Facebook seeks more experts to ensure Libra is regulatory compliant

Facebook’s digital currency wallet Calibra is seeking to hire appropriate expertise, in a bid to please global lawmakers and comply with all regulatory requirements.

The social media giant wants to organize a new team that will work with “compliance,” which will ensure that the company’s activities abide by the current laws and regulations, CoinDesk reported.

According to Facebook’s career website, of the 47 jobs related to Facebook’s blockchain, more than half (27 vacancies) have been opened for Calibra alone. The jobs ranged from “Head of Compliance” to “Head of Fraud.”

In addition, the networking site also wants to onboard a specialist who will “lead the identification and analysis of our regulatory requirement and create policies, procedures and controls to ensure Calibra is fully compliant with all sanctions requirements,” the job description stated.

The candidate is expected to coordinate with Sanctions Legal, Policy, and other teams and engage with industry, government, or regulators.

Facebook is also looking for a skilled banking executive who will be responsible for anti-money laundering (AML) matters. The candidate is expected to ensure that the policies of Calibra “are designed to comply with BSA [Bank Secrecy Act]/AML related laws and regulations globally.”

As CoinDesk noted, the new hires aim to help the company create trust in its network. Just recently, Facebook has hired lobbying firm FS Vector in the wake of increased regulatory pushback on its proposed cryptocurrency, Libra. The Washington-based firm, which describes itself as regulatory compliance, public policy, and business strategy advisory firm, will reportedly help Facebook on “issues related to blockchain policy.”

Notably, the recent moves appear to be contrary to Facebook’s earlier announcement that Libra may never see the light of the day. In fact, the Libra Association, Libra’s governing body, has now opened its Libra Bug Bounty Program to the public to reward security researchers who can uncover bugs and vulnerabilities up to $10,000.

In a press release, Michael Engle, Libra Association’s Head of Developer Ecosystem said, “We want to help our researchers uncover issue while the Libra Blockchain is still in testnet and no real money is in circulation.”

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