Take Advantage of the Biggest Financial Event in London.
The exchange announced on Thursday that it had promoted Poyraz, its former Director of Sanctions Compliance
Compliance
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
Read this Term, to Global Head of Sanctions since he joined the exchange in early January.
In the new role, Poyraz is charged with ensuring that “Binance meets and maintains full sanctions compliance globally as well as building robust sanctions control frameworks similar to traditional banks.”
Binance said its global compliance team has continued to grow its leadership and team “to strengthen responsiveness to dynamically changing and developing regulatory environments.”
Reacting to his recent promotion, Poyraz, who expressed excitement at joining the exchange, said his goal was to apply and transform his experiences in the traditional financial sector “to the future of finance.”
“Global security takes a concerted effort. For more than a decade I have been strategizing collaborative programs that can effectively navigate complex sanctions regimes. Digital assets hold great potential and its adoption means we must come together to ensure resiliency against old and new threats,” Poyraz explained.
Poyraz’s Dossier
Poyraz, a graduate of Global Studies from Vancouver Island University in British Columbia, Canada, has over 17 years of experience in compliance, strategy, intergovernmental liaison and risk management.
His dossier includes designing sophisticated techniques and programmes to prevent, detect and report sanctions evasion attempts and money laundering schemes, notably in the traditional financial sector.
At Coupang, Poyraz built the platform’s financial crime compliance programme, and developed the necessary risk controls for the company’s listing on the New York Stock Exchange (NYSE).
According to Binance, Poyraz started his career in Brussels advocating for global security and human rights and working with various European Parliament committees and delegations.
“He was a Permanent Representative for the United Nations Economic and Social Council in Geneva, publicizing reports and resolutions, particularly in relation to conflict resolution and participated in working groups in coordination with United Nations AML and anti-terrorist financing investigative teams,” the exchange said.
Binance’s Compliance Battles
In recent years, Binance has faced many regulatory compliance crackdowns in several countries including in the United Kingdom, the United States, Canada, Japan, Thailand and the Cayman Islands.
Among other steps, the exchange had to stop its derivative offerings in countries such as Hong Kong, Australia, Germany, Italy and the Netherlands.
To boost international confidence in its leading platform, Binance has been doubling down on its compliance efforts by hiring multiple private and governmental regulatory experts.
The most recent is the appointment of Tammy Weinrib as the Chief Compliance Officer of its US affiliate, Binance.US.
