Compliance Manager

Company Description

Visa is a world leader in payments and technology, with over 259 billion payments transactions flowing safely between consumers, merchants, financial institutions, and government entities in more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive while driven by a common purpose – to uplift everyone, everywhere by being the best way to pay and be paid.

Make an impact with a purpose-driven industry leader. Join us today and experience Life at Visa.

Job Description

Team Summary

Visa is looking for a Compliance Manager based in Singapore to be part of Currencycloud’s Asia Pacific (APAC) Compliance and Regulatory team. Currencycloud is part of Visa Group entities and covers Visa’s regulated payment business within Money Movement Solutions (MMS) in APAC. Currencycloud is also consolidated under Visa Direct which streamlines all of Visa’s cross border payments under one unified branding. The Currencycloud APAC Compliance and Regulatory team serves as a critical partner to the MMS business, providing pragmatic, solutions-oriented advice to ensure that the regulated payment activities within licensed entities in APAC are in line with the local regulatory requirements where the licensed entities are operating in as well as Visa’s group standards. The team is part of the second-line Compliance function within Visa’s Group Compliance.

What a Compliance Manager does at Visa:

Based in Singapore, this position will support the Currencycloud APAC Head of Compliance and Regulatory who is also the Money Laundering Reporting Officer (MLRO) of Visa’s regulated entity as a Major Payments Institution (MPI) in Singapore, covering AML/CFT and Sanctions compliance matters. This position will be reporting to the Currencycloud APAC Head of Compliance and Regulatory based in Singapore and is a newly created position as part of Visa’s expansion plans within the APAC region.

The core responsibilities for this role are as follows:

• Support Singapore MLRO in the development and maintenance of robust AML/CFT and Sanctions frameworks which are in line with the Singapore’s Payment Services Act (PSA) and the relevant subsidiary legislations issued by the Monetary Authority of Singapore (MAS) as well as Visa’s Global Compliance and other International AML/CFT and Sanctions standards. This includes preparation of responses in relation to any request for information from regulatory authorities on a timely basis and/or during regulatory inspections.
• Perform ongoing assessment of AML/CFT and Sanctions controls, including participate in Enterprise-Wide Risk Assessment (EWRA) exercise, review of Transactions Screening and Monitoring logics to ensure that sufficient and robust controls are in place to meet the regulatory requirements as well as in line with market / industry standards.
• Responsible for identification and reporting of suspicious transactions (STR), including maintenance of proper records on all investigations and reviews based on trigger events, transaction alerts or escalation channels, provision of additional information where required by Commercial Affairs Department (CAD) and other law enforcement agencies.
• Support the APAC Client Migration Project upon activation of Singapore license, including preparation of KYC uplift requirements and review of incremental KYC documentations upon submission by relevant clients.
• Perform horizon scanning of AML/CFT and Sanctions legislations, including gap and impact analysis on consultation papers, new circulars, notices etc.
• Handle AML/CFT, Sanctions and other related regulatory audits and ensure that the reviews commensurate with the nature, size and complexity of the regulated activities within the business and the ML/TF risks arising from those businesses; track progress of remedial plans arising from audit and/or regulatory inspection findings.
• Work closely with first-line Compliance function such as the New Business Onboarding (NBO) team who is responsible for Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) at point of client onboarding. Provide relevant and timely guidance and where required, participate in the client review process on a case-by-case basis.
• Provide guidance to the Periodic Review team over clients’ refreshers and provide specific case review support where required.
• Perform AML/CFT related review on banking and network partners, third party service providers etc.
• Address communications and request for information from clients, banking and network partners in relation to AML/CFT matters.
• Develop AML/CFT and other 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/CFT and other related regulatory requirements, ensuring that risks are being adequately managed while balancing business objectives.
• Responsible for comprehensive reporting including local dashboard and metrics reporting.
• Provide support on other Regulatory matters e.g. regulatory submission of returns to the MAS.
• 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 office will be confirmed by your hiring manager.

Qualifications

What you will need:

To apply for this role, we are looking for someone who has bachelor’s degree or higher education qualification and at least 8 years of working experience within AML/CFT compliance functions in the financial / payments industry. Professional AML accreditation preferred. Legal backgrounds are not mandatory but welcome.

We will also seek candidates with the following:

• Good knowledge of Singapore’s Payment Services Act and all relevant subsidiary legislation, especially PSN01 on Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services. Knowledge of other payments regulations across APAC will be advantageous but not necessary.
• Experienced in financial crime risk assessments, investigations and filing of suspicious transaction reports.
• Experienced in policies and procedures implementation including drafting them.
• Ability to provide training on key regulatory considerations to Business stakeholders.
• Strong project management skills and can cope with multiple project timelines including ability to lead project independently.
• Comfortable working across regions and multi time zones – although the role will be autonomous within region, strong collaboration with the Currencycloud Group Fincrime Compliance and Regulatory functions in other regions such as UK and US will be required from time-to-time.
• Excellent communication skills and can provide constructive and clear feedback to queries.

Additional Information

Visa is an EEO Employer. Qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, sexual orientation, gender identity, disability or protected veteran status. Visa will also consider for employment qualified applicants with criminal histories in a manner consistent with EEOC guidelines and applicable local law.