The Money Laundering Reporting Officer (MLRO) is an essential role at Monzo with accountability for the oversight of the design, implementation and enforcement of our anti-money laundering systems and procedures. Reporting to the Chief Risk Officer, as part of our second line of defence Compliance function, we’re looking for a MLRO to act as the focal point within Monzo for the oversight of all activity relating to anti-money laundering and the broader oversight of financial crime.
Monzo is an exciting combination of a bank and tech start-up, started from scratch in February 2015 to build a bank that makes money work for everyone. We’re focused on solving problems, rather than selling financial products, making customers financial life simpler, and giving customers complete control from your smartphone.
While we currently have around 3 million customers, we’re dreaming of expanding around the world, so there are bigger challenges to come!
Combining the learning of some of the fastest growing tech companies in the world, with your own unique approach you will help build an elite world class second line Financial Crime (fincrime) team that fosters our open, collaborative, and inclusive working environment which embraces change and loves to continuously learn. You will enable Monzo to scale into a world-class, diverse and passionate group of people capable of effecting change across the globe.
- Have accountability (as SMF 17) for Monzo’s Financial Crime second line strategy, policies and monitoring programme to protect the business against Money Laundering and Fraud Risk, Internal Fraud and related reputational risk
- Be responsible for the development of industry-leading AML and financial crime compliance, ensuring that we have oversight of the appropriate procedures to follow and implement our policies, controls and regulatory requirements
- Drive the Fincrime Monitoring and Assurance programme, ensuring we maintain and continue to build a proportionate, risk-based culture towards combating financial crime
- Lead and manage a team of financial crime compliance experts in the second line of defence (“the MLRO team”)
- Give guidance and insight, stepping in to assist with operational escalations as necessary from the first line of defence financial crime team
- Make sure that the first line teams are fully aware of all new laws, rules and regulatory requirements pertaining to financial crime, and that the first line teams have appropriate plans in place to comply with these. You’ll also do this in conjunction with our regulatory communications team.
- Liaise with our regulators and law enforcement agencies to proactively identify trends, criminal activity and organised criminal attacks
- Support our Head of Compliance in their efforts to continue to develop a great relationship with our regulators and other 3rd parties
- Be a senior leader in our Risk and Compliance team and an advocate for good risk and governance culture
- Build a strong compliance and anti-financial crime culture through organisational training and awareness programme
- Report to the Board and the Board Risk Committee and prepare reports (including at least six monthly MLRO reports) that communicate all relevant financial crime compliance issues and escalate any key or high risk financial crime issues
- Form part of the second line leadership team, helping to build a high performing partnership with the rest of the organisation
You should apply if you:
- Have significant experience in a complex, financial services firm, or related fintech/payments industry with proven experience operating at an MLRO level
- Have strong operational knowledge in executing and running a sound financial crime program, preferably with hands-on knowledge and relevant regulatory requirements for the UK
- Have proven people management experience
- Are comfortable operating at all levels of the organisation up the Board and Executive, but most importantly you are always ready to roll your sleeves up and get things done
- Can apply AML provisions, including KYC, Sanctions and transaction monitoring to a fast paced and diverse business environment
- Can develop and maintain a network of relevant contacts within national, and where appropriate, international regulatory bodies, law enforcement and professional groups
- Are great at providing effective challenge whilst building strong, respectful relationships
- Have built and led financial crime teams previously and have worked on projects collaboratively in cross-functional teams
- Are comfortable giving oversight and assurance on the prevention, detection and deterrence of financial crime
- Are comfortable working in a fast-paced business and with ambiguity, effortlessly handling volume, detail and complexity, but working and communicating with simplicity
- Are able to build strong working relations with peers, colleagues and with remote based teams with individuals at all levels of the organisation
- Are passionate about technology and what we are doing here at Monzo excites you! You think that banking in the UK needs to fundamentally change and you want to be at the forefront of that revolution
This role is based at our office in London, where you’ll work alongside engineers, banking experts and customer support specialists to build the future of banking.
Our interview process consists of a 20-minute phone interview, a take-home test, and a half-day on-site interview. We promise not to ask you any brain teasers or trick questions.
We offer a competitive salary plus stock options and other benefits.