Ex-DOJ, Capital One Exec to Lead Compliance at Crypto Payments Startup C Labs

C Labs, the company working on Celo, is bringing on former DOJ official Jai Ramaswamy to head compliance.

AccessTimeIconNov 26, 2019 at 10:00 a.m. UTC
Updated May 9, 2023 at 3:04 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

The company working on mobile-friendly cryptocurrency payments tool Celo has hired a former U.S. government official and bank executive to head up its global regulatory, risk and compliance matters.

C Labs has recruited Jai Ramaswamy to bring his extensive anti-money-laundering (AML) and financial crime detection experience to the firm, the company announced today.

  • Key Events You Shouldn't Miss at Consensus 2024
    02:13
    Key Events You Shouldn't Miss at Consensus 2024
  • What to Expect From Consensus 2024
    11:19
    What to Expect From Consensus 2024
  • Will Solana and Altcoins Dominate the Market Next?
    13:29
    Will Solana and Altcoins Dominate the Market Next?
  • What's Next for FIT21?
    07:15
    What's Next for FIT21?
  • Ramaswamy was most recently the head of enterprise risk management at Capital One, where he focused on the bank’s international risk exposure. Before that, he was managing director and global head of AML compliance risk management at Bank of America. 

    “I’m interested in helping [C Labs] understand its overall risk profile,” Ramaswamy said. 

    Prior to his stint in the private sector, Ramaswamy was the chief of asset forfeiture and money laundering at the U.S. Department of Justice, where he led the prosecution of financial institutions for money laundering and sanctions violations.

    He represented the DOJ on illicit financial issues affecting national security, including engagement with the U.S. Treasury Department, law enforcement, the intelligence community and financial regulators. 

    He also led the DOJ's efforts to monitor virtual currency use by transnational criminal organizations and to prosecute the facilitation of criminal activity by exchanges.

    This experience gives C Labs the advantage of being able to understand not only the DOJ but also the many different U.S. financial regulators that work with the DOJ to tackle financial crime, Ramaswamy said. 

    “The industry is trying to figure out how to deal with this technology in ways that traditional regulation has potentially not thought about or where principles have to be extended in areas that are somewhat novel,” he said. "There’s always a give and take in extending rules that exist over new tech versus thinking through a new regulation that‘s required.

    C Labs has attracted notable talent before. It added Circle’s former head of financial institution partnerships Chuck Kimble in February as head of strategic partnership, and former Ripple general counsel Brynly Llyr joined in the same role in September. 

    There are more than 60 contributors to the Celo project internationally, including the World Bank Group and the UN; tech firms like Google, Square, Microsoft and Apple; financial companies such as PayPal and Morgan Stanley; and academics from MIT, Stanford, Harvard and Berkeley.

    The company has raised $25 million from venture capitalists.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.