Crypto financial institution Anchorage names execs to compliance, BSA posts3 min read
Crypto financial institution Anchorage Digital announced eight govt strikes Tuesday designed to spice up the corporate’s compliance.
The financial institution employed Mark duBose to function its chief compliance and danger officer. He beforehand stuffed related roles at Circle and Centre, and spent two years as Santander’s Boston-based chief operational danger officer. He additionally labored for 4 years as a senior vice chairman at Financial institution of America, in response to his LinkedIn profile.
Rachel Anderika, beforehand Anchorage’s chief danger officer, will turn into the financial institution’s chief working officer. In that position, she is going to handle Anchorage’s day-to-day financial institution operations, together with new asset help, tech infrastructure, mannequin improvement and planning, the financial institution mentioned.
Anchorage employed Dustin Palmer to function its interim Financial institution Secrecy Act officer. Palmer involves the digital financial institution from Berkeley Analysis Group, the place he serves as managing director of its monetary establishments advisory service. Anchorage needs Palmer to additional develop its anti-money laundering controls. Palmer has important authorized expertise in authorities, having served as an lawyer for the Division of Homeland Safety and as a senior adviser to the Treasury Division’s basic counsel on monetary crimes enforcement, AML and countering the financing of terrorism, in response to his LinkedIn profile.
Anchorage additionally employed Frieder Weichelt as its chief info safety officer. Weichelt beforehand served as chief danger officer on the crypto platform BitGo.
The manager strikes come roughly 9 months after the Workplace of the Comptroller of the Forex ordered Anchorage to overtake its AML program and rent a BSA officer. The regulator discovered the financial institution did not implement inner controls for buyer due diligence and procedures for monitoring suspicious exercise. Anchorage additionally had did not implement satisfactory BSA coaching for its employees, the OCC mentioned.
In a press release Tuesday, the financial institution affirmed it has “set out to meet the highest regulatory requirements, and [is] committed to continuing to work aggressively to do so.”
“We’re reinforcing our commitment to strong regulatory standards and controls today by ushering in new leadership and capabilities that advance a forward-thinking path for regulated crypto,” the financial institution mentioned.
Anchorage grew to become the first crypto firm to obtain a nationwide belief financial institution constitution in January 2021.
For his half, Anchorage CEO Nathan McCauley touched on the timeliness of the C-suite adjustments.
“Recent market events have reaffirmed what we have long believed: that security and regulation are key to increasing trust in the crypto economy,” he mentioned Tuesday. “Selecting a federal charter has been the cornerstone of our mission to best protect our clients, and we believe the addition of these members to our team is just the latest step in our longstanding commitment to compliant, secure-by-design digital asset banking.”
The financial institution named 4 different executives to new roles Tuesday. Mo Abdoolraman, an alum of Chime, Goldman Sachs and Citi, will function Anchorage’s interim head of know-your-customer.
Daniel Sankey will lead Anchorage’s monetary intelligence unit. Sankey beforehand served as head of economic crimes compliance at Brex and has held numerous BSA compliance, reporting and investigative roles at Coinbase, Sq. and Wells Fargo.
Anchorage additionally named Scott Schwartz as its deputy BSA officer, along with retaining his duties as OFAC officer.
Jessica Perkins will turn into Anchorage’s enterprise danger administration lead, increasing on her position overseeing third-party danger administration, the financial institution mentioned.
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