Comply with the rules: Binance Compliance Program Overview

Binance has recognized the core role of compliance in protecting users and promoting the application of digital assets, so it has developed a comprehensive compliance program to address the most pressing issues in the cryptocurrency industry. In recent years, Binance has expanded its compliance team to more than 750 core backbone professionals. While the team is expanding, Binance continues to invest in growing technology and professional capabilities to meet the ever-evolving challenges in the industry.

Today, the Binance compliance team operates similarly to those in other large financial institutions. But what is unique about Binance is that its team members bring their unique experience and expertise to their respective positions and work closely with Binance's product and technology team to effectively manage risks. The compliance team brings together professionals from all backgrounds, including former law enforcement officials, as well as compliance experts in regulators, the cryptocurrency industry, fintech and traditional banking sectors.

Departmental structure

The Binance Compliance Team is divided into several dedicated departments, each responsible for specific functions and professional areas. The sectors include financial crime, the Global Money Laundering Reporting Commissioner (GMLRO), sanctions/anti-bribery and anti-corruption/anti-terrorism financing, corporate compliance, client due diligence, high-risk clients and transaction monitoring, and more.

Financial Crime Compliance

The Financial Crime Compliance Team is a very important part of Binance's compliance program. The team consists of about 150 full-time staff, which is the front line of proactive investigations into illegal activities on the platform. The team actively cracked down on financial crimes such as money laundering, fraud, terrorist financing, and made positive contributions to protecting Binance and its users from various potential risks.

The financial crime team members have a variety of responsibilities and work together to effectively identify, investigate and report potential financial misconduct. Member positions include investigators, dedicated teams responsible for handling reports of suspicious activity, global training teams, and law enforcement agencies that handle approximately 1,300 demands per week. The Financial Crime Compliance Team organizes training courses regularly, where Binance experts and global law enforcement officials share their experience in preventing and investigating cybercrime.

Global Money Laundering Report

The Global Money Laundering Reporting Specialist (GMLRO) team plays a vital role in ensuring compliance with anti-money laundering (AML) regulations. The team consists of four regional leaders and more than 60 professionals who work diligently, carefully detect, monitor and prevent potential money laundering related activities. They also work closely with local financial intelligence agencies, regulators and law enforcement agencies to report and assist in investigating suspects and suspicious transactions. In addition, the GMLRO team is closely following the ever-changing regulatory landscape to ensure that Binance fully complies with applicable laws and regulations.

Sanctions/anti-bribery and anti-corruption/anti-terrorism financing

The sanctions, anti-bribery and anti-corruption (ABC) and Counter-Terrorism Financing (CTF) teams in the Compliance Department are responsible for formulating and maintaining policies and controls to reduce risks associated with violations of applicable sanctions regimes, anti-bribery and anti-corruption laws, and counter-terrorism financing measures. The team continues to focus on legal changes related to its areas of expertise and ensures that all bans are included in Binance's policies and procedures. Through the above measures, the team defines the level of risk acceptable to the institution and guides business partners to deter criminals and protects the platform from criminals engaged in illegal activities.

Corporate Compliance

The Binance Corporate Compliance Team is composed of professionals with different backgrounds such as the cryptocurrency industry, payment industry and traditional banking industry. They use their compliance and risk management expertise to become the "second line" of institutional defense.

The team is responsible for a variety of areas, including monitoring and testing of compliance controls; handling regulatory reviews and audits of Binance licensed enterprises; ensuring compliance controls are included in all Binance products and services; overseeing third-party due diligence; developing enterprise-wide and national-level AML/CFT risk assessments, problem management and governance measures, and organizing and overseeing company-wide mandatory compliance training.

Client due diligence

The Binance Client Due Diligence (CDD) team is responsible for implementing strong identity authentication (KYC) and enterprise authentication (KYB) programs, through which Binance authenticates customers and corporate partners to effectively prevent fraud, identity theft, money laundering and other illegal activities. The CDD team also ensures compliance with applicable regulatory requirements while taking into account the needs of a good user experience.

High-risk customers

The main responsibility of a high-risk client team is to supervise customers and businesses classified as high-risk for intensive due diligence. They work closely with the CDD team to develop stricter certification measures and monitor the activities of such users, further reducing the risk of illegal activities on the platform.

The team also advises colleagues on the first line of defense (establishing a verification process for funding and wealth sources applicable to retail investors and AML programs and regulatory licensing assessments for Binance Enterprise customers).

Transaction monitoring

Binance's transaction monitoring team is responsible for auditing the transaction for potential money laundering and terrorist financing activities. They use cutting-edge technology and sophisticated analytical tools to monitor suspicious behavior and identify potential risks. The team played a crucial role in maintaining the integrity of the platform and ensuring compliance with global regulations related to money laundering and terrorist financing. The team consists of 18 leaders and 175 analysts in the fiat and cryptocurrency sectors.

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