Compliance Manager
4 weeks ago
JSS Search are partnered with a household name E-Commerce brand to recruit a Marketplace Compliance Manager. As the Marketplace Compliance Manager, you’ll focus on payments-related relationships and processes (for example, with acquirers and payments service providers (PSPs)). You’ll be developing and maintaining the compliance strategy and relevant policies required to adhere to acquirer and PSP requirements and comply with applicable legislation / regulation. In collaboration with the Compliance Manager, this role will also drive the implementation of compliance controls and will include a broad set of cross-functional tasks to ensure that all personnel are properly trained, processes are scalable, and metrics accurately reported.
We are looking for applicants with financial crime compliance experience within a regulated entity, ideally within a retail/e-commerce marketplace environment.
The Marketplace Compliance Manager’s core focus will be on four key business activities:
- Managing the contractual compliance requirements the company has with its PSPs and acquirers.
- Ensuring the company complies with applicable Marketplace rules, according to contractual and regulatory requirements.
- Managing the relationship with the card provider of the companies co-branded credit card.
- Supporting the company in ensuring it has the right marketplace governance and compliance best practices in place.
What You’ll be Doing
Marketplace Compliance Monitoring
- Ensure that the companies activities comply with all applicable and relevant contractual and/or legislation and regulation in relation to its marketplace, and oversee ongoing compliance with new/changing regulations and requirements relating to marketplace.
- In collaboration with the Compliance Manager, identify financial crime compliance (FCC) vulnerabilities the companies marketplace may be exposed to and implement measures to mitigate or control the risks.
Third Party Liaison
- Ongoing review of contracts with PSPs and acquirers to ensure the company is fulfilling it compliance obligations under applicable regulations, such as the Marketplace Card Scheme Rules.
- Build and monitor against the Marketplace Compliance Framework, identifying areas of non-compliance with third party partners’ obligations.
- Deal with audits and audit requests conducted by and questions from our marketplace third parties (e.g. PSPs and acquirers).
Risk management and governance
- Create, own and drive the end-to-end Marketplace Financial Crime Risk Management Framework (MFCRM).
- Manage the upkeep of FCC Policies, Processes and Procedures for Payments Limited.
- Work with the Compliance Manager to create the financial crime risk acceptance criteria for partners and brands.
- In collaboration with the Compliance Manager, design and implement the company’s Customer Risk Rating (CRR) assessment model. Define parameters of High, Medium and Low risk partners for the company based on factors such as ownership structure, adverse media, political exposure, high risk jurisdictions.
- Define the customer Risk Appetite Statement (RAS) and ensure it is consistently applied across onboarding and KYBP review processes (both periodic and event driven).
- Support teams in keeping the know your business partner (KYBP) process fit-for-purpose and up-to-date.
- Oversee the periodic and event driven reviews of Customer Due Diligence (CDD) based on customer risk rating (High, Medium, Low).
- In collaboration with the Compliance Manager, maintain a PEP Register of all Politically Exposed Persons (PEPs) onboarded.
- Ensure Enhanced Due Diligence (EDD) is conducted on each PEP alongside a periodic KYBP refresh.
- Develop and deliver training to the business for relevant payments compliance areas (for example, Know Your Business Partner (KYBP)).?
Maintain and manage the marketplace compliance risk register
- Ensure all existing and new or potential marketplace compliance risks and issues are logged on the register and communicated to relevant parties.
- Conduct regular reviews of risks and issues and update these where necessary.
- Ensure each risk or issue has a mitigation plan or control(s) assigned to it.
- Track each risk to point of closure evidencing how each risk has been successfully mitigated / closed.
- Ensure evidence for risk closure is full and complete, therefore providing an audit trail which can be verified by the third line of defence (3LOD).
3 Lines of Defence
- Develop and mature the second line of defence (2LOD) by monitoring all applicable areas in relation to marketplace and the co-branded credit card.
- Support the first line of defence (1LOD) in developing and operating their own monitoring and control documentation.
- Work with the Compliance Manager to ensure monitoring activity follows a consistent process
Who We’d Like to Meet
Someone with:
- Demonstrable financial crime experience from a regulated entity.
- Experience working in a retail marketplace environment, specialising in marketplace compliance.
- Experience working or engaging with payment service providers and / or acquirers.
- Experience in risk identification, application of appropriate mitigating controls, and risk management.
- Knowledge of marketplace card scheme rules.
- Attention to detail when reviewing contractual obligations.
- Experience in establishing and executing compliance monitoring frameworks.
- Experience acting as a Subject Matter Expert (SME) for payments compliance queries and initiatives
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