Binance appoints Greg Monahan as AML boss

Cryptocurrency exchange Binance has hired former US government criminal investigator Greg Monahan to lead its anti-money laundering (AML) operations.

The news comes as the firm faces increased regulatory scrutiny worldwide; the Financial Conduct Authority (FCA) banned Binance from operating in the UK in June.

Binance said Monahan has nearly 30 years of government service experience, and that he was responsible for tax, anti-money laundering, and other related financial crime investigations.

The cryptocurrency exchange is currently facing an investigation by the US Department of Justice and Inland Revenue Service (IRS) into alleged potential illegal activity.

Karen Leong, who has led AML at Binance since 2018, is set to become a director of compliance.
Binance said it has grown its international compliance team and advisory board by 500 per cent since 2020.

Other appointments by the firm include Jonathan Farnell as director of compliance, former Financial Action Task Force (FATF) executives Rick McDonell and Josée Nadeau as compliance and regulatory advisors, and former US Senator Max Baucus as policy and government relations advisor.

“Binance has a strong culture of putting their users first, from providing market-leading products to supporting high-profile investigations that help make the crypto industry a safer place,” said Monahan. “My efforts will be focused on expanding Binance’s international anti-money laundering (AML) and investigation programs, as well as strengthening the organization’s relations with regulatory and law enforcement bodies worldwide.”

    Share Story:

Recent Stories

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.