Citigroup Seeks Bitcoin Professionals to Tackle Money Laundering

Citigroup, a New York-based financial-services giant, is looking for Bitcoin professionals to strengthen its anti-money laundering team.

As advertised on Linkedin’s job board, the company is looking for a Vice President and a Senior Vice President to explore risks associated with money laundering in Bitcoin, and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

To apply for the latter position, “knowledge of cryptocurrency and bitcoin monitoring” is a must.

Moreover, for both positions, the company is asking for the so-called Bitcoin Professional Certification. Though it is not mandatory, having this certification will boost potential candidates' chances for the position.

According to the ad, the Senior Vice President “will support the Global Head of AML Monitoring Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term-Emerging Risk by identifying, analyzing, and implementing AML transaction monitoring risk programs related to developments in cybersecurity, cryptocurrency, and emerging payment technologies, products, and methods.”

However, the requirement of Bitcoin Professional Certification is odd, as unlike other certifications on the financial domain, it is far less credible. Anyone can be a certified Bitcoin professional by taking a number of courses on the internet, offered by groups like the Cryptocurrency Certification Consortium. Usually, this type of certification would include a two years course followed by a 20-minute test.

Other than Citigroup, no other firm on Linkedin’s database is seeking professionals with a Bitcoin Professional Certification.

Citigroup’s bias against crypto

Similar to other Wall Street mammoths, Citigroup is also hostile towards the booming cryptocurrency sector. Earlier this year, the firm joined JP Morgan Chase and Bank of America to ban its customers from purchasing cryptocurrencies using the bank-issued credit cards citing the risk issues of the nascent sector. The Indian wing of the bank went a step ahead and barred the use of both its credit and debit cards for all crypto-related transactions.

Moreover, Citigroup did not follow its market counterparts like Goldman Sachs and Morgan Stanley to immediately clear Bitcoin futures trades for its clients.

According to Ryan Taylor, CEO of DASH, this move by Citigroup indicates that the firm is seriously looking at risks surrounding the nascent market for digital currencies.

“The job ads are intentionally vague. They are either identifying risk to eliminate certain profiles [or trying to] cut ties with riskier activities…,” Taylor told Business Insider.