Libra Association Appoints Sterling Daines as Chief Compliance Officer

The Libra Libra Libra is a yet-to-be-released cryptocurrency proposed by Facebook, Inc., that will aim to serve as a global payment system and a stable financial infrastructure that people across the world can use. The projected release date of the libra cryptocurrency is currently slated for 2020, while the project is currently being managed by the Libra Association.Headquartered from Geneva, Switzerland, the Libra Association main purpose is founded on three pillars.This includes the provision of a framework Libra is a yet-to-be-released cryptocurrency proposed by Facebook, Inc., that will aim to serve as a global payment system and a stable financial infrastructure that people across the world can use. The projected release date of the libra cryptocurrency is currently slated for 2020, while the project is currently being managed by the Libra Association.Headquartered from Geneva, Switzerland, the Libra Association main purpose is founded on three pillars.This includes the provision of a framework Read this Term Association, an independent member organization, today announced the appointment of Sterling Daines as its chief compliance officer.

Daines has been a leader in the financial crime compliance industry, primarily focused on anti-money laundering, sanctions, anti-bribery, fraud and anti-corruption measures in both the public and private sectors.

He currently works as a managing director and global head of financial crime compliance at Credit Suisse.

Daines will step down from his role at the Swiss bank and join the Libra Association later this year, according to the announcement.

"I am pleased to join the Libra Association as it works to transform the digital payment space to empower billions of people. A critical element of achieving this mission is to ensure we are building a safe, compliant, and reliable platform for all users, which I look forward to significantly contributing to," Daines said.

Extensive industry experience

Earlier in his career, Daines served as managing director and deputy head of financial crime compliance at Goldman Sachs. Prior to this, he held positions as a principal in the forensic and dispute services practice at Deloitte Financial Advisory Services.

He also served as the leader of Deloitte’s U.S. forensic data Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Read this Term practice. Daines has also served as a consultant to institutions including the U.S. Department of Justice and the Financial Crimes Enforcement Network (FinCEN).

“I am thrilled that Mr. Daines will be joining the Libra Association as our Chief Compliance Officer,” said Robert Werner, general counsel of the Libra Association. “Mr. Daines is a world class compliance leader and will bring critical expertise to the project.”

A series of senior appointments

Daines’ appointment follows a series of progress updates this year which include the appointment of Stuart Levey as CEO and Robert Werner as General Counsel alongside the addition of seven new members.

Members are Shopify, Tagomi, Heifer International, Checkout.com, Temasek, Paradigm and Slow Ventures, the announcement revealed.

In April, the Libra Association formally initiated the payment system licensing process with FINMA, an important milestone as the Libra Association moves to a more operational phase of the project.

In addition to initiating the payment system licensing process, the Libra Association released an updated white paper and announced that the near-term operating expenses of the Libra Association have now been funded by its members.