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  • Ripple has posted a job ad looking for a BSA research analyst to monitor activity on the XRP Ledger (XRPL).
  • The San Francisco based company continues to expand and has approximately 20 open positions in various areas.

Ripple continues to grow and, as a result, increases its demand for personnel as well the desire to increase its compliance with regulations. In a recent job ad, the payment solutions company is looking for a BSA research analyst to expand its compliance with the U.S. Bank Secrecy Act (BSA).

According to the official website of the U.S. Office of the Comptroller of the Currency (OCC), BSA is a law that requires financial institutions to cooperate with regulations, supervisory activities and enforcement action to prevent and detect money laundering. Established in 1970, the law allows the OCC to conduct regular examinations of banks, federal savings associations, and others to ensure compliance. Within this framework, the OCC works with the Office of Foreign Assets Control (OFAC) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to enforce the BSA.

Ripple seeks for compliance with US regulations

In that regard, the position posted by Ripple seeks a professional who can “monitor and investigate” activity on the XRP Ledger. In that way, unusual activity sanctioned by the BSA should be detected. The analyst is intended to do a day-to-day monitoring of the activity on the XRPL and, he or she must be trained to investigate and analyze transactions.

Remarkably, earlier this year, Ripple launched a website where users can make reports of unusual activity. There, users can report scams, phishing websites, concerns related to possible BSA violations and any potentially illegal activity. On the website, however, Ripple also clarifies the following:

(…) it is important to understand that Ripple does not own the XRP Ledger and the users of the XRP Ledger are not customers of Ripple. Therefore, Ripple does not have the power to reverse transactions, even in the case of a reported financial loss (ex: theft).

According to the ad, the BSA analyst sought by Ripple will also use analytical techniques to detect transaction patterns on the XRP Ledger, generate reports for FinCEN and other security agencies, and develop tools to monitor transactions and investigate unusual activity. In addition, the applicant is required to have the following skills:

Clearly summarize, document, and communicate findings and recommended action items in a timely manner to compliance management and/or other internal stakeholders when appropriate. Identify any existing gaps and make recommendations to enhance the suspicious activity reporting process and other AML related controls

Finally, the payment solutions company has about 20 open positions at this moment. Ripple is looking for a variety of professionals to expand their operations. The jobs, as can be seen in under this link, range from engineering, integration engineering, legal and product area, among others. The positions are open in San Francisco (United States) and in Tokyo (Japan) through SBI Ripple Asia.

(Excerpt) Read more Here | 2020-09-06 11:16:00

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