Tether Appoints New Chief Compliance Officer, Former AML Quality Control Manager at Bank of Montreal
Tether, one of the top crypto companies in the market right now, has recently hired Leonardo Real to assist in setting higher compliance standards in the company. Real is a former Anti-Money Laundry Quality Control Manager at Bank of Montreal and will act as the new Chief Compliance Officer at Tether.
The Chief Executive Officer of the company, Jean-Louis van der Velde, has stated that the company is very proud to accept Leonardo as the new CCO as he has in-depth experience in the management of AML risk in capital markets as well as wealth management. The chief of the company also stated that the new employee had the abilities that were necessary to lead the company to new high standards.
This company provides tokenized assets of government-backed currencies. Basically, it has the same price as the fiat currency and it acts as a cryptocurrency. It was launched in 2014 and it was the first blockchain platform to enable traditional currencies to be tokenized.
Tether holds 1:1 reserves of fiat for all Tether generated in its contract and each Tether is backed by a real asset that can be viewed, verified and checked by interested parties. Real is part of a plan of the company to ensure that this transparency is increased.
About Leonardo Real
Real is an experienced professional in the traditional finance field and compliance industry. In Bank of Montreal, he was the one responsible to establishing the best practices, policies and procedures to be 100% compliant with the laws.
Prior to working in the Bank of Montreal, he was employed by Bridgeforce Financial, a big financial company in Canada. Other professional experience includes working in financial, stock and futures trading.
According to the professional, joining Tether is an exciting professional move as he is particularly impressed by the talent and determination of the Tether team. Also, he looks forward to helping the company when it comes to transparency and regulation.
Real has been an advocate of the blockchain technology for a long time and he believes in the integration of this new technology with the mainstream. He’s hoping that, with his help, Tether can continue to disrupt industries.
Real Will Help Tether To Move Past Controversies
The new CCO of the company can help Tether to past over some recent controversies. They include how the company has recently been accused of not holding 100% of its assets backed by USD funds and when a study suggested that Tether manipulated the Bitcoin price.
The US Commodity Futures Trading Commission has even sent a subpoena to Bitfinex and Tether for lack of auditing of the goods that the company holds.
All these recent controversies indicate that the company might have issues when it comes to transparency and, as it uses fiat currency, the standards for transparency are even higher when it comes to this specific currency and Real will prove to be significant to solve these issues as he has a solid background in the compliance area.
It is certainly still too early to know for sure if this new addition to the Tether team will prove enough to dispel controversies but it looks like the company is moving to the right way to avoid more issues in the future.