Team Summary
Visa is looking for a Head of Compliance for Currencycloud within the APAC region who will also act as the Singapore MLRO for the regulated entity in Singapore. Currencycloud is part of the regulated entities within Visa’s payment business under Visa Direct / Money Movement Solutions (MMS). This role is part of the second-line Compliance function within Visa’s Group Compliance.
What this role does at Visa:
Based in Singapore, this position is responsible for the overall AML/CFT and sanctions compliance of Currencycloud’s regulated business within APAC, including compliance with MAS regulations and global AML/CFT standards, while driving strategic oversight for regional AML programs. This position will also serve as the MLRO of Currencycloud Pte Ltd, a licensed Major Payments Institution (MPI) in Singapore and will be reporting to the Group MLRO based in Ireland. This role will lead a team with members across Singapore, Hong Kong and Australia.
The core responsibilities for this role are as follows:
- Lead the APAC second line AML advisory team, including other regional MLROs, including provision of oversight on the regional AML/CFT framework and programs within APAC region and ensure that the relevant controls are duly incorporated in the framework, policies and programs to meet local regulatory requirements, horizon scanning etc.
- Serve as Singapore MLRO and act as the primary point of contact for AML/CFT and sanctions matters for the Singapore regulated entity, including ongoing maintenance of a robust AML/CFT framework which is in line with MAS Notice PSN01 and other relevant Notices, Guidelines etc. and ensuring that sufficient reviews / QAs are in place that commensurate with the nature, size and complexity of the regulated activities within the business and the ML/TF risks arising from those businesses
- Coordinate and provide responses to AML/CFT and sanctions-related regulatory queries (RFI).
- Provide support to the AP Regulatory Team in regulatory inspections and audits on AML/CFT and sanctions matters.
- Provide decisions over filing of suspicious transactions (STR) and exercise oversight over the STR process, including maintenance of proper records on all investigations and reviews based on trigger events, TM alerts or escalation channels as well as provision of additional information where required by the relevant law enforcement agencies (e.g., CAD, MAS).
- Work closely with first-line Compliance function such as the New Business Onboarding (NBO) team who is responsible for Customer Due Diligence, Enhanced Due Diligence, Periodic Reviews etc. on clients, partners, third party service providers etc.
- Ensure existing onboarding / KYC framework and ongoing screening controls are in place to adhere with global and local sanctions requirements.
- Ensure Group Transaction Monitoring (TM) logics are appropriate and in line with regional regulatory requirements and provide guidance to the TM team over reviews / alerts where required.
- Work closely with relevant functions to address communications and request for information from clients and banking partners in relation to AML/CFT matters.
- Develop AML/CFT and sanctions related training materials and conduct training to the business stakeholders on a regular basis. Maintain all training records and attendance where required.
- Provide accurate and timely advice to the Business over AML/CTF and regulatory requirements, ensuring that risks are being adequately managed while balancing business objectives.
- Drive and lead regional AML risk assessments and ensure alignment with global compliance standards.
- Responsible for comprehensive reporting including local dashboard and metrics reporting
- Regulatory Change Management: Keep abreast of changes in AML/CFT regulations and ensure timely updates to policies and procedures.
- Participate actively in Regional and Global team discussions, including sharing of local practices, updating on regulatory developments etc
This is a hybrid position. Expectation of days in the office will be confirmed by your Hiring Manager.