The Libra Association, an independent member organization, today announced the appointment of Sterling Daines as its chief compliance officer.

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.

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

He currently works as a managing director and global head of financial crime compliance at Credit Suisse.

Daines will step down from his role at the Swiss bank and join the Libra Association later this year, according to the announcement.

“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,” Daines said.

Extensive industry experience

Earlier in his career, 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.

He also served as the leader of Deloitte’s U.S. forensic data analytics practice. Daines has also served 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.”

A series of senior appointments

Daines’ appointment follows 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.

Members are Shopify, Tagomi, Heifer International, Checkout.com, Temasek, Paradigm and Slow Ventures, the announcement revealed.

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.