Binance, the world’s largest cryptocurrency exchange, says Chagri Poyraz, the former Head of anti-money laundering (AML
Anti-Money Laundering (AML)
Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification (Know-Your-Customer checks) and bots that monitor for suspicious trading activity.AML Laws at WorkAML laws take explicit aim at corruption, tax evasion, market manipulation, and the trade of illegal goods. Much of their emphasis also looks to bring to light the efforts individuals or entities utilize to conceal these crimes.Essentially, AML procedures are intended to make it harder for criminals to “hide the loot.” Often, money launderers attempt to disguise their illicitly-obtained funds by funneling it through a legitimate cash business, like a regulated cryptocurrency exchange. Therefore, it is up to the businesses to ensure that they aren’t unwillingly part of a money-laundering scheme.One of the most prevalent issues to combat is laundering, which involves running money through a legitimate cash-based business owned by the criminal organization or its associates. A supposedly legitimate business can then deposit the money, which the criminals can subsequently withdraw.Launderers can also target foreign accounts to make deposits it, depositing cash below several regulatory thresholds that fail to garner suspicion. In the US for example, many transfers or cash payments under $10,000 are unlikely to draw the attention of regulatory authorities.Additionally, money launderers can move cash into dishonest brokers who are willing to ignore existing regulations in return for large commissions.
Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification (Know-Your-Customer checks) and bots that monitor for suspicious trading activity.AML Laws at WorkAML laws take explicit aim at corruption, tax evasion, market manipulation, and the trade of illegal goods. Much of their emphasis also looks to bring to light the efforts individuals or entities utilize to conceal these crimes.Essentially, AML procedures are intended to make it harder for criminals to “hide the loot.” Often, money launderers attempt to disguise their illicitly-obtained funds by funneling it through a legitimate cash business, like a regulated cryptocurrency exchange. Therefore, it is up to the businesses to ensure that they aren’t unwillingly part of a money-laundering scheme.One of the most prevalent issues to combat is laundering, which involves running money through a legitimate cash-based business owned by the criminal organization or its associates. A supposedly legitimate business can then deposit the money, which the criminals can subsequently withdraw.Launderers can also target foreign accounts to make deposits it, depositing cash below several regulatory thresholds that fail to garner suspicion. In the US for example, many transfers or cash payments under $10,000 are unlikely to draw the attention of regulatory authorities.Additionally, money launderers can move cash into dishonest brokers who are willing to ignore existing regulations in return for large commissions.
Read this Term) and sanctions programme at Coupang, South Korea’s largest online marketplace, is now leading its global compliance efforts.
The exchange announced on Thursday that it had promoted Poyraz, its former Director of Sanctions Compliance
Compliance
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
Read this Term, to Global Head of Sanctions since he joined the exchange in early January.
In the new role, Poyraz is charged with ensuring that “Binance meets and maintains full sanctions compliance globally as well as building robust sanctions control frameworks similar to traditional banks.”
Binance said its global compliance team has continued to grow its leadership and team “to strengthen responsiveness to dynamically changing and developing regulatory environments.”
Reacting to his recent promotion, Poyraz, who expressed excitement at joining the exchange, said his goal was to apply and transform his experiences in the traditional financial sector “to the future of finance.”
“Global security takes a concerted effort. For more than a decade I have been strategizing collaborative programs that can effectively navigate complex sanctions regimes. Digital assets hold great potential and its adoption means we must come together to ensure resiliency against old and new threats,” Poyraz explained.
Poyraz’s Dossier
Poyraz, a graduate of Global Studies from Vancouver Island University in British Columbia, Canada, has over 17 years of experience in compliance, strategy, intergovernmental liaison and risk management.
His dossier includes designing sophisticated techniques and programmes to prevent, detect and report sanctions evasion attempts and money laundering schemes, notably in the traditional financial sector.
At Coupang, Poyraz built the platform’s financial crime compliance programme, and developed the necessary risk controls for the company’s listing on the New York Stock Exchange (NYSE).
According to Binance, Poyraz started his career in Brussels advocating for global security and human rights and working with various European Parliament committees and delegations.
“He was a Permanent Representative for the United Nations Economic and Social Council in Geneva, publicizing reports and resolutions, particularly in relation to conflict resolution and participated in working groups in coordination with United Nations AML and anti-terrorist financing investigative teams,” the exchange said.
Binance’s Compliance Battles
In recent years, Binance has faced many regulatory compliance crackdowns in several countries including in the United Kingdom, the United States, Canada, Japan, Thailand and the Cayman Islands.
Among other steps, the exchange had to stop its derivative offerings in countries such as Hong Kong, Australia, Germany, Italy and the Netherlands.
To boost international confidence in its leading platform, Binance has been doubling down on its compliance efforts by hiring multiple private and governmental regulatory experts.
The most recent is the appointment of Tammy Weinrib as the Chief Compliance Officer of its US affiliate, Binance.US.
Binance, the world’s largest cryptocurrency exchange, says Chagri Poyraz, the former Head of anti-money laundering (AML
Anti-Money Laundering (AML)
Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification (Know-Your-Customer checks) and bots that monitor for suspicious trading activity.AML Laws at WorkAML laws take explicit aim at corruption, tax evasion, market manipulation, and the trade of illegal goods. Much of their emphasis also looks to bring to light the efforts individuals or entities utilize to conceal these crimes.Essentially, AML procedures are intended to make it harder for criminals to “hide the loot.” Often, money launderers attempt to disguise their illicitly-obtained funds by funneling it through a legitimate cash business, like a regulated cryptocurrency exchange. Therefore, it is up to the businesses to ensure that they aren’t unwillingly part of a money-laundering scheme.One of the most prevalent issues to combat is laundering, which involves running money through a legitimate cash-based business owned by the criminal organization or its associates. A supposedly legitimate business can then deposit the money, which the criminals can subsequently withdraw.Launderers can also target foreign accounts to make deposits it, depositing cash below several regulatory thresholds that fail to garner suspicion. In the US for example, many transfers or cash payments under $10,000 are unlikely to draw the attention of regulatory authorities.Additionally, money launderers can move cash into dishonest brokers who are willing to ignore existing regulations in return for large commissions.
Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification (Know-Your-Customer checks) and bots that monitor for suspicious trading activity.AML Laws at WorkAML laws take explicit aim at corruption, tax evasion, market manipulation, and the trade of illegal goods. Much of their emphasis also looks to bring to light the efforts individuals or entities utilize to conceal these crimes.Essentially, AML procedures are intended to make it harder for criminals to “hide the loot.” Often, money launderers attempt to disguise their illicitly-obtained funds by funneling it through a legitimate cash business, like a regulated cryptocurrency exchange. Therefore, it is up to the businesses to ensure that they aren’t unwillingly part of a money-laundering scheme.One of the most prevalent issues to combat is laundering, which involves running money through a legitimate cash-based business owned by the criminal organization or its associates. A supposedly legitimate business can then deposit the money, which the criminals can subsequently withdraw.Launderers can also target foreign accounts to make deposits it, depositing cash below several regulatory thresholds that fail to garner suspicion. In the US for example, many transfers or cash payments under $10,000 are unlikely to draw the attention of regulatory authorities.Additionally, money launderers can move cash into dishonest brokers who are willing to ignore existing regulations in return for large commissions.
Read this Term) and sanctions programme at Coupang, South Korea’s largest online marketplace, is now leading its global compliance efforts.
The exchange announced on Thursday that it had promoted Poyraz, its former Director of Sanctions Compliance
Compliance
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
Read this Term, to Global Head of Sanctions since he joined the exchange in early January.
In the new role, Poyraz is charged with ensuring that “Binance meets and maintains full sanctions compliance globally as well as building robust sanctions control frameworks similar to traditional banks.”
Binance said its global compliance team has continued to grow its leadership and team “to strengthen responsiveness to dynamically changing and developing regulatory environments.”
Reacting to his recent promotion, Poyraz, who expressed excitement at joining the exchange, said his goal was to apply and transform his experiences in the traditional financial sector “to the future of finance.”
“Global security takes a concerted effort. For more than a decade I have been strategizing collaborative programs that can effectively navigate complex sanctions regimes. Digital assets hold great potential and its adoption means we must come together to ensure resiliency against old and new threats,” Poyraz explained.
Poyraz’s Dossier
Poyraz, a graduate of Global Studies from Vancouver Island University in British Columbia, Canada, has over 17 years of experience in compliance, strategy, intergovernmental liaison and risk management.
His dossier includes designing sophisticated techniques and programmes to prevent, detect and report sanctions evasion attempts and money laundering schemes, notably in the traditional financial sector.
At Coupang, Poyraz built the platform’s financial crime compliance programme, and developed the necessary risk controls for the company’s listing on the New York Stock Exchange (NYSE).
According to Binance, Poyraz started his career in Brussels advocating for global security and human rights and working with various European Parliament committees and delegations.
“He was a Permanent Representative for the United Nations Economic and Social Council in Geneva, publicizing reports and resolutions, particularly in relation to conflict resolution and participated in working groups in coordination with United Nations AML and anti-terrorist financing investigative teams,” the exchange said.
Binance’s Compliance Battles
In recent years, Binance has faced many regulatory compliance crackdowns in several countries including in the United Kingdom, the United States, Canada, Japan, Thailand and the Cayman Islands.
Among other steps, the exchange had to stop its derivative offerings in countries such as Hong Kong, Australia, Germany, Italy and the Netherlands.
To boost international confidence in its leading platform, Binance has been doubling down on its compliance efforts by hiring multiple private and governmental regulatory experts.
The most recent is the appointment of Tammy Weinrib as the Chief Compliance Officer of its US affiliate, Binance.US.
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