Libra Association names Credit Suisse exec Daines chief compliance officer

Libra Association names Credit Suisse exec Daines chief compliance officer

As it looks to get regulators onside, the Libra Association has brought in Credit Suisse's head of financial crime compliance, Sterling Daines, as chief compliance officer.

Daines, who will join Libra later this year, has a long history in anti-money laundering, sanctions, anti-bribery, fraud and anti-corruption measures.

Before his three year stint at Credit Suisse, he spent a decade at Goldman Sachs and has also worked as a consultant to the US Department of Justice and the Financial Crimes Enforcement Network.

He joins a leadership team tasked with shepherding the controversial Facebook-led Libra stablecoin project through a global regulatory process.

In May HSBC chief legal officer and former US treasury department official Stuart Levey was tapped as the association's first CEO, while financial crime veteran Robert Werner has been brought in as general counsel.

The project has faced huge blow-back from watchdogs around the world since it was first unveiled last year, leading to many of its biggest payments members - including Visa, Mastercard and PayPal - to jump ship.

However, in February, the association tweaked its plans significantly, scaling back its ambitions ahead of an application for a payment system license from the Swiss Financial Market Supervisory Authority.

Says Daines: "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."

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