WEX
Head of Risk & Compliance and MLRO
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Head of Risk & Compliance and MLRO / London / Hybrid / £90,000–£95,000 / Annual Bonus / Benefits / Permanent
About the Team & Role
The Head of Risk & Compliance and MLRO (UK) plays a pivotal leadership role, shaping the strategic direction and day-to-day governance of Optal Financial Limited (OFL)—WEX’s authorised Electronic Money Institution (EMI) in the UK. Regulated by the Financial Conduct Authority (FCA), OFL operates in a B2B model as a virtual card issuer for corporate transactions, supporting WEX’s global Corporate Payments division and serving some of the world’s largest Online Travel Agents (OTAs).
As a key EMD Individual (Executive Management Director), this role requires proactive strategic thinking and partnership with both local and global business units. Reporting to the Senior Director – Head of Regulated Entities EMEA, you’ll oversee local UK compliance while aligning with WEX’s global standards. The position emphasises leveraging internal tools (AI, data analytics) to enhance regulatory functions, driving cross-regional collaborative initiatives for a stronger global compliance framework.
What’s on Offer?
- Highly competitive salary: £90,000–£95,000 (depending on experience)
- Annual company bonus
- 40-hour workweek (Monday–Friday)
- Hybrid model: Ad-hoc meetings at the London Bridge office
- Industry-leading pension scheme
- Private Medical
- 25 days annual leave + bank holidays (with options to purchase extra)
- Life assurance
- -income protection
- Cycle2Work scheme
- Discounts & perks platform
- Employee wellbeing
How You’ll Make an Impact
Regulatory Compliance & Oversight
- Ensure OFL meets all FCA requirements as an authorised EMI and serve as the primary FCA liaison.
- Oversee regulatory exams, interventions, and reporting processes with absolute transparency.
- Execute statutory duties for AML, financial crime, and anti-terrorism, including:
- Conduct the Financial Crime Risk Assessment (FCRA).
- Monitor Suspicious Activity Reports (SARs) with impartiality, agility, and independence.
- Lead OFL’s Annual Compliance Testing & Oversight Plan, resolving issues and reinforcing policies.
- Serve as primary compliance/MLRO audit lead, addressing audit findings and driving recommendations to closure.
- Compile and present quarterly Risk & Compliance Reports to the OFL Board.
- Annual review and Board-level approval of OFL’s Governance Structure, managing policy design and the Annual Board Training Plan.
- Own Fit and Proper Policy and Procedures, including EMD reassessments, approvals, and removals—and related regulatory engagements.
- Maintain the compliance universe, conduct weekly risk assessments, and support the Regulatory Legal team.
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Risk Management Framework
- Align OFL’s risk controls with the Risk Appetite Statement (RAS) while collaborating with Finance and Resilience teams.
- Partner with global counterparts to ensure financial safeguarding, wind-down planning, and operational resilience.
- Navigate WEX’s global matrix to balance local UK requirements with international Commercial Compliance and Data Privacy standards across CDD/AML, GDPR, consumer financial protection.
- Ensure annual outsource risk criticality assessments are executed.
Strategic Leadership & Business Partnership
- Collaborate with International Compliance teams to drive global best practices, share knowledge, and lead initiatives.
- Proactively identify regulatory and process improvements and initiate cross-regional alignment efforts.
- Provide insights to the Board and Executive on regulatory strategies balancing commercial growth with compliance priorities.
- Harness AI/data tools to advance efficiency, innovation, and decision-making in risk/compliance functions.
- Embed compliance requirements "by design" in product development, partnering with Product/Commercial teams before customer-facing launches.
Experience You’ll Bring
- Proven risk, compliance, or legal expertise in financial services, with preference for EMI/Payment Institution experience.
- Strong audit management track record—leading successful testing, issue-resolution, and remediation in regulated entities.
- Ability to display influence across global and local stakeholders, excelling in matrixed environments.
- Formal education in management, economics, law, or equivalent experience plus:
- AML/MLRO certification (e.g., CAMS, ICA) preferred.
- Self-starter with data-driven analytical skills and a capacity to leverage technology (AI, AI/LLMs) for process transformation.
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Skills & Competencies
- Tech-savvy: Comfort navigating multi-jurisdictional compliance and adapting to tools like Gemini, Tableau, Salesforce.
- Decision agility: Operates effectively independently in high-pressure environments, prioritising balance between growth, risk mitigation, and customer-centric solutions.
- Big-picture focus: Adapts policies/processes to align regulatory expectations with commercial objectives.
- Fitness & Propriety: Must meet UK and WEX’s Fitness/Ppropriety standards subject to FCA approval process.
Eligibility
- UK residency with legal permission to work.
- EMD status requires formal FCA approval.
- Compliance with WEX’s International Fitness and Propriety Policy.
What’s Next?
Ready for this critical leadership role? Apply today for immediate consideration.
About WEX
We are an equal opportunities employer, valuing diversity and inclusivity. Applications are welcome from all groups, irrespective of race, sex, disability, religion/belief, sexual orientation, age, or background.
Due to high demand, we are unable to respond to every application individually. Shortlisted candidates will be contacted within one week. No fees apply to candidates; speculative agency CVs will not be considered. WEX diligently adheres to these terms and actively collaborates only with authorised PSL agencies.
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