Binance, which is facing regulatory backlash around the world, has appointed former US Treasury Criminal Investigator Greg Monahan as its new Global Money Laundering Reporting Officer (GMLRO).
Announced on Wednesday, Monahan is replacing Karen Leong for the position, who will now become Binance’s Director of Compliance.
“My efforts will be focused on expanding Binance’s international anti-money laundering (AML) and investigation programs, as well as strengthening the organization’s relations with regulatory and law enforcement bodies worldwide,” Monahan said in a statement.
A Former Financial Crimes Buster
He is joining the cryptocurrency exchange from accounting consultancy firm Deloitte, where he had a short stint as a Senior Manager. But, Monahan’s most highlighted experience was his 30 years long US government service. Then, he spent most of this time as a US Treasury Criminal Investigator and was responsible for tax, money laundering, and other related financial crime investigations.
Monahan’s appointment came at a crucial time when several global regulators have turned against the cryptocurrency exchange for compliance-related issues. Though not officially confirmed, the Indian Enforcement Directorate reportedly questioning Binance officials for the exchange’s usage in laundering Chinese betting app proceeds.
He is one of the many former government officials Binance has tapped in the last few months to revamp its compliance efforts.
“As a former US Federal Law Enforcement Investigator, Greg Monahan brings a wealth of AML and investigations experience to Binance. We’re thrilled to welcome him to our team as GMLRO, and we look forward to his contributions,” Binance CEO, Changpeng Zhao said.
Meanwhile, Binance has closed its derivatives operations in Hong Kong and multiple European countries and also stopped offering stock tokens to comply with the local securities market laws.
Source: Read Full Article