1st Formations Ltd is a leading UK company formation agency, now expanding into seamless business accounts and payment solutions for newly incorporated clients. As a distributor of an e‑money licence from a licensed entity, we are committed to delivering compliant financial services that empower startups from day one. Join us as we scale this exciting new venture.
Role Overview
We are seeking an experienced and proactive Head of Compliance & MLRO (Money Laundering Reporting Officer) to lead our compliance function, own financial crime prevention, and ensure seamless integration with our chosen 3rd‑party e‑money ecosystem. This senior leadership role will be pivotal in establishing and maintaining a robust compliance framework as we launch payment services.
Key Responsibilities
* Strategic Leadership & 3rd party compliance: Develop and implement a comprehensive compliance strategy aligned with FCA regulations, Money Laundering Regulations 2017 (MLRs), PSD2/PSD3, Electronic Money Regulations 2011, Consumer Duty, and the 3rd party’s distributor requirements. Act as the primary liaison with the 3rd party for compliance oversight, e‑money programme adherence, pre‑approvals (e.g., FinProm), and demonstrations of processes/systems.
* AML/CTF and Financial Crime Prevention: Serve as the MLRO, leading the identification, assessment, and mitigation of money laundering, terrorist financing, and other financial crime risks. Oversee Suspicious Activity Reporting (SARs) to the NCA and/or our 3rd party, conduct enhanced due diligence (EDD) on high‑risk clients, and maintain a dynamic risk assessment framework.
* KYC/KYB Integration: Collaborate with our Onfido‑powered verification processes and introduce other tooling to ensure seamless onboarding for new businesses, ongoing transaction monitoring and PEP/sanctions screening.
* Regulatory Reporting and Audits: Prepare and submit regulatory returns as required by our 3rd party, manage internal and external audits, and respond to regulatory enquiries. Ensure timely updates to policies in response to evolving threats and legislation.
* Policy and Procedure Development: Design, implement, and maintain compliance policies and procedures in line with the requirements from our 3rd party, plus training programmes for staff, emphasising financial crime awareness and ethical standards.
* Risk Management: Lead the business‑wide financial crime risk assessment, integrating with broader business risks, and advise the Board on emerging threats in the payments and e‑money space. Incorporate the business‑wide risk assessment into a wind‑down plan as required by the 3rd party.
* Team Building and Culture: Recruit, mentor, and lead a small compliance team, promoting a "compliance by design" culture across the organisation.
* Stakeholder Engagement: Build relationships with external partners (e.g., the 3rd party, Onfido, legal advisors) and represent the company in industry forums on compliance best practices.
Essential Qualifications and Experience
* Proven experience as an MLRO or senior compliance professional in a FCA‑authorised firm, ideally within payments, e‑money, or fintech (e.g., EMI, PI, or distributor models).
* In‑depth knowledge of UK AML/CTF regulations, FCA Handbook (SYSC, SUP, etc.), and e‑money frameworks under the Electronic Money Regulations 2011.
* Track record of managing SAR regimes, financial crime investigations, and regulatory inspections, with experience in high‑volume onboarding environments.
* Bachelor's degree in Law, Finance, Business, or a related discipline; professional qualifications such as CAMS, ICA Diploma in AML, or ICA Advanced Certificate in Financial Crime Prevention are highly desirable.
Skills and Competencies
* Strong analytical and problem‑solving skills, with expertise in risk‑based approaches to financial crime.
* Excellent communication and influencing abilities, capable of presenting complex compliance matters to non‑experts (e.g., Board, clients).
* Proficiency in compliance tools and tech (e.g., transaction monitoring systems, RegTech solutions) and a keen interest in leveraging AI/ML for KYC/AML enhancements.
* High integrity, resilience, and a hands‑on approach suitable for a scaling startup environment.
* Ability to thrive in a hybrid setting, with occasional travel to London HQ and partner sites.
* Experience with 3rd party distributor models (e.g., Modulr, Railsr/Payrnet or similar e‑money platforms).
* Knowledge of data protection (UK GDPR), Consumer Duty and APP Fraud regulations in a B2B context.
* Previous exposure to startup or SME‑focused financial services.
What We Offer
* Competitive salary and performance‑based bonus.
* Comprehensive benefits including pension, private healthcare, and 25 days' annual leave.
* Flexible hybrid working model to support work‑life balance.
* Opportunity to shape a new division in a dynamic, entrepreneurial company.
* Professional development budget for certifications and training.
* Collaborative culture with equity potential for senior hires.
Apply Today
If you're a compliance leader passionate about financial crime prevention and excited to drive innovation in business payments, we'd love to hear from you. This is a great opportunity to join an established organisation at an exciting time of growth, where you can be instrumental in the day‑to‑day decision making for a game‑changing solution.
We encourage applications from diverse backgrounds and are committed to inclusive hiring practices. 1st Formations Ltd is an equal opportunities employer. All appointments are subject to background checks, including regulatory references.
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