A recent survey in 2020 revealed that organizations all over the world incurred expenses amounting to almost $213 billion for the purpose of financial crime compliance. The need for compliance in crypto has been clearly evident in view of the role of cryptocurrencies in financial services. As a result, aspiring blockchain professionals and many other candidates seek the top crypto compliance jobs to establish their careers.
Estimates have suggested that financial institutions in the developed markets also invest around $45 million to $48 million annually in AML compliance. The same would be applicable in the case of crypto compliance, and you must prepare to capitalize on emerging opportunities. The following discussion serves you an outline of the best crypto compliance jobs you should pursue now.
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The Need for Crypto Compliance
The search for top cryptocurrency compliance jobs might encourage some people to think of the possible reasons to search for the jobs. Conventionally, the domain of cryptocurrencies and AML compliance have been represented as completely different entities. However, the higher rate of adoption in crypto has brought some concerns along with promising value advantages.
Digitization has helped in boosting the adoption of virtual currencies for different transactions. On the other hand, the broader adoption of crypto does not shadow the darker side of the crypto market. Many criminal activities like money laundering and financing for terrorism have been affecting the underbelly of the crypto world.
A research paper has recently revealed that the crypto market is responsible for $76 billion worth of illegal activities annually. On top of it, criminals successfully laundered around $2.8 billion in 2019 by leveraging crypto exchanges. The necessity for most in-demand crypto compliance jobs gained momentum after criminal agencies leveraged the complexity of crypto compliance regulations to their advantage. Crypto transactions ensure anonymity of parties involved in the transactions, thereby widening the scope for criminal activities by leveraging cryptocurrencies.
Existing State of Crypto Compliance
Cryptocurrency compliance basically points to the requirements illustrated in the AML cryptocurrency regulations. However, the introduction of more regulations calls for additional emphasis on crypto compliance. On the other hand, crypto compliance tools and services can help companies dealing with crypto assets in dealing with the multiple regulatory environments and related concerns.
The demand for best cryptocurrency compliance jobs has skyrocketed with the rising demand for effective and better anti-laundering measures. As of now, the Financial Action Task Force or FATF serves as the ultimate authority for monitoring international standards to fight terrorism financing and money laundering activities.
One of the recent developments in the field of crypto compliance refers to the fifth anti-money laundering directive or AMLD at the beginning of 2020. Interestingly, the sixth anti-money laundering directive was introduced by the end of 2020. The sixth AMLD outlined different offenses pertaining to tax crimes, self-laundering, cybercrime, and environmental crime. Therefore, organizations put up advertisements for most in-demand cryptocurrency compliance jobs to ensure that their operations follow the latest crypto compliance regulations.
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Top Crypto Compliance Jobs
The importance of crypto compliance and the recent developments in the same domain showcase impressive reasons to look for crypto compliance jobs. However, you might look for answers to “What are the highest paying compliance jobs?” in your pursuit of crypto compliance jobs. At the same time, it is also important to note that the salary for crypto compliance jobs would depend on your skills and experience. On the other hand, a clear impression of the top jobs in crypto compliance can ensure that you select suitable options for your career. Here is an outline of the top roles in crypto compliance for you.
1. KYC/AML Compliance Analyst
The first entry among top crypto compliance jobs available right now would focus on the role of KYC/AML compliance analyst. The KYC/AML compliance analyst must have an organized and detail-oriented approach to supporting crypto exchanges in ensuring end-to-end KYC onboarding.
Compliance analysts should also take charge of institutional onboarding accounts through comprehensive review and interpretation of corporate documentation. The verification of individual and corporate documents helps in identifying the ownership structures and nature of the business.
A KYC/AML compliance analyst must also take care of sanctions or screening and review red flags. The compliance analyst must also implement adverse media searches and due diligence processes whenever required. Another important responsibility of the compliance analyst focuses on reporting latest trends to compliance management teams frequently alongside conducting transaction analysis.
2. Chief Compliance Officer
The Chief Compliance Officer is also one of the best crypto compliance jobs on an executive level. A Chief Compliance Officer has to support an organization in developing a comprehensive and top-in-class compliance framework. The Chief Compliance Officer or CCO must work as a key advisor to the management team regarding improvements in existing compliance frameworks and controls.
The CCO also takes over the responsibility of implementing and monitoring the investment advisory compliance program aligned with regulatory precedents. Generally, the requirements for most in-demand crypto compliance jobs like the Chief Compliance Officer are also advanced according to the responsibilities. Candidates aspiring for this crypto compliance job must have around 5 to 7 years of professional experience in guiding the compliance efforts of financial or blockchain-based companies.
The CCO must also have a comprehensive understanding of regulatory compliance frameworks suited for the registered investment advisors or RIAs. Most important of all, the Chief Compliance Officer must have the capabilities to work along with the compliance, business, legal, finance, and operations units of the firm. As an integral part of the management team, the Chief Compliance Officer role is one of the best cryptocurrency compliance jobs for experienced professionals.
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3. Security and Compliance Architect
The next entry among in-demand crypto compliance jobs would draw the limelight on the role of security and compliance architect. The security and compliance architect is a senior job role that focuses on developing and implementing security best practices. At the same time, the job also focuses on streamlining compliance alongside reducing risk throughout the organization.
As one of the top cryptocurrency compliance jobs, the Security and Compliance Architect role focuses on safeguarding the blockchain network or application community. Candidates aspiring for the role of security and compliance architect must have hands-on technical skills and extensive leadership experience. The work of Security and Compliance Architect would focus primarily on offering information alongside enabling operational security policies within the team and decentralized community.
4. Crypto Facilities Operations Associate
The list of answers to “What are the highest paying compliance jobs?” would also include the role of a Crypto Facilities Operations Associate. The operations associate works in an executive role with an emphasis on driving growth alongside ensuring smooth functioning of crypto facilities platform. An operations associate for crypto facilities management also focuses on maintaining due diligence of network operations.
The candidate must maintain updated industry knowledge alongside the latest information on company policies and compliance regulations. At the same time, the operations associate must also ensure that transaction reporting and other operations in the crypto facilities management process follow the required regulations.
5. Cryptocurrency Compliance Manager
The outline of top crypto compliance jobs would also point to the job of a cryptocurrency compliance manager. As the name implies, the cryptocurrency compliance manager must ensure compliance of the crypto network operations with relevant regulatory requirements, laws, policies, and procedures. The compliance manager must have strong fluency in the domains of blockchain surveillance and AML regulations.
One of the primary responsibilities of the compliance manager focuses on managing blockchain monitoring and transaction screening processes. The compliance manager must also carry out in-depth compliance assessments in the case of complicated legal and compliance issues. In addition, the cryptocurrency compliance manager must also support the regulatory investigations pertaining to blockchain surveillance and crypto transactions.
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6. Chief of Staff Compliance
The executive-level jobs in crypto compliance also include notable mentions like the Chief of Staff for compliance. As one of the most in-demand cryptocurrency compliance jobs available right now, the Chief of Staff Compliance role is actually a top pick for senior executives.
The Chief of Staff (compliance) would work as an extension of the Global Compliance Head of a crypto exchange or firm. One of the significant highlights in the role of the chief of staff for compliance would focus on serving as an information funnel or filter for the Global Compliance Head.
Candidates aspiring for this role in crypto compliance must develop comprehensive familiarity with the regulatory requirements and authorities in the US and Europe. At the same time, you would also need professional experience in the different compliance operations alongside audits and regulatory assessments.
7. Senior Fraud Analyst
The role of a senior fraud analyst is also one of the notable additions among best crypto compliance jobs for you right now. The Senior Fraud Analyst would work on assessments for identifying, reviewing, making decisions, and reporting on fraudulent activities. You would have to serve as a subject matter expert with an intelligence-based approach suited for identifying high-risk activities.
Candidates who want to become senior fraud analysts must have experience in fraud detection and risk management for crypto assets. Most important of all, the candidates for the role of senior fraud analyst must have experience in regulatory investigations and crypto compliance verification.
8. Compliance System Data Analyst
The Compliance System data analyst is another top entry among best cryptocurrency compliance jobs with technical roles. Compliance system data analysts must work on developing and maintaining the tools required for supporting automated regulatory reporting.
In addition, they must also work on developing and maintaining reporting tools for law enforcement agencies. Another crucial responsibility of a compliance system data analyst refers to creation of new compliance metrics for addressing new requirements.
On top of it, the compliance system data analyst must have the skills to work in collaboration with compliance data scientists to generate new ideas or refine the existing ones. Candidates need a strong background in statistical concepts alongside data warehouse development and a formidable interest in crypto compliance.
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9. Legal and Compliance Attorney
The most in-demand cryptocurrency compliance jobs would also include completely legal roles. The legal and compliance attorney for a crypto firm or exchange qualifies as one of the most comprehensive job roles. Professionals have to work on reviewing, drafting, and negotiating various technology agreements.
The biggest responsibilities of a legal and compliance attorney focus on facilitating strategic and helpful legal advice for ensuring effective implementation and usage of the technologies. The legal and compliance attorney must also work in unison with the technology team to design, modify, and implement company policies and procedures with legal compliance. Furthermore, the legal and compliance attorney must also lead the legal technology projects with a focus on ensuring consistent legal analysis.
10. Head of Compliance
The final entry among the list of best crypto compliance jobs is the biggest one, i.e., the Head of Compliance. The Head of Compliance plays a critical role in expansion of crypto exchanges while maintaining legal and compliance integrity in all processes. One of the significant responsibilities of the Head of Compliance focuses on developing the internal crypto compliance policies, procedures, and protocols.
The work of the Head of Compliance also involves ensuring compliance with legal precedents and regulatory requirements through the crypto exchange or network. On top of it, the Head of Compliance can also participate in supervision of vendor management processes with an emphasis on risk and compliance.
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The final overview regarding the top cryptocurrency compliance jobs suggests that crypto compliance is a mandatory need. Without crypto compliance, new blockchain-based solutions and crypto exchanges are less likely to earn the trust of users. Therefore, businesses working on cryptocurrencies and blockchain-based solutions need to look for crypto compliance professionals.
Most important of all, you must note that crypto compliance is not a one-man’s job. As a matter of fact, an organization would have to depend on multiple crypto compliance job roles. Why? The complicacies in crypto regulations and compliance requirements have been increasing gradually. Therefore, you can find a suitable crypto compliance job according to your preference and prepare for the same.
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*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!