Head of Compliance - London, United Kingdom - Currency Solutions

Currency Solutions
Currency Solutions
Verified Company
London, United Kingdom

2 weeks ago

Tom O´Connor

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Tom O´Connor

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Description

Title:
Head of Compliance (SMF16)


Location:
London, SE1 2PD


Salary:
Market leading rates (Negotiable based on experience)


Reports to:

UK CEO

About the company:

Currency Solutions is a global payments and risk management company based in central London.

Being founded in 2003 we are proud to be one of the UK's leading FX companies and serve over 30,000 clients globally.


We are seeking a Head of Compliance with knowledge of both the Regulatory and Financial Crime prevention requirements facing Authorised Payment Institutions (APIs) or E-money Institutions (EMIs), and with experience of working in a fast-paced business environment.

Key responsibilities


Compliance and Risk Management:


  • 2nd Line of defence role independent, in line with SYSC 6.1 of the FCA Handbook
  • SMF16 (role holder must meet the requirements of the "Senior Management & Certification regime")
  • Lead a Compliance team, the size of which to be determined by the role holder (Currently 6+ individuals in the team including the Senior Financial Crime Manager & MLRO
  • Manage both the Regulatory and Banking Relationships
  • Handle the preparation work and management of inspections by the regulator / supervisor
  • Design, implement and lead a robust and commercially focused risk and compliance strategy.
  • Implement and maintain an effective risk management framework that identifies, assesses, controls and reports on key risks.
  • Build out and manage a team of compliance and risk professionals based in the UK and abroad
  • Serve as a member of the Risk Committee and report to the CEO and other directors as required.
  • Maintain and ensure the effective implementation of the company's risk framework including risk policies, risk appetite statement and tolerances as set by the Board, risk assessments, internal control systems and procedures.
  • Design and manage a company Compliance Monitoring Plan and Risk Management Programme to identify, manage and mitigate areas of noncompliance.
  • Prepare regular risk and compliance reporting for review with the senior management.
  • Carry out training for staff on compliance policies and procedures and applicable regulatory matters.
  • Keep up to date on relevant regulatory and industry developments as they affect the CSL and provide advice to senior management on how these developments affect Currency Solutions Limited.
  • Maintain effective engagement with UK regulators and manage the timely reporting of regular and ad hoc regulatory submissions.

Regulatory Developments:


  • Keep abreast of key regulatory changes which may impact on the firm's businesses
  • Ensure the Compliance department has researched and understands key regulations (including, but not limited to, all AML / CTF requirements, PSD 2, MiFID 2, CASS, SYSC requirements)

Industry and Regulatory Relationships / Engagement:

  • Keep abreast of key regulatory changes which may impact on the firm's businesses
  • Ensure the Compliance department has researched and understands key regulations (including, but not limited to, all AML / CTF requirements, PSD 2, MiFID 2, CASS, SYSC requirements)
  • Perform horizon scanning to keep abreast of changes in regulations
  • Attend appropriate industry and regulatory body meetings in order to maintain awareness
  • Provide risk and compliance advice to the business and management on a range of regulatory developments, including process enhancements, new controls and new product developments
Oversight responsibility and managing of the Money Laundering and Reporting Officer, who will carry out the following duties:

  • Overall managing the firm's AML and CFT risks and for ensuring processes are in line with statutory and regulatory requirements and industry guidance.
  • Ensure appropriate policies and procedures are in place to effectively manage AML/CFT risk and ensure that adequate documentation of these is maintained.
  • Carry out training for staff on Financial Crime policies and procedures.
  • Oversee the client opening / onboarding process and ensure it is in line with statutory requirements and industry guidance.
  • Provide information to Senior Management and the Board, including an Annual Report on the operation and effectiveness of AML controls.

Review / Monitoring and Testing:


  • Lead the Compliance monitoring and testing team
  • Identify the risks and develop and execute the Compliance Monitoring Programme within set timeframes and ensure that issues are escalated appropriately
  • Oversee and monitor the implementation of the Global compliance program, including reviewing the compliance program from time to time, in light of changes in the firm's businesses and the law / regulatory requirements

Requirements of the Head of Compliance:

  • MiFID 2 knowledge.
  • An existing Head, a manager or Senior Compliance Professional looking to take the next step up.
  • Experience in working within the Agile framework would be advantageous to however not essential.
  • Academic
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