Compliance & Risk Director / MLRO at Pay Set Limited

Rīga, , Latvia -

Full Time

Start Date

Immediate

Expiry Date

28 Apr, 26

Salary

0.0

Posted On

28 Jan, 26

Experience

5 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

Compliance Framework Design, Risk Management, Financial Crime Prevention, MLRO Duties, EMI Authorization, CASP Authorization, Regulatory Liaison, Policy Implementation, MiCA Regulation, Client Asset Protection, Transaction Monitoring, Suspicious Activity Reporting, Governance Structures, English Fluency, Latvian Fluency, Due Diligence

Industry

Financial Services

Description

A reputable and well-established international group, comprising a UK-authorised Electronic Money Institution (EMI) and a Danish-registered Virtual Asset Service Provider (VASP), is expanding its footprint across the European Union. The group is currently pursuing authorisation in Latvia for both an EMI and a Crypto Asset Service Provider (CASP). As part of this next phase of development, the group is seeking to appoint an experienced Compliance & Risk Director / Money Laundering Reporting Officer (MLRO) for the prospective Latvian EMI and CASP entity. The role will report directly to the local Board of Directors. Role Overview: We are seeking a seasoned Compliance & Risk Director / MLRO to lead the Compliance and Risk functions of the future Latvian EMI/CASP. The role covers responsibility for financial crime prevention (including anti-money laundering, counter-terrorist financing, counter-proliferation financing, sanctions compliance and fraud prevention), while also contributing to the wider group Compliance and Risk framework. In the context of the CASP authorisation under the Markets in Crypto-Assets Regulation (MiCA), the role will also encompass oversight of crypto-asset specific regulatory requirements, including client asset protection, conduct of business standards, market abuse prevention, prudential safeguards and operational resilience obligations applicable to CASPs. The successful candidate will be instrumental in the EMI/CASP authorisation process and in establishing and embedding a robust financial crime and regulatory compliance framework. This includes ensuring that the company operates in full alignment with applicable EMI and CASP regulatory requirements, both during the licensing stage and once fully operational. Responsibilities: During the EMI and CASP Authorisation Phase: Support the drafting and submission of EMI and CASP license applications in Latvia, working closely with the Group General Counsel, VP Operations, Compliance & Risk, and external Latvian legal and regulatory consultants. Act as the principal liaison with Latvijas Banka, coordinating and managing all regulatory communications. Develop and implement the local entity’s financial crime policies, procedures and internal control mechanisms in accordance with Latvian and EU regulatory standards, taking into account the group-wide compliance and risk framework. Provide guidance to senior management on regulatory requirements, obligations and best practices. Ensure compliance readiness ahead of operational launch. Complete and refine operational compliance documentation, ensuring consistency with the regulated activities. Assist in configuring internal systems to support effective customer onboarding, risk assessment and transaction monitoring processes. Following Grant of EMI and CASP Licenses: Assume the formal position of Compliance & Risk Director / MLRO, overseeing ongoing compliance and financial crime prevention activities. Supervise customer due diligence, ongoing monitoring, investigations and suspicious activity reporting in accordance with applicable legislation, as well as implementation and effectiveness of blockchain analytics tools and travel rule solutions. Establish and scale the compliance function in line with business growth, maintaining strong governance and oversight structures. Regularly review and strengthen compliance controls, risk management procedures and internal frameworks to meet evolving regulatory developments and operational changes. Gather and assess information referring to unusual or potentially suspicious transactions or circumstances identified in the course of business. Submit required reports to competent authorities where financial crime suspicions arise. Requirements: Experience in fintech, payments or other dynamic financial services environments is advantageous. Experience in crypto-asset services, blockchain analytics tools, custody models or digital asset risk management is highly advantageous. Demonstrated ability to design and implement effective compliance frameworks and controls. Proven compliance and risk management experience within regulated financial institutions. Strong knowledge of EU and Latvian regulatory requirements in the areas of compliance and risk. Prior involvement in Latvian licensing processes is highly desirable. Excellent communication skills, with the ability to interact confidently with regulators and senior executives. Professional, reliable, pragmatic, dedicated, quick learner, positive, detail-oriented, with a proactive approach to regulatory developments and an excellent professional and impeccable reputation. Fluency in English and Latvian. Relevant professional certifications (e.g., CAMS, ICA) are an advantage. The Employer Offers: A full-time executive appointment as Compliance & Risk Director / MLRO with a competitive remuneration package. A unique opportunity to design and lead the Compliance and Risk function from inception. Direct involvement in the establishment and growth of a newly licensed EU fintech business. A seat at senior leadership table, both on the local Board and within the group’s broader compliance and risk structure, contributing to strategic decisions and long-term direction. Active engagement and hands-on involvement in the EMI and CASP licensing process, including direct interaction with regulators. A dynamic, innovation-driven working environment supported by a strong international group. A collaborative and international culture that values expertise, independence and initiative.

Responsibilities

The Director/MLRO will lead the Compliance and Risk functions for the prospective Latvian EMI/CASP, focusing heavily on financial crime prevention, regulatory alignment, and supporting the authorization process by drafting applications and liaising with Latvijas Banka. Post-licensing, responsibilities include overseeing ongoing compliance, supervising CDD/SAR processes, and scaling the compliance function as the business grows.