Although banking group Citi has imposed a near blanket ban on crypto-trading among its investors, it however, is looking for cryptocurrency experts on its team to crack down on money laundering in its own group.
A couple of weeks ago, Citigroup put out a job listing for Senior Vice President, Senior AML Compliance Office on the professional website LinkedIn.
AML stands for Anti-Money Laundering. The Know-Your-Customer (KYC) process carried out by banks and cryptocurrency exchanges, is a procedure to prevent money laundering on these sites.
The description read, “The Senior Vice-President, Senior AML Compliance Officer-AML Emerging Risk, will be a subject matter expert responsible for knowing, advising on and influencing how the relevant and applicable laws, rules, regulations, and Citi policies relate to these emerging payment methods. The successful candidate will possess the skills needed to identify and assess current and emerging compliance and regulatory risks, and will be a thought leader and contributor to cross-business initiatives related to AML Transaction Monitoring, including emerging risks in new technology projects.”
The post added, among other qualifications, a potential candidate must have knowledge of cryptocurrency and bitcoin monitoring and having a certified bitcoin professional certification, would be “a plus.”
In February this year, after Finance Minister Arun Jaitley’s statement on cryptocurrencies, Citi India was one of those banks that issued a notice to its customers asking them to refrain from purchasing cryptocurrency with debit cards.
The statement had said, “Given concerns, both globally and locally, including from the Reserve Bank of India, cautioning members of the public regarding the potential, economic, financial, operational, legal, customer protection and security-related risks associated in dealing with bitcoins, cryptocurrencies and virtual currencie, Citi India has decided to not permit usage of its credit and debit cards towards purchase or trading of such bitcoins, cryptocurrencies and virtual currencies.”
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