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Ripple Seeking to Enhance Due Diligence of Its XRP II Subsidiary

Tue, 22/09/2020 - 16:00
Ripple Seeking to Enhance Due Diligence of Its XRP II Subsidiary
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San Francisco-based blockchain company Ripple is looking for a due diligence specialist who focus on maintaining regulatory compliance.

The new hire will report to the company's senior due diligence manager, Vanessa Zhang, who landed her job in early 2020.

A skill set

According to a recently posted job offer that describes all of the details of the new position at Ripple, a potential candidate must have profound knowledge of the most important anti-money laundering regulation frameworks:

3+ years of BSA/AML/OFAC experience, with at least 2 years of OFAC sanctions screening experience.

Their perfect candidate will be a certified anti-money laundering specialist with strong data research skills.

Whoever gets the job will be responsible for screening Ripple customers and enhancing due diligence for its XRP II, LLC subsidiary.

It will be necessary to analyze data from multiple sources and communicate findings to Ripple's compliance manager. The posting states the need to be able to:

Clearly summarize, document, and communicate findings and recommended action items in a timely manner to compliance management and/or other internal stakeholders when appropriate.

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A $450,000 fine

Back in 2015, the Financial Crimes Enforcement Network (FinCEN) brought an enforcement action against Ripple Labs and the XRP II subsidiary for violating the Bank Secrecy Act (BSA).

FinCEN claimed that Ripple did not implement "adequate" AML policies and was distributing the XRP token without obtaining a Money Services Business (MSB) license. Ripple was operating without a compliance officer until January 2014.

Monica Long, who is currently serving as senior vice president of marketing and communications at Ripple, claimed that her company was striving to build a compliance program:

We’ve been consistent in our message of supporting a compliant and healthy Ripple ecosystem.

Ripple had to shell out a hefty $450,000 fine to settle with FinCEN.


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