The Libra Association has appointed Sterling Daines, a managing director and global head of financial crime compliance at Credit Suisse, as its new chief compliance officer.

The Geneva-based independent body of payments, technology and financial firms tasked with independent oversight of Facebook’s Libra digital currency project, hired Daines following months of debate amongst governments, policy makers and central banks over the potential impact of a global digital currency.

The blockchain-based stablecoin and digital wallet platform will enable payments and transactions across the world’s largest social media channels, including Facebook’s Instagram, Messenger and WhatsApp.

Facebook chief executive Mark Zuckerberg has defended the Libra digital currency - and the recently re-branded Novi digital wallet - from critics concerned over its potential to facilitate money laundering and disrupt the financial system.

Announcing the appointment of Daines, who will step into the role from Credit Suisse later this year, the Libra Association said his career to date has primarily been focussed on anti-money laundering, sanctions, anti-bribery, fraud and anti-corruption measures in both the public and private sectors.

In April it was announced that the Libra Association had appointed HSBC chief legal officer Stuart Levey as its first chief executive following the association’s formal move to apply for a payments licence from the Swiss Financial Markets Supervisory Authority (FINMA), in a move hailed as an “important milestone” for the project.

Daines has previously 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, and as the leader of Deloitte’s US forensic data analytics practice.

Daines has also worked as a consultant to institutions including the US Department of Justice and the Financial Crimes Enforcement Network.

He commented: "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."

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