Binance hires former IRS official for money laundering reporting role

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Crypto exchange Binance has hired Greg Monahan, a former U.S. government official at the Internal Revenue Service (IRS), to lead its global money laundering reporting efforts.

Monahan is based in Washington and spent over 20 years at the IRS, leading cybercrime criminal investigations at the agency. He joins Binance from Deloitte, where he spent less than five months in a compliance role, according to his LinkedIn.

At Binance, Monahan takes the role of global money laundering reporting officer. “My efforts will be focused on expanding Binance’s international anti-money laundering (AML) and investigation programs, as well as strengthening the organization’s relations with regulatory and law enforcement bodies worldwide," said Monahan.

Binance is reportedly under investigation by the IRS and the U.S. Department of Justice for any potential illicit activities. In recent months, Binance has beefed up its compliance and regulatory advisory team. The exchange has hired former U.S. Senator Max Baucus as policy and government relations advisor and former FATF members Rick McDonell and Josée Nadeau as compliance and regulatory advisors.

"We are always expanding our capabilities to make Binance and the wider industry a safe place for all participants," said Binance CEO Changpeng "CZ" Zhao.

Karen Leong, who has been the global money laundering reporting officer at Binance since 2018, will become a director of compliance, said Binance.

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Aug 11, 2021, 5:18PM UTC
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