Diem currency logo on smartphone

In a press release published on 11 August, K2 Integrity announced it has partnered with the Diem Network to create innovative solutions for the Diem Network U.S. Financial Intelligence Function (FIF). FIF was designed to protect the upcoming Diem Payment Network (DPN) from illicit financial activity — the framework will also be implemented by other network participants who are required to maintain financial crime compliance controls. 

Stuart Levey, the CEO of Diem Networks U.S., said that designing a framework that sets high financial crime compliance standards has been one of Diem’s top priorities. This is an area where the company will continue to innovate, which is why they decided to partner with K2 Integrity and leverage its experience in anti-money laundering and counter-terrorist financing issues, Levey explained in the press release. 

As part of the partnership, K2 Integrity’s Managing Director Mariano Federici will act as the initial FIF Head and report directly to Sterling Daines, the Chief Compliance Officer of Diem Networks. The Diem FIF will be used to detect and prevent financial crime on the DPN, working with both DPN participants and governments to deter the use of the platform for illicit purposes. 

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