• Binance has partnered with the Association of Certified Sanctions Specialists (ACSS) to strengthen its compliance capabilities.
• The Binance sanctions team will undergo a training process with ACSS to help with money laundering reporting, compliance operations, and special investigations leads.
• The training program will provide Binance’s sanctions team with the latest OFAC guidelines on developing sanctions compliance programs.
Binance, one of the leading cryptocurrency exchanges, has recently announced a partnership with the Association of Certified Sanctions Specialists (ACSS). This partnership is aimed at strengthening the compliance capabilities of the exchange, as well as providing a platform to help the exchange’s sanctions team to stay up to date with the latest sanctions commands and risks of violations across multiple jurisdictions.
The ACSS is an organization that provides sanctions training for multinational corporations and financial institutions. Founded in 2018, the ACSS provides its members with necessary educational resources and benefits. As part of the certification process to be in charge of the compliance standards in crypto, the Binance sanctions team will undergo a training process with ACSS. This training program is a mandated process and will provide Binance’s sanctions team with the latest OFAC guidelines on developing sanctions compliance programs. Additionally, ACSS will help the team keep abreast with sanctions commands and educate them on the risks of violations across multiple jurisdictions.
Chagri Poyraz, Binance’s Global Head of Sanctions, said, “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.”
The partnership between Binance and ACSS is a great step for the crypto industry as it signals a heightened commitment to compliance. The partnership will help ensure that Binance is compliant with the latest sanctions and regulations, as well as providing training for the sanctions team. This is a big step towards helping the crypto industry gain more mainstream acceptance as regulations become stricter and more stringent.