Our client, a start up payments company is seeking to recruit a Compliance Officer. The role will report into the Board of Directors. The role monitors whether the Company complies with its license conditions and applicable Maltese and EU regulatory requirements, advises the Board and management, and reports material compliance issues promptly.
Duties include:
- Maintain the Compliance Policy, regulatory obligations registration and compliance risk assessment
- Assist in policies preparation
- Prepare a risk-based annual Compliance Monitoring Plan for Board approval and carry out or oversee the planned reviews
- Test whether policies, procedures and controls are adequate and operating effectively, document findings and follow corrective actions to closure
- Monitor compliance across merchant acquiring, card-payment acceptance, credit transfers, instant SEPA payments and related payment-processing arrangements.
- Cover the main regulatory areas relevant including governance, safeguarding, own funds, outsourcing, regulatory reporting, complaints, record keeping, passporting, operational resilience and DORA
- Review the compliance impact of new products, material changes, new markets, merchant categories, contracts, systems and outsourcing arrangements before implementation
- Monitor regulatory developments, carry out gap assessments and ensure that required changes are assigned and tracked.
- Maintain a regulatory reporting and notification calendar and oversee the accuracy and timeliness of submissions within the compliance remit
- Identify, record and escalate regulatory breaches and advise whether notification to the MFSA or another authority is required
- Act as a main compliance contact with the MFSA and respond promptly and accurately to regulatory enquiries and inspections.
- Provide practical compliance guidance and training to directors, management and staff.
- Report to the Board at least quarterly on compliance risks, monitoring results, breaches, regulatory changes, overdue actions and resource needs.
- Immediately escalate any material breach, control weakness or matter that could affect the license, clients, reputation or regulatory standing.
- Prepare the Annual Compliance Report required by FIR/03. It must include the Board-approved Compliance Monitoring Plan and its results, together with the regulatory breaches identified and their status.
- Attend Board meetings when compliance matters are discussed and ensure significant unresolved concerns are properly recorded.
- The Compliance Officer works closely with the Managing Director, Head of Operations, Risk Manager, MLRO, and internal and external auditors while keeping independent judgment and separate responsibilities.
Requirements
- Candidates must hold strong regulatory compliance experience within the financial sevrices industry ideally holding experience within a financial insitition
- Candidates must be PQ'd by the MFSA or be eligible to be Pq'd
- Strong compliance experience in regulated financial services, preferably payment institutions.
- Sound knowledge of the Financial Institutions Act, the MFSA Financial Institutions Rulebook, payment-services regulation, safeguarding, outsourcing, governance, regulatory reporting, DORA and relevant AML interfaces.
- Local experience is a must for this role
- Experience in dealing with the local regulators is required
- Excellent communication in English is required
Education and experience
- Relevant professional qualification or degree in compliance, law, financial services, risk, accounting or a similar field.
