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Facebook-Backed Diem Partners with K2 Integrity to Build Financial Crime Compliance Controls

Diem Network U.S

August 12, 2021

Reading Time: 2 minutes

In this new age of financial innovations characterized by digital currency, financial crime compliance is becoming blurry day by day. Because entities often miss what is within the law and against, many are found battling court cases with governments.

It is with this new reality that Facebook-backed Diem has partnered with risk monitoring firm K2 Integrity to build strong financial crime compliance controls. Diem Networks U.S. is outsourcing the service of K2 Integrity to design a framework that will protect Diem’s Financial Intelligence Function (FIF). 

K2 Integrity Bringing its Wealth of Experience to Diem Networks U.S.

Currently, Diem’s Financial Intelligence Function is working with a team in Diem Network U.S. that is in charge of compliance controls. The network is thus moving to K2 Integrity to take up this role. The preeminent risk monitoring firm will lead, support, and build solutions for Diem’s FIF, in a bid to initialize stronger financial crime compliance than the existing one.

According to the CEO of Facebook-backed Diem Network U.S., Stuart Lavery, setting high financial crime compliance standards was one of the firm’s top priorities. Lavery expressed his excitement about the opportunity to fulfill this goal with Diem’s FIF-K2 Integrity project. He precisely appreciated the wealth of experience that K2 Integrity has in financial crime compliance.

Mariano Federici, the managing director at K2 Integrity, is especially an expert in financial intelligence. Federici has significantly contributed to the development of anti-money laundering and counter-terrorism financing (AML/CFT) regulations. He is a leader in Egmont Group, the agency responsible for facilitating cooperation and intelligence sharing between national financial intelligence units.

Federici will be the initial lead of the Diem’s FIF-K2 Integrity project. He will be reporting to Sterling Daines, the chief compliance officer of Diem Payment Network (DPN). 

Facebook Working on Developing Diem Stablecoin

Social media platform Facebook, the entity that backs Diem, is also working on launching a stablecoin called Diem. While doing so, it is also building up support for Facebook Pay. Facebook’s goal for Diem has always been to develop it into a global payments system. Facebook previously downgraded the platform to fund transfers between Facebook users after increased regulatory scrutiny. 

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