Compliance is more important than ever for payments firms, with a recent marked increase in fines levied by HMRC for failure to follow AML/CTF guidelines.
Finding the right person to manage your firm’s regulatory compliance can be a challenging task. In addition to being very time-consuming, it can often be difficult to decide just how much to spend and what calibre of candidate you really need, both now and going forward.
What is the market rate for a group compliance director? How much can you expect to pay to get a competent junior AML compliance assistant on board? Do you need an ex-compliance director or could you use a more junior person that you can train through on-going professional compliance development?
Where do you begin to look for specialist staff?
API Compliance can write up a full job specification for your firm.
Our specialist consultants can then help you to find the right person for the job.
Recruiting vs. Outsourcing
Not looking to recruit? Then speak to us about outsourcing some of your firm’s compliance requirements, including:
- Performing monthly/quarterly checks on your firm’s due diligence
- Writing policies and procedures that help to keep your firm safe from the risks (and fines) that come with non-compliance
- AML/CTF risk assessment to ensure you allocate your limited resources in the most cost-effective way possible
- Maintaining your regulatory status with periodic filings such as GABRIEL and event-driven filings such as change of control and change of standing data
- Annual regulatory audit – this is increasingly requested by banks and payment correspondents and also provides your firm with an excellent opportunity to spend a focussed period of time with an expert on developing your policies and procedures
Outsourcing can make sense for many firms, and frees up management time to develop the business, knowing that their compliance is in safe hands.
For all packages we offer flat-fee pricing on a monthly basis and tailor our packages to suit your individual requirements
To discuss both recruiting and outsourcing, get in touch with us today.