In a bid to further strengthen compliance standards within the crypto, popular crypto exchange, Binance has joined the Association of Certified Sanctions Specialists (ACSS). The crypto exchange announced the development in its Friday blog post. ACSS, in the post, was described as the world’s only organization created to bring sanctions compliance professionals together.
Since its inception in 2018, ACSS has been providing high-level education and technical benefits to its members. Meanwhile, Binance, with its decision to join the organization becomes the first crypto exchange to become its member. According to the notable exchange, it hopes to leverage on its ACSS membership to harness training materials, comprehensive databases, and deep networks. This, as revealed, will enable it to further enhance the skills and expertise of its team.
Binance to engage its team in ACSS training sessions
Remarkably, Binance plans to ensure that all its compliance professionals on the sanctions team as well as the money laundering reporting, compliance operations, and special investigations leads undergo training with ACSS as part of the certification process. It believes the mandatory training will equip its sanctions team with the latest OFAC guidelines on developing sanctions compliance programs. Similarly, ACSS seeks to ensure that the team keeps up with sanctions edicts through the training. With this, it is expected that the team will understand the risks of violations across multiple jurisdictions.
Meanwhile, the Global Head of Sanctions with Binance, Chagri Poyraz reacted to the development. Poyraz believes the blockchain sector is still in its early years. The exec maintained that the exchange aims to continuously uphold the highest level of compliance as the sector evolves. Notably, Poyraz affirmed that by joining ACSS, Binance wants to take its sanctions compliance standards to a greater apogee. The sanctions head added that Binance wants to continue to set the industry standard for security and compliance along with other active players within the sphere.
Similarly, the Executive Director of ACSS, Saskia Rietbroek also reacted to the development. Rietbroek expressed the delight of the association to welcome Binance, regarded as the global leader in crypto and blockchain infrastructure. Further, the director described ACSS as an organization with interest in providing sanctions training for multinational and financial institutions. Additionally, Rietbroek reaffirms the commitment of the organization in strengthening and fostering organizational compliance to sanctions.
However, Binance has been notable for ensuring regulatory compliance since years ago. Last year, the exchange expanded its sanctions team from 500 to 750 to strengthen their capabilities. As of press time, it has already obtained regulatory approvals in more than 10 countries, including Spain, Dubai, Australia and more.