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Robinhood is looking for a sanctions investigator to expand compliance team

Robinhood is looking for a sanctions investigator to expand compliance team
Robinhood is looking for a sanctions investigator to expand compliance team

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Robinhood, one of the largest and most popular brokerage apps, has announced plans to hire sanctions investigators. The investigators will play a crucial role within the brokerage’s finance crimes compliance unit.

Robinhood hires sanctions investigators

The planned hires to be made by Robinhood revolve around the compliance status of self-custody wallets. The company plans to release these wallets in the coming months. Self-custody wallets have been contentious in the regulatory scope, which could explain why Robinhood wants to ensure that it is compliant.

The self-custody wallet, Robinhood Wallet, is an app on Apple’s App Store. The app is currently in the beta phase. It will enable users to trade and swap cryptocurrencies without paying the network fees.

The brokerage firm is now looking for a sanctions investigator that will help ensure that the wallets and their usage remains compliant with the existing regulations. In the job post, Robinhood said that the sanctions investigator needs over two years of experience handling investigations related to financial crimes.

The investigator should also have at least one year of experience investigating cryptocurrency transactions. The post also added that “Chainalysis experience” would be an added advantage, but it was not mandatory.

The individual that takes over this position will be responsible for reviewing and analyzing the alerts about possible matches of customers at the exchange with the denied parties. The individual will also manage the investigation process from when it was first detected, disposed and reported.

The other responsibilities include publishing findings, proof of evidence, and giving final decisions on matters. Any issues the sanctions investigator cannot handle will be directed to the Sanctions Investigation management team.

Robinhood went public with its plans to launch a self-custody wallet earlier this year. At the time, the co-founder and CEO of Robinhood, Vlad Tenev, said, “With our web3 wallet, we’re building a product that will satisfy the most advanced DeFi believers while creating a secure on-ramp for those who are just starting out in crypto to go deeper into the ecosystem.”

Robinhood’s focus on compliance

The decision by Robinhood to ensure compliance with this new product is not surprising because the investigator has been at loggerheads with regulators in the past. Earlier this year, the brokerage platform was slapped with a $30 million fine in New York.

The New York State Department of Financial Services accused the firm of failing to comply with anti-money laundering and cybersecurity laws. The regulator also added that Robinhood failed to provide a dedicated phone number on its website for taking customer complaints, showing its lack of compliance with consumer-protection measures.

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