Today the Libra Association which will oversee the Libra digital currency and payments system, appointed its first CEO. Stuart Levey, who is currently Chief Legal Officer at HSBC Holdings, comes with a strong compliance track record. However, HSBC’s record in this area is not that glowing (more on that later). Last month, Libra formally commenced its licensing process with Swiss regulator FINMA and published an updated whitepaper that sought to appease regulators.
Harvard graduate Levey spent more than ten years in U.S. government departments, including more than seven years as Under Secretary of the Treasury for Terrorism and Financial Intelligence during the Bush and Obama Administrations. He will join Libra later this summer.
“Technology provides us with the opportunity to make it easier for individuals and businesses to send and receive money, and to empower more than a billion people who have been left on the sidelines of the financial system, all with robust controls to detect and deter illicit financial activity,” said Mr. Levey. “I look forward to working closely with governments, regulators, and all of our stakeholders to realize this vision.”
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