- Ripple is Looking for a Specialist to Handle Customer Due Diligence
- Ripple is Trying to Avoid More Problems With the FinCEN
- Ripple has Already Been Made a Hefty Fine by the FinCEN in the Past
- Ripple XRP is Still Falling Against the USD With Lower Lows on the Way
Ripple News Today – Ripple, the parent company behind the third-largest token, is looking for a specialist that will help them up their game in customer due diligence. This is part of their overall goal to ensure that they remain regulatory compliant. The qualified candidate will report directly to Vanessa Zhang, Ripple’s current senior due diligence manager. The qualified candidate must have experience in matters related to money laundering regulation frameworks in the United States and on a global scale.
Ripple News Today – Ripple is Making Sure the Network is Secure
In their official blog post, they requested;
“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 Ripple employes will screen all the customers for Ripple’s subsidiary, XRP II, LLC. They will analyze data from several sources and tell Ripple whatever they find out, especially if they spot a problem.
“Clearly summarize, document, and communicate findings and recommended action items in a timely manner to compliance management and/or other internal stakeholders when appropriate.”
It’s not a surprise that Ripple is taking more measures to ensure due diligence. In 2015, Ripple was slammed with a $450,000 fine by the United States Financial Crimes Enforcement Network (FinCEN). This action was taken against Ripple and its subsidiary XRP II. They were accused of violating the Bank Secrecy Act (BSA). The regulatory body claims that Ripple did not implement all the required AML policies and they started selling the XRP token without getting the Money Services License like other providers of FinTech services. It wasn’t until 2014 that Ripple started operating with regulatory compliance.
Ripple’s senior vice president of marketing and communications, Monica Long, said that Ripple has been working hard to ensure that they are regulatory compliant. In Long’s words;
“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.”
XRP Price Prediction – Ripple XRP is Still Falling Against the USD With Lower Lows on the Way
While Ripple is trying it’s best to make sure that they are regulatory compliant, they can’t do much for the XRP token. For the last few weeks, XRP has been trading in red with the bearish momentum increasing every day. At the time of writing, the token was trading at $0.231687. This means that it is down by 0.22% against the USD and down by 1.03% against Bitcoin BTC. The trading volume over a 24 hour period was $1,888,270,200 and the market capitalization was $10,448,461,176.