Tether Hires Anti-Money Laundering Specialist as Chief Compliance Officer
Cryptovest
Published Jul 12, 2018 01:41PM ET
Updated Jul 12, 2018 02:00PM ET
Tether Hires Anti-Money Laundering Specialist as Chief Compliance Officer
Tether Ltd. recruited former anti-money launder quality control manager Leonardo Real as Chief Compliance Officer (CCO). Real, whose previous position was at Bank of Montreal, will be responsible for managing regulatory compliance issues within the organization. The company behind the USDT cryptocurrency announced its new appointment in a press release this Thursday .
“We are all very excited to introduce Leonardo as Chief Compliance Officer at Tether, as he joins us on what has already been a remarkable journey to date disrupting the legacy financial system,” said Jean-Louis van der Velde, CEO of Tether Ltd., in the announcement.
Tether (USDT) is one of the few alt-coins claiming to be backed by fiat money. The company behind the currency claims that they hold $1 in for every USDT in circulation. However, this claim has been challenged by other crypto experts, including cybersecurity expert Tony Arcieri, who published a detailed report in January.
Much of the controversy surrounding the cryptocurrency revolves around its association with the crypto exchange Kraken, and claims that Tether was used to manipulate Bitcoin’s prices to create the Bitcoin spike in December of 2017.
Tether’s new appointment comes after the company has repeatedly denied such claims in the past half year. Leonardo Real’s previous experience includes positions within the finance and funds compliance industries. According to the press release, at Bank of Montreal, Real was in charge of establishing policies and procedures “in line with regulatory requirements”. More importantly, he was also responsible for the quality control of anti-money laundering investigations.
“Joining Tether as CCO is an incredibly exciting move for me personally, and I am particularly impressed by the motivation, dedication, and talent of the Tether team. I look forward to helping showcase Tether’s commitment to transparency and regulatory compliance within the blockchain and cryptocurrency space,” said Tether’s new Chief Compliance Officer.
The press release did not provide specific details on Real’s new position within the company.
This article appeared first on Cryptovest
Get The News You Want
Written By: Cryptovest
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.