Libra Poaches Top Credit Suisse Crime-Fighter
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The bank’s top anti-money laundering executive is leaving for Facebook-backed payments project Libra.
Sterling Daines is leaving Credit Suisse for Libra, a source familiar with the matter said on Tuesday. The bank had poached Daines three years ago from Goldman Sachs to run its financial crime compliance, or FCC, activities under top compliance boss Lydie Hudson.
He is the latest representative from traditional finance to head for Libra, an upstart payments system governed by a Swiss-based association. Last month, Libra said it is hiring HSBC’s top lawyer Stuart Levey as its CEO, and also tapped the weighty support of Singapore’s sovereign wealth fund.
Neither Daines nor Libra responded to a request for comment. A 2018 sanction from Swiss watchdog Finma for several money-laundering scandals fell in the early days of Daines’ tenure at Credit Suisse.
The Swiss bank is poised to replace him with Tam Ludford, a 12-year Credit Suisse veteran who will add the job to his current role as global head of core compliance, surveillance, and investigations.
Questions & Answers
Q.Which specific role is Sterling Daines taking up at Libra?
Which specific role is Sterling Daines taking up at Libra?
The article states Sterling Daines is leaving Credit Suisse for Libra, the Facebook-backed payments project. It does not specify the exact role he will hold there, only that he was Credit Suisse's top anti-money laundering executive.
Q.What is the primary function of Libra, and where is it based?
What is the primary function of Libra, and where is it based?
Libra is described as an upstart payments system. It is governed by a Swiss-based association, indicating its operational and regulatory hub is located in Switzerland. The project is backed by Facebook.
Q.Who is Sterling Daines's replacement at Credit Suisse and what is their current position?
Who is Sterling Daines's replacement at Credit Suisse and what is their current position?
Tam Ludford is poised to replace Sterling Daines at Credit Suisse. Ludford is a 12-year veteran of the bank and currently serves as the global head of core compliance, surveillance, and investigations.
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