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Geneva, Switzerland – The Libra Association,* an independent member organization, today announced the appointment of Sterling Daines as its Chief Compliance Officer. Mr. 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. Mr. Daines is currently a Managing Director and Global Head of Financial Crime Compliance at Credit Suisse, a global wealth manager, investment bank and financial services company founded and based in Switzerland. He will step down from his role at Credit Suisse and join the Libra Association later this year.
“I am pleased to join the Libra Association as it works to transform the digital payment space to empower billions of people,” said Mr. Daines. “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.”
Previously, Mr. 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, LLP and as the leader of Deloitte’s U.S. forensic Data Analytics practice. Mr. Daines has also worked 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.”
The appointment of Mr. Daines comes on the heels of 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 – Shopify, Tagomi, Heifer International, Checkout.com, Temasek, Paradigm and Slow Ventures. 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.
About Sterling Daines
Mr. Daines has spent the last decade leading financial crime compliance in global banks. He currently serves as a Managing Director and Global Head of Financial Crime Compliance at Credit Suisse where he oversees the bank’s anti-money laundering, international sanctions, and anti-bribery/corruption programs, and is a member of Global Compliance’s Management Committee. Before Credit Suisse, Mr. Daines managed compliance programs for Goldman Sachs as Managing Director and Deputy Head of Financial Crime Compliance.
Prior to joining Goldman Sachs, Mr. Daines was a principal in the Forensic and Dispute Services practice at Deloitte Financial Advisory Services LLP, specializing in anti-money laundering compliance and investigations, sanctions issues, fraud investigations, and forensic technology within the financial services industry. He also led Deloitte’s U.S. forensic Data Analytics practice and served as a consultant to numerous private and public institutions, including the U.S. Department of Justice and Financial Crimes Enforcement Network (FinCEN).
A longstanding leader in the financial crime compliance industry, Mr. Daines was previously a co-chair of the Wolfsberg Group and the Financial Crimes Committee of the Securities Industry and Financial Markets Association (SIFMA) in the U.S.
*On December 1, 2020, the Libra Association was renamed to Diem Association.