4 Key Crypto Compliance Skills to Form Your Hiring Bread and Butter
Are you one of the businesses wanting to hone in on a crypto user base predicted to reach 1 billion by the end of 2022? Then, of course, you are in the market for a Compliance Officer clued up to embrace the implications of integrating the use of cryptocurrencies within your business.
From writing the job advertisement to conducting your first face to face interview, having a firm understanding of what’s expected of candidates who specialize in this relatively new and rapidly expanding technology will help prepare you for the hiring process.
Over the next two years, it’s expected that 24% of financial advisers will use crypto to meet growing client demand. Finding the right candidate to meet your businesses compliance needs is as vital as it is challenging.
This article will break down the 4 key skills candidates need in order to grasp Crypto Compliance and work synonymously with the ongoing regulatory landscape as it scales to new foreseen heights.
1. Performance Ability
As the single most important factor when looking to hire a new candidate, knowing how to rate their potential performance ability within Crypto Compliance could be make or break. Applicants must demonstrate deep regulatory knowledge and an aptitude for implementing compliance programs that navigate regulatory requirements, both of which can only be obtained with adequate training and study. A strong indicator of such experience would be shown through getting certified by organizations such as the International Compliance Association (ICA), Chartered Institute for Securities and Investment (CISI) or the Association of Certified Anti-Money Laundering Specialists (ACAMS).
A typical Compliance Officer has a background in legal or finance, with a bachelor's degree or higher to validate their commitment to the field. However, there will be an innate confidence in a candidate’s abilities that can only come from a certain amount of experience, even without obtaining a degree. As the individual in charge of hiring, it’s to your own discretion as to the number of years experience required to fit the role, once taking all other personal and professional considerations into account.
The International Compliance Association (ICA) has outlined the variation of pay scales for compliance-related roles, based on the nature of responsibilities attached to each.
When it comes to hiring for roles within Crypto Compliance, it’s in your best interest to make additional considerations when it comes to someone’s broader industry knowledge as well as business acumen.
You might additionally wish to know they understand the complexities of crypto and blockchain technology, are familiar with the intricacies of setting regulations and sanctions, and are keeping on top of developments within the marketplace.
Such information isn’t as straightforward to discover without first engaging in conversation with a person. In the age of Web 3.0, the entire internet is being used as a platform. Prospective candidates are proving their interests and industry knowledge through shared media. LinkedIn being the frontrunner. It can be the most helpful fact-finding tool to help assess eligibility long before a first response email is ever sent.
It can easily link you to a person’s opinions on a topic through articles they have published on blogging platforms, social media and their own websites, as well as give you a clear outlook on the communities they are a part of, and how engaged they are with current affairs within the crypto space.
3. Willingness to Learn
Compared to traditional, centralized banking, crypto is still a relatively new concept. Its widespread understanding and use continues to develop, as do the regulations that govern it. A strong interest and propensity to learn should therefore be vital.
Being seen as a thought leader on regulatory and policy developments within the business requires an openness to flexibility and adapting to changes dependent on the state of the global economy. This is certainly not a field for a rigid mindset to flourish.
Working as a Compliance Officer goes beyond being able to communicate through daily duties. If you want your business in safe hands, you need someone to lead it forward with confidence.
Whilst upholding necessary duties like advising the business on remediation of compliance issues, it’s important to look for certain interpersonal qualities in your new recruit:
▪ Accountability over one’s own actions. Being self-aware and owning up to mistakes made in order to prioritize getting the business back on track.
▪ Humility, empathy and sensitivity toward others, particularly when it comes to acting as a liaison or contact for examinations, internal audit and external audits of the BSA (The Bank Secrecy Act)/AML (Anti-Money Laundering) compliance programs and responding to exams and audit concerns.
▪ Integrity, an ethical approach, and practice effective cross-cultural communication.
▪ Resilience under adversity and added pressures that may come with the role.
▪ Positive attitude and vision for the future, in which teammates, collaborators and MLROs (Money Laundering Reporting Officers) across your organization’s wider network can get on board with.
The world of compliance is changing
Hiring for specialist positions within the scope of Crypto Compliance is a relatively new endeavor. As crypto evolves and more regulations are introduced across the globe, a number of newly invented positions will be created to pervade the need for unified compliance. It’s crucial to have a team of highly skilled professionals primed for such an undertaking.
Who are we?
Ospree is a global digital asset compliance platform. We allow companies to quickly implement and manage their key Anti Money Laundering compliance requirements from a single platform. Today, Ospree serves crypto asset managers, neo-banks, payments companies, and other financial institutions across Asia, Europe and Oceania.
To find out more, please contact our sales team.