Head of Compliance & MLRO

JR United Kingdom; London; On-site; GBP 60,000 - 100,000; Full time

Job summary

An innovative firm is seeking a Head of Compliance to lead their compliance function and ensure adherence to regulatory standards. In this pivotal role, you will implement effective compliance strategies, manage regulatory relations, and mentor a dedicated team. Your expertise in financial crime prevention and regulatory frameworks will be crucial in navigating the complexities of the financial services landscape. This position offers a unique opportunity to shape compliance practices within a rapidly growing organization, making a significant impact on its success and integrity. If you are passionate about compliance and want to drive positive change, this role is for you.

Qualifications

• Experience leading compliance in a regulated financial services firm.
• Technical qualifications to discharge responsibilities effectively.

Responsibilities

• Lead and manage Compliance and Financial Crime Prevention teams.
• Ensure adherence to FCA regulations and oversee compliance frameworks.

Skills

Compliance Leadership

Regulatory Knowledge

Interpersonal Skills

Policy Development

Financial Crime Prevention

Education

Degree Level Education

CISI Diploma in Investment Compliance

Job description

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Onmo believes that everyone has the right to access, understand and manage their money with confidence. Our ambition is to improve lives by providing better clarity, intelligence and technology to empower every individual in making the smartest financial decisions. We may be young but we have an incredible team in place and big ambitions for the years ahead.

We design our products to help demystify money matters wherever possible, providing customers with more financial control and flexibility in their lives. This helps them get more from what they have, or with smart decisions, make more of the same. It also means people spend less time with the negative aspects of money and more on the positive - enjoying what the world has to offer.

About the Role

As Head of Compliance, you will be responsible for implementing all necessary actions to ensure achievement of the objectives of an effective compliance function and hold SMF16 for the firm. You will monitor and report the results of the company’s compliance and ethics efforts, providing guidance for the Executive Committee and regulated Boards, and employees, on matters relating to compliance.

You will be competent to undertake internal monitoring and assessment and provide assurance for the internal systems across the firm, within agreed timescales in a professional and cost-effective manner. You will be able to identify risks to the business and articulate these in an appropriate manner, record for audit trail and work with teams for mitigation and actions.

As the appointed Money Laundering Reporting Officer (SMF17) you will be the nominated officer for Onmo Money and will act as the focal point for all anti-money laundering activity. You will be responsible for establishing and operating an effective and robust financial crime framework.

The position reports into the Chief Executive Officer and will have direct reports supporting compliance and financial crime prevention activities.

Responsibilities

Management and Oversight

• Hold SMF 16 and 17 functions.
• Lead, manage and mentor 2nd line Compliance and Financial Crime Prevention colleagues.
• Attend appropriate committees, forums and meetings, including ExCo, Executive Risk Committee, ad hoc board meetings.
• Chair relevant committees and forums to oversee Onmo’s Compliance and Financial Crime Prevention.

Compliance & Financial Crime Prevention Duties

• Drive the execution of the business regulatory agenda.
• Provide advice and guidance to 1st line colleagues, senior management and the Board on Compliance and Financial Crime Prevention matters.
• Assess the adequacy and effectiveness of Onmo complying with all applicable FCA, CMA, CCA, OFCOM, and OPBAS regulations.
• Manage all regulatory relations with the FCA.
• Create, publish, monitor and maintain, Compliance and Financial Crime frameworks.
• Mentor other colleagues as and when appropriate.
• Act as the lead on all internal/external regulatory reporting, ensuring that submissions are on-time and accurate.
• Support the design and structuring of new products, services and systems to advise 1st Line on their alignment with regulatory requirements.
• Assess the adequacy and effectiveness of the Policies, Procedures and Processes, developed by 1st line.
• Oversight of the design, execution and delivery of a risk-based compliance monitoring review plan.
• Review and approval of second line reviews prior to issuance to ensure adherence to internal policy and quality standards.
• 2nd line Compliance sign off for approvals as and when required.
• Support the Regulatory horizon/change agenda, ensuring key stakeholders are aware and understand future requirements and associated impact.
• For high impact or thematic changes, to oversee the production of detailed analysis of applicable rules and anticipated impact on Onmo’s business model, governance, policy and procedures and people.
• Where required, completing the Compliance section of a business case for approval for projects and subsequently represent Compliance as key stakeholder.
• Overseeing second line advisory process for accuracy and quality. Acting as the key contact within the Company for escalations.
• Maintaining 2nd line Compliance owned policies and procedures aligned with regulatory requirements and best practice.
• Overseeing the monitoring KYC, AML processes.
• Providing 2nd Line review and feedback on financial promotions.
• Ensuring compliance with relevant anti-financial crime legislation, regulations and guidance. Ensuring compliance with data protection legislation and requirements, including those of the UK GDPR and the Information Commissioner’s Office (“ICO”).

Qualifications

• Educated at least to degree level
• Technical and other qualifications sufficient to allow discharge of responsibilities
• CISI Diploma in Investment Compliance or equivalent

Skills and Competencies

• Significant experience of leading a compliance function in a regulated financial services firm.
• Expert knowledge of relevant FCA requirements and regulatory framework, along with an ability to find, analyse and apply the relevant details as and when needed.
• Previous experience of developing and applying compliance policy.
• Excellent inter-personal and communications skills.
• Experience in a credit card or lending firm.
• Experience of operating within a company that has experienced rapid growth and change
• Current or recent FCA SMF 16 and SMF 17 role.

Under the FCA's Senior Managers and Certification Regime (SM&CR) this role is defined as a Senior Manager Function (SMF). As such you are obliged to adhere to the First and Second tiers of the FCA's Conduct Rules. You will take all reasonable and necessary actions to maintain your status as a Senior Manager. Failure to comply with these Rules could lead to disciplinary actions and the firm will be obliged to inform the FCA of any breach.