Job Objectives
To oversee and manage the merchant onboarding process, ensuring all merchants meet Unified Payments' risk management standards and regulatory requirements.
This includes identifying potential risks, conducting due diligence, and ensuring merchants align with compliance, antimoney laundering (AML), and fraud prevention standards.
Duities and Responsibilities
Merchant Risk Assessment & Due Diligence:
Conduct comprehensive risk assessments for new merchants to evaluate financial stability, operational risks, and compliance with regulatory requirements.
Ensure that the merchant onboarding process is in line with AML and Know Your Customer (KYC) regulations.
Perform background checks and due diligence investigations to assess potential merchant risks.
Review merchant documentation and contracts to ensure they meet regulatory, legal, and company standards.
Compliance and Regulatory Management:
Ensure that all merchants comply with internal policies, local regulations, and relevant industry standards.
Work with regulatory authorities and internal stakeholders to ensure the merchant onboarding process adheres to compliance guidelines.
Identify and escalate any compliance risks that may arise during the onboarding process, ensuring prompt resolution.
Maintain an up-to-date knowledge of regulatory changes, AML laws, and other compliance requirements affecting merchant onboarding.
Risk Management & Mitigation:
Develop and implement risk management protocols specific to merchant onboarding.
Monitor merchant risk profiles throughout the onboarding process, ensuring appropriate mitigation strategies are implemented.
Collaborate with the Enterprise Risk Management team to address any risks identified during merchant onboarding.
Work closely with internal departments (e.g., legal, compliance, IT) to ensure a seamless onboarding process with adequate risk controls in place.
Ongoing Monitoring & Reporting:
Conduct regular monitoring of onboarded merchants to ensure continuous adherence to compliance requirements and risk management practices.
Prepare and present risk reports related to merchant onboarding for senior management and key stakeholders.
Support the audit process by providing necessary documentation and reports for internal and external audits.
Stakeholder Engagement & Communication:
Collaborate with cross-functional teams to ensure efficient merchant onboarding processes and risk management.
Communicate with merchants regarding risk management requirements, ensuring a clear understanding of compliance expectations.
Serve as a point of contact for merchant inquiries related to the onboarding process and risk management guidelines.
Requirements
Education:
University degree in finance, risk management, business administration, or a related field.
Professional Memberships (Mandatory):
Certified Risk and Compliance Management Professional (CRCMP) or equivalent is preferred.
Certified Anti-Money Laundering Specialist (ACAMS) or equivalent certification is an added advantage.
General Experience:
A minimum of 2 years of relevant experience in risk management, merchant onboarding, or compliance roles, preferably within financial institutions or the payments industry.
Strong understanding of AML, KYC regulations, and fraud prevention practices.
Experience in conducting due diligence and risk assessments during the merchant onboarding process.