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Binance Will Fight Money Laundering by Recruiting Former IRS Officer

Since 2020, Binance has enlarged the advisory board for the international compliance team by 500%.

Binance has searched the market with a fine-tooth comb for high-profile executives with vast expertise in the regulatory and legal space as part of expanding the compliance team.

The newest global money laundering reporting officer (GMLRO) for Binance is newly hired former Inland Revenue Services (IRS) criminal investigator Greg Manohan.

The LinkedIn bio of the newest member of the Binance Compliance Team includes formerly serving the criminal Investigation unit of the IRS as a special agent, during which time Manohan was lead in different IRS financial and cybercrime investigations. Greg Manohan has over 30 years of experience serving the United States government.

Binance’s most recent recruit is making the shift from Deloitte. Manohan’s predecessor was Karen Leong who assumed the position at Binance two years ago. Leong’s employment at Binance will resume as Director of Compliance.

While elaborating on his new employment in a press release, Greg Manohan stated that his focus will be on advocating high-profile investigations in the cryptocurrency realm. Additionally, Manohan emphasized that his priorities on the job include the expansion of the international investigation and anti-money laundering (AML) programs, as well as solidifying relations between law enforcement and regulatory entities and Binance on a global scale.

Related: SEC Chair: More Crypto Regulations Ahead

There is no denying that the benefits of decentralized finance and blockchain technology have been transformative in countless fields and procedures that otherwise would have been much harder and less transparent. Nonetheless, the perils of a decentralized system entail money laundering and often the financing of terrorist acts committed by infamous unnamed entities, which is the major concern of regulators worldwide.

As such, Binance along with other crypto exchange platforms is under pressure to get ahead of the current concerns.

Apart from the passing of the infrastructure bill mandating information reporting on cryptocurrencies by the Senate earlier this month, guidelines for cryptocurrency reporting are expected to be issued in months to come by the Financial Action Task Force. Anti-money laundering (AML) programs play an important role in limiting money laundering which is why guidelines stand firmly on their establishment.

Earlier in August Changpeng Zhao, Binance CEO declared that Binance is working round the clock to become a regulated financial establishment by expanding the compliance team advisory board. The likes of Mark Baucus (former United States Senator), Rick McDonell, and Josée Nadeau (former FATF execs) were previously recruited by Binance to fill the positions of policy and government relations advisor and compliance and regulatory advisors exclusively to Europe, respectively.

Even with all the initiatives to become regulated, Binance has had its fair share of obstacles by receiving warnings for illicit trades without legal registration by Malaysia, Japan, Italy, and the United Kingdom among others. Brian Brooks, former CEO of Binance US caused quite a turmoil when he suddenly recused himself from the position due to the differences in the strategic direction of Binance. 

Also read: China Crackdown in Full Effect: 11 Crypto Exchanges in Shenzhen Shut Down

 

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