COMPLIANCE OFFICER - IUTEPAY
1. POSITION PURPOSE
The Compliance Officer is a management-level position and an independent second-line control function reporting directly to the Chief Executive Officer of IutePay. The position is responsible for establishing, maintaining and overseeing an effective compliance and AML/CTF framework appropriate to the nature, scale and complexity of IutePay’s activities as an electronic money institution.
The Compliance Officer identifies, assesses, monitors, controls and reports compliance, money laundering, terrorist financing, proliferation financing and financial sanctions risks. The role provides independent advice and challenge to management and business functions and supports a strong culture of compliance throughout IutePay.
The position does not include responsibility for the provision of legal services, management of litigation, contract drafting as a legal function, or corporate legal representation, except where regulatory interpretation is necessary for the performance of the compliance and AML/CTF mandate.
2. ORGANISATIONAL STATUS, AUTHORITY AND INDEPENDENCE
Has direct and unrestricted access to the CEO, the Management Board and, where necessary, the competent governing or supervisory bodies of IutePay.
Performs the compliance and AML/CTF function independently from business, sales and operational risk-taking activities.
Has timely access to all information, documents, systems, employees, premises and explanations necessary to perform the role.
May escalate material compliance and AML/CTF matters directly to the CEO and relevant governing bodies without prior approval from business functions.
May require corrective action, enhanced controls, restriction or suspension of activities where a material regulatory or AML/CTF risk is identified, subject to the applicable internal governance and decision-making framework.
Must be provided with adequate authority, resources, expertise, systems and budget proportionate to IutePay’s business model and risk profile.
Is protected from conflicts of interest and from any undue influence that could impair objective and independent performance of the function.
3. CORE RESPONSIBILITIES
3.1 Compliance framework and regulatory risk
Develops, implements and maintains IutePay’s compliance framework, policies, procedures, methodologies and controls.
Prepares the annual Compliance Plan and a risk-based monitoring and testing programme and submits them for approval in accordance with internal governance requirements.
Maps applicable legal and regulatory obligations and monitors regulatory developments relevant to electronic money, payment services, consumer protection, safeguarding of customer funds, outsourcing, operational resilience, ICT and information security, data protection, conduct, complaints, conflicts of interest, anti-bribery and other compliance areas.
Identifies, assesses and documents compliance risks on an ongoing basis, including the risk of regulatory sanctions, financial loss and reputational damage.
Assesses the adequacy and effectiveness of internal controls and provides written recommendations, owners and deadlines for remediation.
Performs or coordinates compliance risk assessments for new products, services, distribution channels, technologies, material process changes, outsourcing arrangements, agents and significant third-party relationships before implementation.
Provides independent compliance advice and challenge to the CEO, management and all organisational units.
Monitors the implementation of regulatory requirements, internal policies, audit findings and corrective action plans falling within the scope of the function.
Monitors customer complaints, conduct issues and other indicators to identify potential systemic compliance weaknesses.
Promotes a strong compliance culture and delivers role-based compliance training to employees and relevant third parties.
3.2 AML/CTF, sanctions and financial crime
Acts as the designated AML/CTF responsible person or MLRO, where appointed in accordance with applicable law and regulatory approvals.
Develops, implements and maintains the AML/CTF, sanctions and financial-crime framework, including customer acceptance, KYC, beneficial ownership, PEP, enhanced due diligence, transaction monitoring, sanctions screening, record keeping and escalation controls.
Ensures a risk-based institution-wide AML/CTF risk assessment is prepared, documented, approved, maintained and updated following material changes.
Oversees ongoing customer and transaction monitoring and ensures that alerts, unusual activity and internal reports are investigated, documented and resolved in a timely manner.
Receives and evaluates internal reports of unusual or suspicious activity and submits reports and information to the Financial Intelligence Agency and other competent authorities in accordance with applicable requirements.
Ensures compliance with confidentiality and the prohibition on tipping-off.
Oversees implementation of international and domestic financial sanctions and restrictive measures, including screening, escalation, freezing, rejection and reporting where required.
Ensures that AML/CTF responsibilities delegated to agents, distributors, outsourced service providers or other third parties remain subject to appropriate due diligence, contractual controls, monitoring and oversight.
Coordinates responses to AML/CTF inspections, information requests and follow-up measures from competent authorities.
Provides periodic and ad hoc reporting to the CEO and relevant governing bodies on AML/CTF risk exposure, suspicious activity, material incidents, control deficiencies and remediation status.
3.3 Regulatory liaison and reporting
Acts as a principal contact point for the Bank of Albania, the Financial Intelligence Agency and other competent authorities on matters within the compliance and AML/CTF remit.
Coordinates accurate, complete and timely regulatory notifications, reports, questionnaires and responses within the function’s scope.
Maintains complete and auditable records of regulatory correspondence, monitoring activities, assessments, decisions, reports and follow-up actions.
POSITION SPECIFICATIONS:
Immediately escalates material breaches, significant control failures and regulatory incidents to the CEO and relevant governing bodies and ensures that required external notifications are made.
3.4 Management responsibilities
Organises and manages the Compliance and AML/CTF function efficiently and in accordance with approved plans and budgets.
Defines clear responsibilities, objectives and performance standards for employees within the function.
Coordinates, supports, coaches and develops Compliance and AML/CTF staff and identifies training and resource needs.
Ensures continuity of the function, appropriate segregation of duties and, where required, appointment and preparedness of a eputy or substitute.
Cooperates with Risk Management, Internal Audit, Information Security, Operations, Finance and other functions while preserving the independence of the compliance function.
POSITION SPECIFICATIONS:
University degree in Law, Finance, Economics, Business Administration or another relevant field.
Professional certification in Compliance, AML/CTF, financial crime or risk management is highly desirable.
At least five years of relevant professional experience in compliance, AML/CTF, financial services, payments or electronic money, including meaningful managerial or supervisory responsibility
Strong knowledge of the Albanian legal and regulatory framework applicable to electronic money institutions, payment services, AML/CTF and financial sanctions.
Strong understanding of risk-based compliance, KYC, customer due diligence, transaction monitoring, safeguarding, outsourcing and operational/ICT risk governance.
Ability to exercise independent judgement, challenge decisions constructively and communicate material risks clearly to senior management.
Very good command of English and Albanian and strong proficiency in Microsoft Office and relevant compliance systems.
Interested candidates may send their CV to
jobs [at] iute.al
, you confirm that you have read and understood the Recruitment Privacy Policy
1. POSITION PURPOSE
The Compliance Officer is a management-level position and an independent second-line control function reporting directly to the Chief Executive Officer of IutePay. The position is responsible for establishing, maintaining and overseeing an effective compliance and AML/CTF framework appropriate to the nature, scale and complexity of IutePay’s activities as an electronic money institution.
The Compliance Officer identifies, assesses, monitors, controls and reports compliance, money laundering, terrorist financing, proliferation financing and financial sanctions risks. The role provides independent advice and challenge to management and business functions and supports a strong culture of compliance throughout IutePay.
The position does not include responsibility for the provision of legal services, management of litigation, contract drafting as a legal function, or corporate legal representation, except where regulatory interpretation is necessary for the performance of the compliance and AML/CTF mandate.
2. ORGANISATIONAL STATUS, AUTHORITY AND INDEPENDENCE
Has direct and unrestricted access to the CEO, the Management Board and, where necessary, the competent governing or supervisory bodies of IutePay.
Performs the compliance and AML/CTF function independently from business, sales and operational risk-taking activities.
Has timely access to all information, documents, systems, employees, premises and explanations necessary to perform the role.
May escalate material compliance and AML/CTF matters directly to the CEO and relevant governing bodies without prior approval from business functions.
May require corrective action, enhanced controls, restriction or suspension of activities where a material regulatory or AML/CTF risk is identified, subject to the applicable internal governance and decision-making framework.
Must be provided with adequate authority, resources, expertise, systems and budget proportionate to IutePay’s business model and risk profile.
Is protected from conflicts of interest and from any undue influence that could impair objective and independent performance of the function.
3. CORE RESPONSIBILITIES
3.1 Compliance framework and regulatory risk
Develops, implements and maintains IutePay’s compliance framework, policies, procedures, methodologies and controls.
Prepares the annual Compliance Plan and a risk-based monitoring and testing programme and submits them for approval in accordance with internal governance requirements.
Maps applicable legal and regulatory obligations and monitors regulatory developments relevant to electronic money, payment services, consumer protection, safeguarding of customer funds, outsourcing, operational resilience, ICT and information security, data protection, conduct, complaints, conflicts of interest, anti-bribery and other compliance areas.
Identifies, assesses and documents compliance risks on an ongoing basis, including the risk of regulatory sanctions, financial loss and reputational damage.
Assesses the adequacy and effectiveness of internal controls and provides written recommendations, owners and deadlines for remediation.
Performs or coordinates compliance risk assessments for new products, services, distribution channels, technologies, material process changes, outsourcing arrangements, agents and significant third-party relationships before implementation.
Provides independent compliance advice and challenge to the CEO, management and all organisational units.
Monitors the implementation of regulatory requirements, internal policies, audit findings and corrective action plans falling within the scope of the function.
Monitors customer complaints, conduct issues and other indicators to identify potential systemic compliance weaknesses.
Promotes a strong compliance culture and delivers role-based compliance training to employees and relevant third parties.
3.2 AML/CTF, sanctions and financial crime
Acts as the designated AML/CTF responsible person or MLRO, where appointed in accordance with applicable law and regulatory approvals.
Develops, implements and maintains the AML/CTF, sanctions and financial-crime framework, including customer acceptance, KYC, beneficial ownership, PEP, enhanced due diligence, transaction monitoring, sanctions screening, record keeping and escalation controls.
Ensures a risk-based institution-wide AML/CTF risk assessment is prepared, documented, approved, maintained and updated following material changes.
Oversees ongoing customer and transaction monitoring and ensures that alerts, unusual activity and internal reports are investigated, documented and resolved in a timely manner.
Receives and evaluates internal reports of unusual or suspicious activity and submits reports and information to the Financial Intelligence Agency and other competent authorities in accordance with applicable requirements.
Ensures compliance with confidentiality and the prohibition on tipping-off.
Oversees implementation of international and domestic financial sanctions and restrictive measures, including screening, escalation, freezing, rejection and reporting where required.
Ensures that AML/CTF responsibilities delegated to agents, distributors, outsourced service providers or other third parties remain subject to appropriate due diligence, contractual controls, monitoring and oversight.
Coordinates responses to AML/CTF inspections, information requests and follow-up measures from competent authorities.
Provides periodic and ad hoc reporting to the CEO and relevant governing bodies on AML/CTF risk exposure, suspicious activity, material incidents, control deficiencies and remediation status.
3.3 Regulatory liaison and reporting
Acts as a principal contact point for the Bank of Albania, the Financial Intelligence Agency and other competent authorities on matters within the compliance and AML/CTF remit.
Coordinates accurate, complete and timely regulatory notifications, reports, questionnaires and responses within the function’s scope.
Maintains complete and auditable records of regulatory correspondence, monitoring activities, assessments, decisions, reports and follow-up actions.
POSITION SPECIFICATIONS:
Immediately escalates material breaches, significant control failures and regulatory incidents to the CEO and relevant governing bodies and ensures that required external notifications are made.
3.4 Management responsibilities
Organises and manages the Compliance and AML/CTF function efficiently and in accordance with approved plans and budgets.
Defines clear responsibilities, objectives and performance standards for employees within the function.
Coordinates, supports, coaches and develops Compliance and AML/CTF staff and identifies training and resource needs.
Ensures continuity of the function, appropriate segregation of duties and, where required, appointment and preparedness of a eputy or substitute.
Cooperates with Risk Management, Internal Audit, Information Security, Operations, Finance and other functions while preserving the independence of the compliance function.
POSITION SPECIFICATIONS:
University degree in Law, Finance, Economics, Business Administration or another relevant field.
Professional certification in Compliance, AML/CTF, financial crime or risk management is highly desirable.
At least five years of relevant professional experience in compliance, AML/CTF, financial services, payments or electronic money, including meaningful managerial or supervisory responsibility
Strong knowledge of the Albanian legal and regulatory framework applicable to electronic money institutions, payment services, AML/CTF and financial sanctions.
Strong understanding of risk-based compliance, KYC, customer due diligence, transaction monitoring, safeguarding, outsourcing and operational/ICT risk governance.
Ability to exercise independent judgement, challenge decisions constructively and communicate material risks clearly to senior management.
Very good command of English and Albanian and strong proficiency in Microsoft Office and relevant compliance systems.
Interested candidates may send their CV to
jobs [at] iute.al
, you confirm that you have read and understood the Recruitment Privacy Policy
