Deputy Superintendent of Limited Purpose Trusts

The Department of Financial Services (DFS) is seeking a qualified subject matter expert for the Virtual Currency Unit .

The Department of Financial Services (DFS) is seeking a qualified subject matter expert for the Virtual Currency Unit within the Research and Innovation Division. The Deputy Superintendent of Limited Purpose Trusts will be the subject matter expert in certain domain areas, with limitations particularly related to specialized skills around trust-specific issues (e.g., fiduciary considerations) as well as deep technical knowledge around virtual currencies warranted to DFS’ limited purposed trust companies (LPTC)  licensees.

Duties include, but are not limited to:

• Oversees and participates in the examination process for DFS-regulated limited purposed trust companies (LPTCs) and other DFS-regulated Virtual Currency entities, to ensure compliance with relevant laws, regulations, guidance, and supervisory expectations;
• Reviews prior examination reports, and periodic reports submitted by institution(s) to become informed of specific problem areas, overall financial condition, management of institution(s) and to plan examinations;
• Oversees a team responsible for examining assets and liabilities of LPTCs, including verifying accuracy and disclosing risky, concerning, or illegal practices;
• Participates in and provides capital markets expertise on examinations conducted by the Department;
• Supports the build-out of or enhancements to internal policies and procedures related to the LPTC’s supervisory process, such as examination manuals and internal best practices, including as it relates to virtual currency developments;
• Serves as a subject matter expert on trust-specific issues, including related to fiduciary compliance, capital planning, and changes of control, as well as mergers and acquisitions;
• Remains up-to-date on best practices in the examination of financial institutions, including those that deal with Virtual Currency, including skills involving blockchain monitoring and blockchain analytics; transaction sampling for purposes including the validation of transaction monitoring and sanctions screening systems; the verification of claimed Virtual Currency holdings; validation of stablecoin backing assets; auditing of the self-certification of coin listings by regulated companies; and observation of the application of anti-fraud and market-manipulation policies and procedures; and
• Other duties as assigned.

Preferred Qualifications:

• A Bachelor’s degree
• At least ten years of relevant experience in virtual currency, financial regulatory agencies or other government institutions
• Five years of supervisory experience