Binance Announces New Compliance and Money Laundering Reporting Officer – Decrypt

Crypto exchange Binance has announced a new Deputy Chief Compliance Officer (CCO) and Global Money Laundering Reporting Officer (GMLRO).

Kristen Hecht, who previously held the position of Global Head of Corporate Compliance, will take up the new roles after joining the company in January 2023.

Hecht has 17 years of experience in financial crime compliance. Previously working for Meta’s first crypto digital asset wallet project, Novi Financial as Chief Compliance Officer, at HSBC China as Head of Financial Crime Compliance as well for the U.S. Department of the Treasury as a Senior Policy Advisor.

“With her seasoned background, she understands the importance of collaborating with governments and international organizations that are critical to making sustainable advancements and fighting financial crime,” Binance CCO Noah Perlman said.

During her time as a Senior Policy Advisor, Hecht supported the U.S. government’s efforts to combat terrorism and illicit financial activity.

And, at HSBC China she was responsible for steering “the necessary culture change to establish an effective and sustainable compliance program.”

“Like with any new industry, I knew there would be significant challenges from criminals who seek to exploit global financial services, including crypto digital asset services,” Hecht said. “I’m leveraging my professional background to continue evolving our compliance controls to outpace illicit actors.”

Now in the role of Deputy CCO at Binance, Hecht will work closely with Perlman to enhance the exchange’s compliance program.

And, in the role of GMLRO, she will oversee money laundering teams supporting them to identify and mitigate financial crime.

Hecht plans to “proactively engage” with regulators, intergovernmental organizations, and industry bodies to help develop compliance programs. Her long-term goal is to build partnerships with regulators, industry bodies, and business partners to identify and mitigate financial crime risk.

Binance’s global regulatory issues

The crypto exchange has been in hot waters lately with regulators, including in the United States, France, Germany, and the Netherlands.

In the U.S., the SEC has hit the crypto exchange and its CEO, Changpeng “CZ” Zhao, with 13 charges. While the Commodity Futures Trading Commission (CFTC) initiated a lawsuit against Binance alleging the company offered unregistered derivatives products in the U.S—Binance has since requested the dismissal of this lawsuit.

While in Europe, French regulators are investigating Binance for “aggravated money laundering,” the exchange has withdrawn its crypto license application from Germany and has terminated its operations in the Netherlands after failing to obtain a virtual asset service provider (VASP) license.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
• Source: https://decrypt.co/151105/binance-announces-new-compliance-money-laundering-reporting-officer