Tanya Abrosimova
Independent Analyst
- The fintech startup posted a job ad for a financial security specialist.
- The new employee will join Ripple's BSA team.
The San-Francisco fintech startup Ripple is looking for a BSA research analyst to spot and investigate suspicious activity on XRP Ledger.
The company is looking for an investigative analyst in the recently posted job ad to join the Ripple's Banking Secrecy Law (BSA) compliance team. The company expects that a new team member will be on the lookout for any existing shortcomings in the compliance procedures and prepare recommendations on improving the reporting on suspicious activity and strengthening the anti-money laundering processes.
Apart from that, the analyst is expected to monitor Ripple Ledger on a daily basis, analyze the transactions, and prepare the corresponding reports to the regulatory and security authorities, including FinCEN.
According to the job posting, the candidate will also be required to:
Work closely with Engineering, Product, and Data teams on efforts to enhance monitoring tools and identify data usage for effective monitoring and investigations and assist the Senior BSA Investigations Manager with ad-hoc projects.
BSA was established in 1970 by U.S. Office of the Comptroller of the Currency (OCC). According to the regulator's website, BSA is a law that provides an anti-money laundering to the financial institutions and requires them to cooperate with the regulatory and enforcement authorities to prevent and detect money laundering.
While Ripple will investigate XRP ledger issues if requested, the company notes that transactions are irreversible. The company emphasizes that it does not have the right to cancel a transaction even in case of the reported theft or other illegal activity, as XRP users Ripple's customers.
The company also explained that XRP users give their consent to share their data with the federal and local U.S. authorities when they send a transaction request. Ripple is also currently looking for a due diligence specialist to join the Bank Secrecy Law compliance team.
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