Money Laundering Reporting Officer (MLRO) and Senior Legal Counsel

Hyperwallet is a rapidly growing international payment services provider, and a recognized industry innovation leader. We provide efficient, quick and cost effective payments solutions for a wide range of companies, touching millions of payees. Further to its global expansion strategy, Hyperwallet is seeking an experienced, hands-on individual to serve as MLRO and Senior Counsel for its new European subsidiary, Hyperwallet Systems Europe Limited (HWEU).  

In their primary role as MLRO, the individual will be a key participant in the development of HWEU’s financial crime programme and, on an ongoing basis, will have primary day-to-day oversight and management responsibilities of such program. Additional responsibilities will include ensuring that HWEU and its employees are complying with local regulatory requirements and internal policies and procedures, and to provide assurance to the HWEU Board, senior management, and Global CAMLO that HWEU remains in compliance with all relevant regulatory and financial crime requirements.  

In addition to their primary MLRO responsibilities, the individual will provide legal research, policy, and contract support related to a variety commercial and operational matters in connection with HWEU’s business including advising on E-Money, payment services, data protection and other regulations in UK and EU jurisdictions.

This key compliance role will be located in our London, U.K. office and will report directly to the HWEU Managing Director. The position may include direct managerial responsibility.   

Key Duties and Responsibilities

As MLRO

• Initial development and ongoing enhancement of the financial crime risk management strategy and compliance programme covering anti-money laundering, terrorist financing, bribery and corruption pursuant to regulatory obligations of an authorised e-money and payment services institution.
• Ensuring that HWEU’s financial crime risk programme is consistently and correctly executed, and, in collaboration with Hyperwallet’s Global CAMLO, strive for continual improvement of related policies and procedures in alignment with regulatory standards and Hyperwallet’s Global Financial Crime Program.
• Provide primary oversight of the ongoing administration and maintenance of HWEU’s regulatory and license obligations required of an authorised e-money and payments services institution including oversight of onsite audits, meeting reporting requirements, and establishing and maintaining favourable regulatory relationships.
• Maintain HWEU’s financial crime risk assessment as a component of Hyperwallet’s global risk assessment process.
• Approve HWEU’s high risk accounts/customers and, generally, provide guidance and expertise throughout the due diligence process on corporate clients and individual payees in line with the Hyperwallet’s compliance policies and procedures.
• Provide thoughtful consideration and feedback of new products from a regulatory and financial crime risk perspective and, where appropriate, achieve competitive advantage (through knowledge and application of regulatory standards and practices).
• Reviewing internal sanction/embargoes/PEP screening controls to ensure alignment with local regulatory standards.
• Providing training to HWEU employees including senior management on financial crime compliance awareness, specifically AML/CFT, KYC and e-money and payment services regulations and best practices; maintain training records.
• Conduct investigations and submitting required suspicious transaction reporting, as required. Prepare and maintain investigation records and related documentation in accordance with regulatory requirements and internal record retention policies and procedures.
• Provide regular and ad hoc reporting and presentations on compliance matters directly to the Managing Director.
• Maintain a detailed working knowledge of current and proposed FCA and European rules and regulations, and UK/EU financial crime related legislation; propose enhancements to relevant policies and procedures, as appropriate.  
• Collaborate with the Global CAMLO and compliance operations team in the ongoing maintenance and enhancement of Hyperwallet’s Global Financial Crime Program and related controls.
• Any other tasks/projects as assigned.

As Senior Counsel

• Research and advise on regulatory matters, and develop operational best practices to facilitate HWEU compliance with E-Money, payment services, data protection and consumer protection laws
• Daily interaction with sales groups, customers, prospects, and financial network partners in negotiating contract terms to reflect the services offered and appropriate risk mitigation provisions are in place.
• Work closely with Product and IT in the development and launch of new products and services to ensure compliance with applicable laws and maximum value to customers and the Company.
• Write, review, edit and negotiate a variety of legal documents, including contracts, policies and procedures
• Advise on employment law and legal dispute resolution matters with respect to UK and EU matters
• Monitor and update senior management with regards to new business laws and regulations.
• Assist with general corporate legal work
• Any other tasks/projects as assigned.

Experience/Competencies

• 5-7 years of relevant experience in a similar position preferably in a bank or European e-money and payments services institution, financial technology services company, or law firm advising on E-Money and payment services regulations.

• Strong working knowledge of European and UK anti-money laundering, anti-terrorism, and e-money and payment services institution regulatory requirements including specifically AML, CFT, KYC, STR and PEP-related regulations, rules, and guidelines.
• Strong ability to understand, analyze, translate, and communicate regulations into clear and concise policies and procedures.
• Meaningful experience interacting with industry regulators preferred.
• Strong organizational and time management skills.
• Clear and concise communication (both spoken and written).
• Proficiency in MS Word, Outlook, Excel and PowerPoint.

Education

• University degree in Law, Economics, Finance, or relevant area required
• Licensed and admitted (in good standing) to practice law in UK and/or EU jurisdiction(s)
• Certified Anti-Money Laundering Specialist (CAMS) or similar financial crimes compliance certification strongly desired

More about Hyperwallet

At Hyperwallet, our goal is to simplify the payout process to the world’s independent workforce and provide workers with freedom, independence, and control of their careers. Hyperwallet’s user-friendly payments platform and global settlement network enables businesses to distribute funds to 170+ countries in more than 150 currencies. Our range of flexible payout options includes local bank deposits, international wire transfers, branded prepaid and virtual cards, custom checks, cash pick-up services, and pay to existing card capabilities. With offices in San Francisco, Vancouver, Austin, and London (2016), you can learn more about Hyperwallet at http://www.hyperwallet.com

Email applications to ywu@hyperwallet.com