Robinhood, which is expanding its offering of services through Linkedin, is looking to hire several Sanctions Investigators to help it finance crime compliance unit.
The job description involves reviewing and analysing alerts for potential matches of Robinhood customers and denied parties, managing and reporting the investigative process from initial detection through disposition and report, annotating findings, providing proof of evidence, and elevating any matches that are not resolved to Sanctions Investigation Management and any positive matches to Sanctions Office.
Robinhood, a standalone wallet app, offers brokerage services. It allows users to trade or swap crypto without network charges.
According to reports, Brokerage app’s hiring sanctions investigators may be connected to the launch of self-custody wallets by the firm. This will be made public in the coming months.
The job description states that the position requires at least two years’ experience in investigating financial crimes and one year in investigating cryptocurrency transactions. “Chainalysis Experience” is welcome, but not essential.
The New York Department of Financial Services slapped a $30 million fine on the Brokerage app company in August.NYDFS).
According to Blockchain.News the sanction came after the regulator found that Robinhood Crypto had violated many extant regulations including the Bank Secrecy Act, Anti-Money Laundering Act (AML), transaction monitoring inadequacies and failures to make provisions for cybersecurity regulation.
After a supervisory inspection and subsequent investigation, the regulator stated that it had discovered the flaws in Robinhood Crypto’s operating models.
Superintendent of Financial Services Adrienne A. Harris stated that as the Brokerage firm grew, it failed to “invest the proper resources and attention to develop and maintain a culture of compliance—a failure that resulted in significant violations of the Department’s anti-money laundering and cybersecurity regulations.”