FRA strengthens cryptocurrency practice with new director Thomas Hyun

Forensic Risk Alliance (FRA), an independent forensic consulting firm specializing in regulatory investigations, compliance, and disputes, has hired U.S.-based cryptocurrency expert Thomas Hyun as a director in the firm’s global cryptocurrency investigations and compliance practice. Hyun brings to the firm years of experience building and managing anti-money laundering (AML) compliance programs, particularly around blockchain and emerging payment technologies in the digital asset ecosystem.

Hyun has nearly 15 years of experience as a compliance leader. Prior to joining FRA, he served as director of AML and blockchain strategy at PayPal for four years. He established the financial crime policy and control framework for PayPal’s cryptocurrency-related products, including PayPal’s first consumer cryptocurrency offerings on PayPal and Venmo, as well as PayPal’s branded stablecoin.

At PayPal, Hyun led the level 2 AML program oversight for the cryptocurrency business. His responsibilities included establishing financial crime policies supporting the cryptocurrency business, establishing governance and escalation processes for high-risk partners, providing responsible challenge and oversight over level 1 program areas, and reporting to the board and relevant authorized committees on program performance.

Prior to his role at PayPal, Hyun served as the chief compliance officer and bank secrecy officer at Paxos, a global blockchain infrastructure firm. At Paxos, he was responsible for implementing the firm’s compliance program, including AML and sanctions, around its digital asset exchange and asset-backed tokens and stablecoins. He also supported the firm’s regulatory engagement efforts, securing regulatory approvals, supporting regulatory reviews, and ensuring compliance with relevant obligations and guidance related to digital assets.

Thomas has additional experience in payments and financial crime compliance (FCC) matters, having previously served as vice president of compliance at Mastercard, where he served as the special compliance officer for the consumer products portfolio. He also spent more than seven years in the forensics practice at EY, working on a variety of FCC investigations for U.S. and foreign financial institutions.

Hyun is a certified anti-money laundering specialist (CAMS) and a certified fraud examiner (CFE). He graduated from New York University’s Stern School of Business with a bachelor’s degree in finance and accounting. He also serves on the board of directors of the Central Ohio Association of Certified Anti-Money Laundering Specialists (ACAMS).

Commenting on his appointment, Hyun said: “With my experience overseeing and implementing successful compliance programs at varying levels of maturity and growth, I am excited to help our clients overcome similar hurdles and challenges to elevate their financial crime compliance programs, whether in a start-up environment or large enterprises. I am excited to join FRA and use my experience to help clients navigate the complexities of AML compliance and financial crime prevention in this dynamic space.”

FRA partner Roy Pollitt added: “As FRA’s Associate Sponsor for our growing Cryptocurrency Investigations and Compliance practice, I am excited that Thomas will join our ever-expanding team. The rapid evolution of blockchain and digital asset technologies presents both exciting opportunities and significant compliance challenges. Our senior hire of Thomas underscores our commitment to remain at the forefront of the industry by building on our expertise in AML and blockchain strategy.

“Thomas’ extensive experience in financial crime compliance and his proven track record of building risk-based FCC programs in the blockchain and digital asset space will be invaluable as we continue to deliver the highest level of service and innovative solutions to our clients.”

The article, titled “FRA strengthens cryptocurrency enforcement with new director Thomas Hyun,” was originally created and published by International Accounting Bulletin, a brand owned by GlobalData.

The information on this site is included in good faith for general information purposes only. It is not intended to be advice on which you should rely and we make no representations, warranties or guarantees, whether express or implied, as to its accuracy or completeness. You should obtain professional or specialist advice before taking, or refraining from taking, any action on the basis of the content on our site.