Citigroup Looking For Certified Bitcoin Professionals To Tackle Money Laundering

Announcements, News | April 19, 2018 By:

Financial services giant Citigroup is looking for bitcoin professionals to beef up its anti-money laundering team.

According to LinkedIn job ads, the New York-based financial-services giant is looking for a vice president and senior vice president for its anti-money laundering division to explore risks associated with money laundering in bitcoin and other cryptocurrencies.

To apply for the senior vice president position, a potential candidate must have knowledge of cryptocurrency and bitcoin monitoring, and having a Certified Bitcoin Professional (CBP) certification, would be “a plus.”

“The Senior Vice-President, Senior AML Compliance Officer –AML Emerging Risk will support the Global Head of AML Monitoring Risk Management-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,” the job ad said. “This role will lead across the AML program, business lines, and regions to assess risks in these areas and to identify opportunities to address these risks within Citi’s AML Monitoring Risk Management program.”

The requirement of a CBP certification is odd, as the qualification is not yet provided by any educational institutions and is only offered by a small handful of organizations. Other than Citigroup, no other firm on Linkedin’s database is seeking professionals with a CBP certification.

Currently, only the Cryptocurrency Certification Consortium (C4) grants this type of certification to individuals. The course is of a two-year duration, and successful candidates need to score over 70 percent in a 20-minute test to be awarded the certificate.

The job ad may indicate a change of position for Citigroup, which has been hostile towards the cryptocurrency sector. Earlier this year, Citigroup was one of several banks that banned customers from buying cryptocurrencies with their credit cards. Citigroup also did not follow its market counterparts, like Goldman Sachs and Morgan Stanley, to immediately clear bitcoin futures trades for its clients.

Ryan Taylor, CEO of Dash Core, said 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,” Taylor said. “They are either identifying risk to eliminate certain profiles or this could be a prerequisite to identifying new opportunities in the space at a later point.”