Compliance Lead/MLRO

Location Malta
Discipline: Compliance, Regulatory
Contact name: Robert Sultana

Contact email: [email protected]
Job ref: 15494
Published: 4 months ago
The Compliance Lead/MLRO will formally report to the Board of Directors. The selected candidate shall work alongside the Compliance Lead in the UK and be responsible for designing, implementing, running and overseeing all regulatory and card scheme compliance activities within the company; as well as leading the firms financial services licensing process in Malta and in due course fulfilling the function of MLRO and Compliance Officer for the Europe operation.

The selected candidate shall be responsible in ensuring that the business achieves and maintains compliance with all current and future MFSA requirements in all areas of responsibility; together with the responsibility for all aspects of the company AML and CFT frameworks in relation to its activities. The selected candidate should either be PQ and MFSA approved (or in the process of). The MLRO must have all the necessary knowledge to meet the authority’s regulatory requirements and the skills to understand how to best apply such requirements.

Key Responsibilities:
  • The Compliance Lead / MLRO will lead all internal operations and will have the following responsibilities:
  • Act as Head of Regulatory Compliance and Money Laundering Reporting Officer (MLRO) for the company branch (Europe).
  • Be the main point of contact for liaising with the Central Bank of Malta, Malta Financial Services Authority (“MFSA”) and Financial Intelligence Analysis Unit (“FIAU”) and other relevant bodies in connection with AML/CFT matters.
  • In the pre-authorization phase, act as primary contact for the MFSA for the company's authorization and related activities, ensuring: Activities are within the scope of authorization, Compliance with regulatory requirements and operation of the Compliance Monitoring Programme.
  • Open and cooperative communications with the MFSA
  • Timely reporting to the board on matters of regulatory compliance.
  • Continuing personal ‘fitness and propriety’ Design, implement and maintain the Company’s AML, CFT framework and compliance monitoring programme.
  • Prepare and submit all of the relevant regulatory reporting to the MFSA, Central Bank of Malta and FIAU.
  • Be responsible for carrying out risk assessments, in line with the company’s policies and procedures, measuring the threats and vulnerabilities of the company’s operations for money laundering and terrorist financing.
  • Be responsible for maintaining an up-to-date customer risk assessment process.
  • Monitor the MFSA & FIAU website for the release of revised standards and guidance.
  • Lead and manage all relevant aspects of any audits or visits from the MFSA or FIAU.
  • Develop an effective AML compliance culture.
  • Conduct internal AML audits on a regular basis.
  • Keep abreast with any regulatory and AML legislative changes.
  • Be responsible for the implementation of both a customer due diligence and customer acceptance policy.
  • Be responsible for a transaction monitoring programme within the AML / CFT / Financial Crime framework.
  • Be responsible for the monitoring of transactions, whilst investigating and analysing suspicious activity. They shall consider such reports to determine whether a suspicious transaction report is to be submitted to the FIAU and/or authorities concerned.
  • Maintain training programmes and documentation to ensure that staff are aware of the most recent developments and mandatory training is delivered to staff in relation to compliance and AML matters.
  • Oversee the systems, processes and policies related to client funds safeguarding.
  • Ensure the company operates within card scheme regulations where relevant.
  • Keep abreast of compliance regulations and practice, and inform company executives, management and other personnel as relevant.
Your experience and background:
  • You have a strong background in the Payment and/or E-Money Industry, and have proven experience in scaling a multi-site organisation as well as a demonstrated ability to both lead and build the capabilities of a driven, bright, diverse team.
  • 7+ years industry experience in financial services, especially the cards and payments sector, with 5+ years in a senior risk and compliance role.
  • Have relevant qualifications / training in relevant financial services compliance.
  • Qualifications in Prevention of Money Laundering and Combating Terrorist Financing or related subjects coupled with a sound knowledge of EU AML Directives are required.
  • Have a strong working knowledge of the Maltese regulatory and AML framework.
  • Have demonstrable in-depth knowledge of relevant financial services legislation, card scheme regulations, data protection, and other relevant regulation.
  • Have demonstrable in-depth understanding of practice and typologies of financial crime, money-laundering, data and identity theft and best practice for managing these risks.
  • Ability to balance business priorities with compliance imperatives yet act independently and without influence of others in the organisation.