Sanctions Investigator Positions Opened at Robinhood

American financial service provider and brokerage firm Robinhood is hiring Sanctions Investigators for its financial compliance unit as it is looking at expanding its offerings.

In the coming months, Robinhood would officially be releasing self-custody wallets. Therefore, the Sanctions Investigators will be linked to compliance which involves such self-custody wallets.

“We’re looking for more growth-minded and collaborative people to be a part of our journey in democratizing finance for all,” the post stated

The Robinhood Wallet which is a standalone self-custody app available on the Apple store is in the beta testing phase. It allows users to swap, transfer and trade cryptocurrencies with no network fee required while giving the users full control of their digital assets on the Polygon network. 

Generally, the Sanctions Investigators will manage all aspects of investigations including the in-depth analysis of internal and external data sources. The hires would be responsible for reviewing, analyzing, managing, and escalating all sanctions-related issues, especially in terms of compliance. 

On a daily basis, the hire is expected to evaluate alerts of potential matches of Robinhood customers to denied parties, lead the investigative process from initial detection to disposition and reporting, and interpret findings providing proof of evidence and a final decision amongst other responsibilities. At the end of the day, he is expected to escalate any true positive matches to the Sanctions Office.

In terms of background and ability, the Sanctions Investigators must possess at least two years of experience in a financial crimes investigation position. Additionally, the hires should have more than one year of experience in investigating cryptocurrency transactions. Possessing Chainalysis experience is an added advantage for the published positions. 

Robinhood Layoff 23% of Employees

Earlier, Robinhood joined other crypto firms that were on a layoff spree amidst the prevalent extreme market conditions.

In April, the trading platform laid off 9% of its employees. Shortly after in August, Vlad Tenev, Co-Founder and Chief Executive Officer of Robinhood announced that the previous layoff was not enough, therefore Robinhood mentioned another 23% layoff.

This retrenchment exercise happened around the same time that Robinhood was fined $30 million by the New York State Department of Financial Services (NYDFS) for its involvement in violating regulations related to cybersecurity, anti-money laundering, and consumer protection.