Binance is pleased to announce that they have joined the Association of Certified Sanctions Specialists (ACSS), which is reportedly the world’s only organization “bringing together sanctions compliance professionals.”
ACSS, established in 2018, “provides high-quality education and benefits to its members.” Binance claims it is “the first crypto exchange to formally join the association.”
Binance will be “leveraging the training materials, comprehensive databases, and deep networks within ACSS to further enhance the skills and expertise of our team.”
All compliance professionals “on the sanctions team as well as the money laundering reporting, compliance operations, and special investigations leads within Binance will be required to undergo training with ACSS as part of the certification process.”
The mandated training sessions “will be key to equipping Binance’s sanctions team with the latest OFAC guidelines on developing sanctions compliance programs.” ACSS will also “help to ensure the team keeps up with sanctions edicts and understands the risks of violations across multiple jurisdictions.”
Chagri Poyraz, Binance’s Global Head of Sanctions, said:
“The blockchain industry is still in its early years, and it’s our priority to continue upholding the highest level of compliance amid a fast-evolving space. By working closely with the ACSS, we will take our sanctions compliance standards to a level that is recognized by a reputable industry association and provide upskilling opportunities for our compliance team. At the end of the day, we want to continue setting the industry standard for security and compliance alongside other industry players.”
ACSS Executive Director Saskia Rietbroek said:
“We are proud to have been chosen by Binance, a world leader in blockchain ecosystem and cryptocurrency infrastructure. ACSS, as an organization specializing in providing sanctions training for multinational corporations and financial institutions, will ensure the highest quality of training to the team at Binance in this dynamic sector and help advance compliance in the crypto industry.”
Over the past two years, regulatory compliance “has been a core focus here at Binance. In 2022, our compliance team grew from 500 to 750 people.”
This is part of Binance’s ongoing efforts “to strengthen our compliance capabilities.”
To this end, they have “secured regulatory licenses, registrations, and approvals in a total of 14 jurisdictions to date including in France, Spain, Bahrain, Dubai, and Australia.”
