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Full-Time

Compliance Manager

Confirmed live in the last 24 hours

Monzo

Monzo

1,001-5,000 employees

Digital-only banking platform for consumers

Fintech
Financial Services

Compensation Overview

$140k - $170kAnnually

+ Equity

Mid, Senior

San Francisco, CA, USA

Category
Risk & Compliance
Legal & Compliance
Requirements
  • You have meaningful experience in compliance related to banking rules, regulations, and industry standards practices, including experience of working in the compliance or audit function within a regulated financial services environment.
  • You’ve shown an ability to develop and manage comprehensive compliance programs that support business growth.
  • You have deep subject matter expertise of financial regulations, such as BSA/AML, OFAC, Reg E, TILA, ECOA, NACHA rules, UDAAP, as well as state-specific rules and regulations.
  • You’re knowledgeable about and/or have direct experience with financial services agencies (e.g., OCC, FDIC, CFPB, FinCEN, state agencies).
  • You’re committed to ongoing learning about fintech developments, regulatory trends, and compliance best practices.
  • You have strong project management skills, including leadership and consensus building while managing against tight deadlines.
  • You recognize the the value of world-class compliance as a competitive advantage for a business like Monzo.
  • You’re excited about the future of banking and want to work with us to shape it.
Responsibilities
  • Update and draft compliance policies and procedures, including BSA/AML and financial services regulations related to deposit, debit, and credit programs like Reg E, UDAAP, and NACHA, and monitor the US regulatory landscape for changes relevant to Monzo.
  • Collaborate with US operations to build a comprehensive Compliance Management System covering BSA/AML, OFAC testing, and dispute/complaint resolution.
  • Collaborate with marketing and product teams to ensure customer-facing content meets regulatory standards, and assess risk profiles of new products and marketing initiatives.
  • Prepare periodic risk assessments, manage compliance audits, and assist in due diligence requests.
  • Take a data-driven approach to risk assessment and reporting, and assist in establishing effective technology solutions for testing, managing, monitoring and reporting of compliance standards.
  • Oversee implementation of engaging compliance training programs to elevate our team's regulatory awareness.
  • Foster a culture of compliance across the US Monzo team and establish a strong relationship with financial institution partners.

Monzo operates as a digital-only banking platform that focuses on providing a modern and convenient way for individuals to manage their finances. Its main product is a mobile app that allows users to track their income, spending, and savings easily. The app includes features that help users save money, such as automatically setting aside a portion of their paycheck or rounding up payments to the nearest dollar. Monzo generates revenue through interest on customer deposits, fees for certain services, and interchange fees from card transactions. Additionally, it offers overdrafts and personal loans as part of its services. What sets Monzo apart from traditional banks is its real-time balance updates and instant spending notifications, which help users stay informed about their finances. With over 8 million customers, Monzo aims to meet the growing demand for accessible and mobile-first banking solutions.

Company Stage

Series I

Total Funding

$1.5B

Headquarters

London, United Kingdom

Founded

2015

Growth & Insights
Headcount

6 month growth

8%

1 year growth

25%

2 year growth

58%
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Simplify's Take

What believers are saying

  • Monzo's rapid customer growth, with over 8 million users, indicates strong market demand and potential for further expansion.
  • The launch of fee-free accounts for children under 16 could attract a new generation of loyal customers and foster long-term brand loyalty.
  • Innovative security features enhance customer trust and could reduce fraud-related losses, improving overall customer satisfaction.

What critics are saying

  • The competitive fintech landscape requires continuous innovation to maintain differentiation and avoid losing market share to other digital banks.
  • Regulatory changes affecting fees and interchange rates could impact Monzo's revenue model, necessitating adjustments to maintain profitability.

What makes Monzo unique

  • Monzo's digital-only banking platform offers a user-friendly mobile app with real-time balance updates and instant spending notifications, setting it apart from traditional banks.
  • The introduction of Monzo for Under 16s demonstrates a commitment to financial literacy and early financial education, a niche not widely addressed by competitors.
  • Monzo's trio of industry-first security controls, including Known Locations, Trusted Contacts, and Secret QR codes, provides enhanced fraud protection that is unique in the digital banking sector.

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Benefits

Competitive salary

Flexible working hours

Work from home

Stock options

32 days of paid vacation and public holidays per year

Health insurance

EAP

Learning budget

Home office stipend

Paid parental leave