Tether Appoints BMO Anti-Money Laundering Manager as Chief Compliance Officer

Published at: July 13, 2018

Cryptocurrency startup Tether Limited has appointed a former AML Quality Control Manager at the Bank of Montreal (BMO) to lead the company’s regulatory compliance efforts, according to an announcement published July 12.

The company behind cryptocurrency Tether (USDT) has hired Leonardo Real as Chief Compliance Officer. Real was previously responsible for establishing practices, policies, and procedures in accordance with regulatory requirements to improve the quality of Canadian BMO’s anti-money laundering (AML) investigations. Additionally, Real has experience dealing in stocks and futures trading. Real commented on the new appointment:

“I look forward to helping showcase Tether’s commitment to transparency and regulatory compliance within the blockchain and cryptocurrency space. As a longtime advocate of blockchain technology and the integration of cryptocurrencies into the mainstream, I am looking forward to putting my experience in AML and regulatory compliance in traditional financial institutions to use, to ensure that the Tether project can continue its work disrupting traditional industries.”

Tether was founded in 2014 as “the first” blockchain-powered platform which allows the tokenization of fiat-backed digital currencies. Last month, law firm Freeh Sporkin & Sullivan LLP conducted an unofficial audit of Tether’s accounts, where it was discovered that USDT did indeed have enough funds to back each token 1:1 with the U.S. dollar. The question of whether Tether could back all of its tokens with dollars was previously the subject of some criticism and controversy.

After the publication of a study conducted by analysts from the University of Texas, Tether fell under further suspicion for Bitcoin (BTC) price manipulation in 2017 when the BTC price surged to all-time highs around $20,000. The paper claims that “purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices.”

Today an Australian cryptocurrency exchange bitcoin.com.au hired former consulting giant PricewaterhouseCoopers (PwC) executive Ben Ingram as its new CEO. Prior to joining the exchange, Ingram held the position of director in charge of digital strategy at “Big Four” auditor PwC. Ingram’s work at bitcoin.com.au will include both improving the exchange’s trading functionality and focusing on expanding crypto-based financial products into the traditional market space.

Tags
Altcoin
Cryptocurrencies
Tether
Banks
Related Posts
Huobi Lira Onramp to Enable Crypto Trading for Turkish Users
Singapore-based crypto exchange Huobi will launch a fiat gateway for the Turkish lira in late 2019. Huobi’s fiat onramp for lira will be the first fiat gateway launched by a global exchange, Huobi Global claimed during the opening event at the Eurasia Blockchain Summit on Oct. 18. During the inaugural event hosted by Huobi Global, the company also revealed more information about its expansion into Turkey. Specifically, Huobi unveiled the successful establishment of a local team, localized language option, mobile application, exclusive trading fees as well as a detailed strategy for Huobi Turkey. By launching the gateway, Huobi will enable …
Altcoin / Oct. 18, 2019
Tether’s reported bank partner Capital Union shares its crypto strategy
Capital Union, a Bahamas-based bank that reportedly holds a portion of reserves by the Tether (USDT) stablecoin issuer, has been actively involved in the cryptocurrency industry. The banking institution has rolled out crypto trading and custody services to its professional clients as part of the bank's trading desk, a spokesperson for Capital Union told Cointelegraph on Tuesday. “We work with a few selected trading venues and liquidity providers and a handful of custodians and technology providers, which allows us to support a large variety of digital assets as part of our trading and custody services,” the firm's representative said. Capital …
Regulation / June 1, 2022
Tether aims to decrease commercial paper backing of USDT to zero
The major stablecoin company Tether is looking to eventually get rid of commercial paper backing for its United States dollar-based stablecoin Tether (USDT). Tether issued an official statement on Wednesday to deny reports alleging that Tether’s commercial paper portfolio is 85% backed by Chinese or Asian commercial papers and is being traded at a 30% discount. The stablecoin firm called such allegations “completely false,” reiterating that more than 47% of total USDT reserves are now the “United States Treasuries.” In its latest assurance opinion issued in May, Tether reported that commercial paper makes up less than 25% of USDT’s backing, …
United States / June 15, 2022
Singapore Act to License Cryptocurrency Firms Comes Into Effect
Legislation regulating the operations of cryptocurrency firms in Singapore comes into effect today, Jan. 28. The new Payment Services Act will regulate cryptocurrency payments and trading enterprises under some aspects of the regulatory regime that currently governs traditional payment services and require them to hold a license. Crypto payment services must also comply with the Financial Advisers Act, Insurance Act, Securities and Futures Act and the Trust Companies Act. The new rules place crypto services under the oversight of the Monetary Authority of Singapore. The regulator announced in a press release published earlier today that the new framework is expected …
Bitcoin / Jan. 28, 2020
Circle’s USD Coin Sees Major Growth After Market Downturn
As Bitcoin (BTC) and the cryptocurrency market at large experience a major downturn, people turn to stablecoins in an attempt to preserve their capital. Some stablecoins have grown more than others, however. Stablecoin marketcaps are generally expected to increase after a major cryptocurrency market downturn. However, this is not what happened for most stablecoins during the past week. According to data from Coin360, Bitcoin has fallen from a height of nearly $8,000, down to under $4,000 between March 12 to March 13. Bitcoin 7-day price chart. Source: Coin360 USDC market cap sees major growth Jeremy Allaire, the co-founder and CEO …
Bitcoin / March 15, 2020