Samukele Mkhize, country compliance head, money laundering reporting officer - Sub-Saharan Africa at Binance, will deliver a keynote presentation on compliance culture and ethics at ITWeb GRC 2024.
The event will be held on 20 February 2024 at The Forum in Bryanston.
Binance believes a combination of strategic, organisational, and technological approaches will help businesses to achieve regulatory compliance, user protection, and ethical practices in their operation.
Mkhize will guide delegates through strategies the company endorses to boost compliance and ethics. These include leadership commitment, training and education, and a robust compliance framework.
Binance adds that global collaboration and advocacy is relevant and underlines the importance of engagement with regulators, advocacy for sensible regulations, investment in security measures, user education and empowerment, as well as continuous improvement.
Mkhize will explain why Binance's dedication to regulatory compliance, user protection, and ethical practices involves a collaborative effort among key teams.
“Executive leadership sets the strategic direction and policies, with the core compliance team overseeing day-to-day efforts and collaborating with regulators. Substantial investments in cutting-edge technology and strategic partnerships further enhance compliance capabilities, including collaborations with leading regulatory technology (RegTech) vendors and the development of proprietary tools for monitoring transactions and detecting potential risks,” says Mkhize.
Binance goes beyond the core team's expertise by leveraging access to the largest datasets of transactions. Collaborations with blockchain analytics firms like Chainalysis, TRM, and Elliptic contribute to comprehensive mapping and identification of potentially illicit activities in the crypto industry.
This extensive data plays a crucial role in detecting and preventing instances of platform misuse for illicit purposes, ensuring robust user protection against scams and other forms of financial crime.
The continuous improvement team further ensures adaptability to regulatory changes, underscoring Binance's commitment to maintaining a secure, compliant, and ethically sound platform.
For more information about ITWeb's GRC conference, follow this link.