Regional Head of Compliance, EMEA

  • WorldRemit
  • London, UK
  • Jan 03, 2019
Full time Compliance

Job Description

A broad role, this position has two major functions – firstly the regional management of compliance activities across Europe, Middle East and Africa and secondly, the application of compliance principles to support growth across the region.
The central feature of this role will involve oversight of regulatory compliance and AML and CTF programmes across the EMEA region and fostering a strong culture of regulatory compliance, AML and CTF awareness. The first major responsibility is to maintain the risk assessments across all programmes. They will ensure compliance at all times with all applicable laws and regulations.

The incoming hire will help oversee and manage all Compliance training, record management, current licensing, suspicious activity monitoring, and all exams and audits. Further, they will manage the resolution of issues identified in both the latter. They will also attend to any law enforcement requests. They will partake in reporting, to inform executive management on the status of regulatory compliance. Leveraging the company’s best-in-class practices, they will oversee anti-fraud programmes across the region and roll them out in new countries.

This hire will bring an acute prioritisation to the role - the UK/Europe is the most mature part of the region, Africa, with the pre-approval of the South African Reserve Bank, is growing and the Middle East is unexplored; the priority will be to build this out in continental European, African and Middle Eastern markets. Given WorldRemit’s ambitious growth plan to roll out across many of these countries will necessitate applying for licences, there will be an advisory component to this position. This may include flying out to country to represent WorldRemit to central banks and regulatory bodies and maintaining an excellent, ongoing dialogue with them. Additionally a portion of their time will be dedicated to conducting and overseeing correspondent reviews.

They will inherit and manage a team of ten and by building it out, create capability which frees them to focus on the more strategic and advisory tasks. The Data Protection Officer will report into this person. Whilst this person will immediately assume the responsibilities of the Money Laundering Reporting Officer, they will separately hire a dedicated MLRO to assume those tasks. This will include supporting licence applications, and proactively understanding the direction of compliance and regulations in target markets to support the latter. It also includes influencing global policies, risk frameworks in terms of onboarding new partners, correspondents and marketing campaigns and marketing campaigns (on consumer and data protection issues).

It will be important for this hire to build up strong relationships with the global compliance team, to ensure consistency of processes. They will bring a reputational risk mentality to their daily work and set appropriate processes, including escalation and working with the UK’s Financial Intelligence Unit. They will correspondingly build up strong working relationships with the business continuity team. This hire will strike the right balance between fulfilling all the professional duties of a control function and serving as a counterbalance to business development team, enabling WorldRemit to grow in a sustainable way.
Based in London HQ, the role will involve travel across Europe and the Middle East. 

Summary of required experience & attributes
• Compliance Subject Matter Expertise: Will be steeped in AML/KYC/ /CTF/Consumer Protection best practice and know how to leverage this to enable sustainable growth. Will also understand the compliance governing the consumer finance and foreign exchange industries. Will know how to implement best compliance, audit, and risk assessment practices and resolve outstanding issues. Will be completely familiar with the “three lines of defence” compliance model, as well as conducting correspondent reviews. Familiar with General Data Protection Regulation (GDPR) and Payment Services Directive (PSD2). Able to share and co-create best practice with the broader global compliance team. They may have a recognised compliance diploma.

• Broad Geographical Knowledge: Whilst immediately knowledgeable and experienced in the relevant markets, will have broad knowledge of the international compliance landscape. Has the intellectual agility to rapidly learn new laws and regulations in order to ensure compliance in all relevant territories. Will have a holistic understanding of global and regional compliance initiatives.

• Execution and Implementation: Will know how to implement best-in-class compliance, audit, and risk assessment practices and resolve outstanding issues, as well as conducting correspondent reviews. Will act as a control function to local management, the business development (partnerships) organisation and WorldRemit at large.

• Commercial and Growth Company Mentality: Will be comfortable working in a high-growth environment. Have the commercial acumen to align company goals with compliance best practice. Will be proactive in engaging with regulators in new countries. Able to advise on all compliance aspects and escalate issues accordingly. They will be able to support all other aspects of applying for and maintaining in country licences.

• Gravitas, People and Stakeholder Management: Has the gravitas to represent the firm at the highest levels within regulatory bodies, banks and governments in target countries. Will attract talent and build a team over time. Will act as a control function and a highly-trusted advisor to local management, the partnerships organisation and WorldRemit at large. Will be able to interact and create presentations for a wide variety of stakeholders internally (including but not limited to members of the product, legal, finance and customer service teams) and externally.

• Cultural Fit: WorldRemit is deeply proud of its goal to disrupt an incumbent industry, create commercial success and fulfil a broader social mission. The company is known for its low ego culture, and its high intellectual bar. This hire will bring exceptional subject matter expertise and judgement to the role and have natural gravitas in high-level discussions.