more, we’re going to be a monetary establishment,” he summarized.

After limiting leverage trading to 20x on its futures platform, Binance not too long ago rolled out a tax reporting tool to provide its customers a approach to overview their tax liabilities.

The trade can be identified to make distinguished hires to spice up up its efforts in numerous areas. Final yr, Binance employed former HSBC exec Teana Baker-Taylor to steer its enlargement in the UK and European market. Since then, HSBC UK has reportedly suspended credit card payments to Binance.

 

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