K2 Integrity, a leading compliance, investigations, and monitoring firm, announced today that it has partnered with Diem Networks US to establish an industry-leading financial crime compliance framework.
The press release shared by K2 Integrity states that the company is planning to develop innovative solutions for the Diem Networks US Financial Intelligence Function (FIF). The FIF has been developed to secure the Diem Payment Network (DPN) from illegal financial activities.
The blockchain-based payment system developed by Diem Networks US has been designed to make payments faster and cost-effective. According to the company, Diem’s FIF prevents illegal activities through efficient financial crime risk management tools.
Commenting on the partnership, Stuart Levey, Chief Executive Officer of Diem Networks US, said: “Designing a framework that sets high financial crime compliance standards have been one of the Diem project’s top priorities, and this is an area where we are continuing to innovate. We are excited by this opportunity to partner with K2 Integrity, a team that has a wealth of experience in this space and is respected internationally for their leadership on anti-money laundering and counter-terrorist financing (AML/CFT) issues.”
Diem Association currently has 26 members including Coinbase, Xapo, Temasek, Spotify, Ribbit Capital, Blockchain Capital and Uber.
K2 Integrity is providing solutions to protect clients from risks related to illicit financial activities. During the latest announcement, the company mentioned that Mariano Federici, Managing Director at K2 Integrity, will act as the initial FIF Head. “We are proud to be partnering with Diem Networks US to continue developing innovative FIF solutions and supporting Diem’s financial crime risk management program. Diem’s financial crime compliance framework, which is focused on protecting the integrity of the DPN and the financial system, is setting a high bar for the virtual asset industry,” Juan Zarate, Global Co-Managing Partner at K2 Integrity, commented on the latest partnership with Diem.
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