As regulatory scrutiny continues to circle the wider Web3 ecosystem, cryptocurrency lending platform Nexo will look to leverage training resources, connections and data by joining the Association of Certified Sanctions Specialists (ACSS).
The association offers training and certification for sanctions professionals across a variety of industries including financial institutions, international corporations, law firms, public institutions and a host of other businesses.
The ACSS certification is intended to be universal and does not focus on specific jurisdictions or industries. Sanctions specialists that complete the examination are deemed to be multiskilled across policy, due diligence, screening, compliance and investigations.
An announcement shared with Cointelegraph outlined that Nexo will require its compliance staff to be ACSS certified. Nexo’s compliance head, Savina Boncheva, said that the firm intends to maintain stringent compliance standards as the crypto industry continues to expand:
“Teaming up with ACSS allows us to elevate our sanctions compliance to a degree endorsed by a renowned industry body, whilst fostering opportunities for our compliance team’s growth.”
The increased compliance measures come after Nexo acquired an American Institute of Certified Public Accountants certificate. This came after the firm completed a Service and Organization Controls 2 Type 2 Compliance audit, which is a financial industry measure of client data protection.
In February 2023, Nexo announced the termination of its yield-bearing Earn Interest product in the United States after paying $45 million in penalties to the Securities and Exchange Commission and the North American Securities Administrators Association.
Nexo was investigated by the SEC and 17 state securities regulators over its Earn product. The company paid $22.5 million in penalties to the SEC as well as the same sum in fines to settle state regulator charges. The company did not admit or deny the findings.
In late 2022, the company announced that it would wind down its operations in the U.S., citing regulatory uncertainty as a barrier to ongoing business operations in the country.
Nexo’s effort to forego compliance requirements and registrations in various jurisdictions around the world has come in tandem with other major cryptocurrency exchanges and service providers.
The likes of Binance.US and Coinbase have also been under the spotlight of the SEC over alleged securities violations. Meanwhile, cryptocurrency exchanges and platforms continue to apply for licenses or permits in various jurisdictions around the world.
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Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.