Ripple is Trying to Improve Due Diligence of Its XRP II

Ripple, the renowned San Francisco-based blockchain company, is now looking for a due diligence specialist who focuses on managing regulatory compliance. 

The new employee will report to the blockchain giant’s senior due diligence manager, Vanessa Zhang, who got her job in early 2020.

A Profound Skill Set

As per the recently posted job offer that details all of the information the new position at Ripple holds, a potential candidate must have in-depth knowledge of the most critical anti-money laundering regulation frameworks.

“3+ years of BSA/AML/OFAC experience, with at least 2 years of OFAC sanctions screening experience,” the post says.

The perfect candidate will be a certified anti-money laundering specialist with a robust data research skills set. Whoever gets the job will be responsible for screening Ripple customers and improving due diligence for its XRP II, LLC subsidiary.

The employee will be required to assay data from multiple sources and communicate the findings to the company’s compliance manager. The posting states the need to be able to ‘clearly summarize, document, and communicate findings and recommended action items in a timely manner to compliance management and/or other internal stakeholders when appropriate.’

A Hefty $450,000 Fine

Back in 2015, the Financial Crimes Enforcement Network (FinCEN) issued an enforcement action against Ripple Labs and the XRP II subsidiary for breaching the Bank Secrecy Act (BSA).

FinCEN argued that Ripple did not apply ‘adequate’ AML policies and was distributing the XRP token without getting a Money Services Business (MSB) license. Ripple was functioning without a compliance officer until January 2014.

Monica Long, who is currently the senior vice president of marketing and communications at Ripple, said that the company had tried hard to build a compliance program: “We’ve been consistent in our message of supporting a compliant and healthy Ripple ecosystem.”

Ripple had to pay a sturdy $450,000 fine to settle with FinCEN.


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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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