Former United States Treasury Legal Investigator Greg Monahan joined main cryptocurrency alternate Binance to supervise the corporate’s worldwide Anti-Cash Laundering (AML) efforts, the alternate 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 legal investigation unit. He was primarily answerable for tax, cash laundering and different associated monetary crime investigations. He additionally held a short place at Deloitte as a senior supervisor, in response to his skilled profile.
Reminding earlier efforts of the alternate to assist high-profile investigations, Monahan mentioned that his efforts could be centered on Binance’s AML and investigation applications, “in addition to strengthening the group’s relations with regulatory and regulation 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 protected place for all contributors.”
Former GMLRO Karen Leong will stay at Binance as a director to advertise the compliance efforts throughout the group, the announcement reads.
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 lately shared the company’s vision to be licensed everywhere. “To any extent further, we’re going to be a monetary establishment,” he summarized.
The alternate can also be recognized to make outstanding hires to spice up up its efforts in several areas. Final yr, Binance employed former HSBC exec Teana Baker-Taylor to guide its growth in the UK and European market. Since then, HSBC UK has reportedly suspended credit card payments to Binance.