The Senior Specialist/Compliance Officer (CO) will be responsible for establishing, leading and maintaining the compliance, regulatory and financial crime risk management framework for a licensed Major Payment Institution (MPI) operating under the Singapore Payment Services Act.
The CO will serve as the organisation's designated Compliance Officer and Money Laundering Reporting Officer (MLRO), providing independent oversight of compliance matters and ensuring adherence to all applicable regulatory requirements. The role will work closely with senior leadership, regulators, commercial partners, and key cross-functional stakeholders to support business growth while maintaining effective governance and risk management standards.
Key Responsibilities:
Regulatory Compliance & Governance
- Establish, implement and oversee the compliance framework, policies, procedures and control standards for the MPI business.
- Develop and maintain the Compliance Management Programme to ensure compliance with all applicable laws, regulations, MAS Notices and Guidelines.
- Advise the Board, senior management and relevant committees on regulatory developments, emerging risks and compliance obligations.
- Conduct regular compliance risk assessments and recommend appropriate remediation actions.
- Monitor changes in the regulatory environment and assess their impact on the organisation's operations, products and services.
- Promote a strong compliance culture and ethical conduct across the organisation.
AML/CFT & Financial Crime Compliance
- Act as the designated Money Laundering Reporting Officer (MLRO).
- Design, implement and maintain a robust AML/CFT, sanctions and financial crime compliance programme.
- Oversee customer due diligence (CDD), enhanced due diligence (EDD), ongoing monitoring and sanctions screening processes.
- Ensure effective transaction monitoring systems and controls are implemented to identify suspicious, unusual or high-risk activities.
- Review and investigate financial crime alerts, escalations and compliance breaches.
- File Suspicious Transaction Reports (STRs) with the Suspicious Transaction Reporting Office (STRO) where required.
- Lead enterprise-wide AML/CFT risk assessments and ensure appropriate risk mitigation measures are implemented.
Regulatory Engagement
- Support liaison with the Monetary Authority of Singapore (MAS) and other regulatory authorities.
- Prepare, review and submit regulatory notifications, filings and reports in a timely manner.
- Coordinate regulatory inspections, examinations and information requests.
- Maintain constructive and transparent relationships with regulators.
- Support licence applications, licence variations and regulatory approval processes.
Business Advisory & Product Governance
- Provide day-to-day regulatory advice and guidance to management, business units, operations, product and technology teams.
- Review new products, services, distribution channels and strategic initiatives from a regulatory and compliance perspective.
- Participate in business and project governance forums to ensure regulatory obligations are identified and addressed.
- Assess regulatory implications of new partnerships, commercial arrangements and outsourcing initiatives.
Compliance Monitoring, Testing & Audit
- Establish and execute risk-based compliance monitoring and testing programmes.
- Monitor adherence to internal policies, regulatory requirements and control standards.
- Coordinate compliance-related internal audits, external audits and independent reviews.
- Track audit findings, regulatory observations and remediation plans through to closure.
- Provide regular compliance reporting and management information to senior compliance leadership, executive management, and the Board.
Training & Awareness
- Develop and deliver compliance, AML/CFT and conduct risk training programmes.
- Ensure employees understand their regulatory obligations and compliance responsibilities.
- Maintain ongoing awareness programmes to strengthen compliance culture throughout the organisation.
Qualifications & Experience
- Graduate in Law, Finance, Accounting, Business, Risk Management or a related discipline.
- Professional certifications in compliance, AML/CFT or risk management (e.g. ACAMS) are preferred.
- Relevant compliance experience within banking, payments, fintech or financial services.
- Prior experience as a Compliance Officer, MLRO, or equivalent compliance leadership role.
- Strong knowledge of Singapore Payment Services Act (PSA), MAS Notices and Guidelines, AML/CFT regulations and requirements, Sanctions compliance, Regulatory reporting obligations, Outsourcing risk management requirements
- Experience working with regulators and managing regulatory inspections.
- Experience establishing or enhancing compliance programmes within a regulated financial institution.
- Prior MPI experience is highly preferred.
Skills & Competencies
- Strong leadership, stakeholder management and influencing skills.
- Ability to provide practical and commercially balanced regulatory advice.
- Strong analytical, investigative and problem-solving capabilities.
- Excellent written, verbal and presentation skills.
- Ability to operate independently and exercise sound judgement.
- Highly organised, pragmatic and capable of managing multiple priorities.
- Comfortable working in a fast-paced and evolving environment.
- High level of integrity, professionalism and personal accountability.
