Tether will handle compliance …

Former head of anti-money laundering at Canadian bank to tackle Tether’s compliance

Tether Ltd. hired Leonardo Real, former head of money laundering control at Canada’s fourth largest bank, Bank of Montreal, as Compliance Officer. The company announced this in a press release on Thursday..

“We are pleased to introduce Leonardo as Director of Compliance. He joins us in transforming the aging financial system, ”said CEO of Tether Ltd. Jean-Louis van der Velde.

Tether issues USDT tokens, which are in demand by cryptocurrency traders and backed by real US dollars in the company’s accounts. However, some community members still have doubts about the latter statement. Litecoin creator Charlie Lee previously suggested that USDT and their holders could face a sad ending if regulators intervened.

According to a press release, Leonardo Real was previously in charge of legal affairs at several financial companies. At Bank of Montreal, in addition to preventing money laundering, he was involved in the development of policies and procedures that are “compliant with regulators.”.

Tether will handle compliance ...

“Joining Tether as a COO is an extremely exciting step for me personally. I am especially impressed with the motivation, dedication and talent of the Tether team. I look forward to showing Tether my commitment to transparency and regulatory compliance in the blockchain and cryptocurrency space, ”said Tether’s new director of compliance..

Earlier, Tether published a report on the state of its bank accounts, according to which all of its USDT tokens as of June 1 of this year were backed by fiat reserves. At the same time, the auditing law firm Freeh Sporkin & Sullivan, LLP noted that the submitted document cannot be considered a full audit.