The blockchain company behind the world’s largest digital asset exchange, Binance, has taken the membership of Association of Certified Sanctions Specialists (ACSS), it said in a statement. Founded in 2018, ACSS is a body of sanctions compliance professionals and provides high-quality training on sanction compliance matters to its members.
“All compliance professionals on the sanctions team as well as money laundering reporting, compliance operations, and special investigations leads within Binance will be required to undergo training with ACSS as part of the certification process,” Binance said.
The association helps Binance benefit from the training materials, database, and other resources at ACSS to improve its team’s skills and expertise in relevant domains.
“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 alongside other industry players,” said Chagri Poyraz, Binance’s Global Head of Sanctions.
ACSS training for Binance’s sanctions team will help it develop appropriate compliance programs in the light of latest guidelines from regulators. The training will also make them understand the risks of violating sanctions across different jurisdictions.
Binance, which faced problems from regulators in many jurisdictions in the past, has ramped up its compliance team by increasing the number of members from 500 to 750 in the last two years. The exchange now holds regulatory licenses, registrations, and approvals in 14 jurisdictions including Australia, France, Spain, Dubai, and Bahrain.
