Jump to content
The_Phoenixed_Banker

Thoughts from an Ex-Banker-VP of Tech

Recommended Posts

4 minutes ago, zenkert said:

Hey @Amigo he has only posted one Post.
Why say - I know you don´t post often?

Language has be taken care of, carefully.
It might be the key to further conversations, used correctly.

Hey, let's criticize the right person here!  That was me who said that, @Amigowas just quoting me. 

And, to clarify, when I said "I know you don't post often" I was referring to the fact that he/she said, "I normally never, ever post on forums and this will literally be the second or third time that I have."  Sorry for the confusion.

Share this post


Link to post
Share on other sites
1 minute ago, XRPeteSampras said:

Hey, let's criticize the right person here!  That was me who said that, @Amigowas just quoting me. 

And, to clarify, when I said "I know you don't post often" I was referring to the fact that he/she said, "I normally never, ever post on forums and this will literally be the second or third time that I have."  Sorry for the confusion.

Ooops. Sorry!

Share this post


Link to post
Share on other sites
31 minutes ago, zenkert said:

I agree @Khaleesi It is a MUST read.

This from Ripple insights;

https://ripple.com/insights/compliance-at-ripple-labs/

Our commitment to compliance

As the team expands, it’s also specializing. The additions of individual BSA and AML experts will allow Antoinette to assume full time duties as our Chief Compliance Officer while Karen Gifford will leverage her network to focus on external regulator relationships as Special Advisor of Global Regulatory Affairs.

“As a company operating at the intersection of technology and finance, it’s imperative that we intimately understand our role as an innovator in a developing space,” Antoinette O’Gorman, Chief Compliance Officer at Ripple Labs, said. “Not only do we have the responsibility to uphold the rules and regulations of an industry, we have a responsibility to set the right example,” she added. “We don’t take this lightly.”

Antoinette has spent over 15 years as a compliance professional for banks with a focus on anti-money laundering (AML) issues, recently serving as an AML consultant with Promontory Financial Group. As Chief Compliance Officer, she oversees Ripple Labs’ day-to-day regulatory needs, developing and implementing AML and compliance strategies as we bring new products to market.

Department developments

Ripple Labs has steadily been building out the team. Recently, we welcomed Bank Secrecy Act (BSA) Investigations Manager Carolyn Dicharry and BSA Manager Mike Bombace to the team.

Carolyn has a wealth of experience in the industry, having worked at Wells Fargo and money transfer firm Sigue Corporation, where she managed the AML programs of over 300 money services business agents. At Ripple Labs, she manages AML transaction monitoring, investigations, and Suspicious Activity Report (SAR) filings processes.

Mike joins us from Citi where he was the Global AML Advisory for New Payment Method Products. As BSA Manager at Ripple Labs, he is responsible for managing BSA program requirements including our Customer Identification Program (CIP), customer due diligence (CDD), AML training, and control testing.

Share this post


Link to post
Share on other sites
7 hours ago, The_Phoenixed_Banker said:

Hello Everyone,

Long time lurker and first time poster here.  I decided to make a post that I believe will help the community better understand the banking landscape... 

Excellent Read, i really enjoyed it and i think your input was very insightful to the community. Looking forward to future posts.

Share this post


Link to post
Share on other sites

Boom!  We have a new star in the firmament..     :) 

@The_Phoenixed_Banker you have done a great job of explaining the situation to those of us outside the field.  Your insider understanding, and your clear writing style make me really look forward to any additional inputs from you. 

Edited by Tinyaccount
Spellink

Share this post


Link to post
Share on other sites

@The_Phoenixed_Banker Great First post! 

Having been on the other side of dealing with financial institutes, I can agree with the rigor of scrutiny placed on your organisations compliance, how much pressure can be applied to make changes and the willingness to move you on as a customer if you cannot meet the deadlines (This has been the case with some of my previous companies competitors).

What I think is important to point out with your post is the three companies you mentioned that have a chance of entering this space all have parent companies / significant stakeholders in the development and success of the DLT/ Token. Recently being in Thailand - I got first hand experience at how successful Omsie has been, as mentioned to get to this point you need to have a sound regulatory framework.

@The_Phoenixed_Banker You mentioned IBM in relation to Stellar, which is obviously a powerful organisation in any field that uses technology, they currently hold contracts with a large portion of established banks - which can assist in speeding up the on-boarding and networking. 

I would like to get your thoughts on the other major partnership with Stellar. Stellar was originally and I believe still is backed by Stripe which last year was estimated to process about 20billion in transactions. Even though they are a payment gateway for merchants, the integration required with the merchants banking partner would give Stripe significant insights into the the regulatory, compliance and security requirements. However, I dont know how helpful this would be when we are talking about cross boarder payments.

After the 2014 Jed Dump it still pains me to talk of any success for Stellar and as we have seen with his previous business relationships. One sour move and he could destroy the partnership very quickly. I only hold what was given to me as part of the bitcoin / xrp snapshot. 

 

Share this post


Link to post
Share on other sites

I vaguely had the same idea about what it all could look like, but it was like looking through fog.
Your words were the wind that blew most of it away.

Well written, sir.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...