VP of Regulatory Compliance
Who Are We?
MerchantE is an innovative, technology-focused company providing a full-service platform to support the payment processing needs for merchants of all sizes, including small business retail shops, B2B wholesalers, and global eCommerce enterprises. We partner with financial institutions, software developers, independent sales organizations, and agents to bring our solutions to market.
Why Join Us?
We’re growing and we’re looking for collaborative, innovative, and hard-working individuals to grow with us! We offer a modern and inspiring work environment where your ideas and contributions are valued. Come experience, first-hand, the impact of your contributions.
The VP of Regulatory Compliance serves as the Company’s designated AML Compliance Officer, in addition to being accountable for all other aspects of regulatory compliance for the Company. This role will lead a small team of analysts and must ensure the Company maintains optimal capabilities around people, process, and technology to effectively identify, assess, manage, and report on regulatory risks. Success in the role will require an individual who is both a seasoned leader and a strong operator who can roll up their sleeves and deliver as part of the team.
Essential Duties and Responsibilities:
- Ongoing development and maintenance of the Company’s AML Compliance Program, as well as other core enterprise-wide regulatory compliance programs/policies including OFAC, SAR, UDAAP and others.
- Develop and maintain an AML risk assessment framework for products and services, clients and customers, and other areas relating to money laundering.
- Maintain an inventory of applicable regulations and an attendant risk register and controls matrix to facilitate organizational compliance with key regulations.
- Develop, maintain, and execute risk assurance testing to ensure enterprise compliance with key regulatory policies and controls.
- Ensure effective processes and procedures are in place to identify customers’ unusual activity and investigate escalations for possible suspicious activity reporting.
- Provide leadership and expertise for regulatory inspections and audits from third-party organizations and make compliance recommendations based on findings. Annually arrange an AML Audit to be conducted by an independent third-party organization.
- Support the development and maintenance of a reputational risk management program as it relates to external reviews and complaints.
- Develop and maintain enterprise-wide regulatory compliance training.
- Support the development and execution of enhanced due diligence for high-risk customer types that present heightened compliance and/or reputational risk.
- Conduct regulatory risk assessments on new vendor relationships in support of the Company’s vendor risk management policy.
- Briefing and reporting to the Executive Risk Committee on regulatory compliance matters and key metrics.
- Bachelors or Master’s Degree in business or equivalent experience.
- Strong background in payments industry with experience in managing applicable regulations including, but not limited to BSA/AML, OFAC, SAR, and UDAAP.
- Experience navigating and responding to audits and inspections from third-party organizations.
- Strong background in developing and executing compliance testing programs.
- Experienced and proficient at authoring enterprise compliance policies and procedures.
- Disciplined approach to managing risk through the use of standard methodologies and tools (e.g. risk assessments; risk registers, control matrices, inventories, process maps, etc.).
- Proficient in identifying and consulting on regulatory risks related to customers and vendors.
- Excellent verbal and written communication skills.
- Experience and effective communicator with c-level management.
- Initiative and creativity with a passion to deliver results.
- Strong proficiency in Microsoft Office 360 (Excel, Word, PowerPoint, and Outlook.)
- Working knowledge of card compliance and credit risk.
- Proficient in mitigating risk while helping the business to drive sustainable growth.