Libra Association hires Credit Suisse exec as chief compliance officer

The Libra Association – the group that oversees the Facebook-backed stablecoin project – has hired Credit Suisse executive Sterling Daines to serve as its chief compliance officer.

According to a statement published Wednesday, Daines currently serves as global head of financial crime compliance for Credit Suisse, where he also holds the title of managing director. He will leave Credit Suisse "and join the Libra Association later this year," the group said. The hiring was first reported on June 9 by Finews.com.

Daines previously worked in roles at Goldman Sachs and Deloitte Financial Advisory Services, and also consulted for the U.S. government, including the Financial Crimes Enforcement Network (FinCEN).

"I am pleased to join the Libra Association as it works to transform the digital payment space to empower billions of people," Daines said in a statement. "A critical element of achieving this mission is to ensure we are building a safe, compliant, and reliable platform for all users, which I look forward to significantly contributing to."

Daines's hiring is the latest from the Association that signals a significant focus on compliance. It hired HSBC's chief legal officer, Stuart Levey, as its chief executive officer in mid-May, and later that month, it tapped a former FinCEN director to serve as general counsel.