Purpose of the role:
The Risk Manager/ Deputy Money Laundering Reporting Officer post is a key senior role within the Legal and Compliance team. It is responsible for ensuring that Mayfly’s business has systems, controls and procedures in place that identify, measure and manage business and ML/TF risks. This will involve developing, coordinating and monitoring the effectiveness of Risk and AML/CFT controls applicable for its licensed activities.
The post holder will be responsible for providing sound risk and regulatory advice to Mayfly’s Compliance team and Board of Directors on all matters relating to business and AML/CFT risk. They will have a deep understanding of crypto-asset risks and investigation methods and drive the business wide understanding and mitigations of those risks.
The role will be directly accountable as the nominated officer pursuant to the requirements of the Proceeds of Crime legislation, Terrorist and other crime restrictions and any relevant secondary legislation, as well as any requirements established by the relevant regulators. They will take a proactive role in assessing business risk, legal and regulatory compliance, identifying potential weaknesses and initiating measures to rectify them.
The position will be based in the Isle of Man, but some travel will be required.
Key Responsibilities/ Duties:
- Act as Deputy MLRO for the company with special responsibility for driving Crypto related process improvements and business wide knowledge.
- Identify areas of money laundering risk, developing and implementing corrective action plans for resolution of problematic issues, as well as launching initiatives to counter those risks
- Assist the MLRO in developing the detective and preventive control frameworks and installation roadmap in accordance with the company’s risk framework
- Review and recommend any changes to the current internal practices, measures, procedures and controls relevant to the prevention of money laundering and terrorist financing
- Undertake enhanced due diligence and customer ongoing monitoring monitor the effectiveness of controls
- Help develop and integrate Enterprise Risk Management (ERM) approaches across the business
- Proactively engage risk owners to monitor and report risks
- Monitor the application and effectiveness of risk management processes
- Periodically review risk policies, procedures, reporting templates and frameworks
- Help drive risk informed decision making.
Key Working relationships:
Reporting directly to the MLRO/HoC:
- Primary relationships with Asia Compliance, HVC/VIP team, AFS, Contact Centre and Payments
- Close relationships will be built with Brand Managers, CRM, Marketing, Affiliates, Business Intelligence, Development & Engineering and more
- Strong relationships will be required with key service providers and their applicable leads.
Person Specification, skills, Experience and qualifications:
- Strong communication skills with the ability to communicate and gain the respect of all levels of management and staff
- Fundamental knowledge of AML/CTF concepts and advanced knowledge of how these apply to crypto currencies
- Knowledge of both Isle of Man regulations and international best practices relating to business risk management
- Functional qualification (ICA, ICSA, enterprise risk management, ISO, and/or financial audit)
- Strong attention to detail to ensure all documentation, reports and filings are accurate
- Knowledge of FATF Recommendations and best practices
- Ability to work under pressure and in a fast-paced environment
- A strong track record of delivering on strategy and key initiatives
- Strong sense of what's right and wrong and willingness to challenge and escalate as required
- Able to work as part of a team and independently
- Able to handle pressure
- Fluent in English (addition Mandarin language skills would be welcome)
- Based in or relocation to IOM
Working Hours:
- 40 hours per week which may include evening and weekend work