Binance Monitor Must Build an ‘Army’ for Unique Compliance Role

Big Law attorneys, forensic accountants, and crypto consultants began positioning themselves months ahead of a plea deal by Binance Holdings Ltd. to land a lucrative monitorship that’s rife with pitfalls.

The individual chosen after the world’s largest crypto exchange submits its top three preferences to the Justice and Treasury departments this month must build a global operation to inspect Binance’s compliance with anti-money laundering and sanctions laws.

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“There has been nothing remotely close to this when it comes to complexity, length, scope”—and to monitor what was “a criminal enterprise, essentially,” said Jim Richards, the former global head of financial crimes risk management at Wells Fargo.

Source: Binance Monitor Must Build an ‘Army’ for Unique Compliance Role