Chief Compliance Officer

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Rakuten is a Japanese fintech e-commerce company with powerful Japanese and European presences and a growing American presence. Rakuten is the lead sponsor for FC Barcelona and the Golden State Warriors, two iconic global sports brands. In America, Rakuten Card USA’s (RCUSA) headquarters are in San Mateo, CA. However, this position can be located in San Mateo or in the metro Salt Lake City, UT areas. Rakuten is currently working on a special project to create a bank that will transform online banking in the U.S. and will connect to the Rakuten ecosystem. Supporting that initiative, RCUSA, which has obtained or is obtaining its money services businesses (MSBs) or money transmission licenses (MTLs) in all U.S. states, will offer merchant processing and payments processing for its affiliate, the U.S.-based bank.

 

For this special project, RCUSA is looking for an individual who can build, drive, and lead a compliance management program that meets U.S. federal and state MSB/MTL (and where applicable, U.S. banking) rules, regulations, and guidance. Specific experience in payments, MSB/MTL, and/or Bank Secrecy Act, Anti-Money Laundering (BSA/AML) and Sanctions compliance is required.

 

General Roles and Responsibilities

* Support the organization’s overall vision, mission, values, beliefs, and strategic goals.
* Contribute as a member of the executive management team to share business savvy and best practices; create efficient, repeatable, and documented processes; being willing to “wear multiple hats” in the startup and opening phases; being financially responsible with startup costs and budgets; adopt and further encourage the company culture; and support leadership in achieving strategic goals and business objectives.

 

Specific Roles and Responsibilities

* Compliance Management Program: develop and maintain a risk-based compliance management program for RCUSA, comprehensively considering its products and services. The program may call for risk assessments, policies and procedures, training, monitoring and testing, issues management, complaint management, and reporting. Ensure that BSA, AML, and Sanctions topics are fully and adequately covered for the MSB/MTL activities and all products and services.
* Federal and State MSB/MTL Registration, Licensing Maintenance, and Reporting: help obtain and maintain the federal and state MSB/MTL registrations and licenses. Manage the reporting requirements via NMLS or other State-specific methods for the various monthly, quarterly, and annual reports due to States.
* Regulatory Examination Management: entirely manage State regulatory examinations, including receiving notifications of exams, responding to initial examination requests for materials, hosting regulators onsite or offsite, responding to subsequent requests for materials and meetings, and preparing management responses to examinations. Post examination, ensuring findings and recommendations are addressed appropriately.
* Corporate Secretary Functions: serve as the interim corporate secretary for board meetings. Prepare compliance materials and present them to the Board. Keep minutes.

 

General Requirements

* Understand payments, MSB/MTL, banking, and/or financial services in the U.S.
* Subject matter expert in BSA/AML and U.S. Sanctions compliance.
* Proven history of successfully creating and maintaining compliance programs.

 

Specific Requirements

* MSB/MTL or payments experience.
* Deep experience managing multiple vendor and affiliate service providers.
* Deep experience building programs from the ground up.
* Deep experience working with state and/or federal regulators and agencies (i.e., FinCEN).

 

Education and/or Work Experience Requirements

* Bachelors degree required.
* 5+ years of experience as a leader of compliance management programs. Strongly prefer individuals that have developed these programs from the ground up.
* 8+ years of experience as a compliance risk professional at MSBs, financial institutions, banks, fintech companies, financial regulatory agencies, or professional services firms serving financial institution clients.
* Certified Anti-Money Laundering Specialist (CAMS) and/or Certified Regulatory Compliance Manager (CRCM) strongly preferred.
* Broad experience in and understanding of payments, gateway, e-money or wallet products and services, banking functions, MSBs, and/or merchant processing; broad experience understanding systems, including how to oversee systems that are outsourced to affiliates or third parties.
* Familiarity with tools or software used in BSA, AML, and Sanctions compliance.
* Familiarity with regulatory requirements applicable to MSBs/MTL institutions.
* Experience leading large projects and holding all participating parties accountable for deliverables.
* Ability to influence others and build consensus where possible.
* Experience hiring, managing, and leading a high-performing team.
* Willingness to take and stand by an unpopular conclusion, when necessary.

  

Rakuten Americas at a glance

Rakuten Americas focuses on E-Commerce, Curated Web, Canada, and United States. Their company has offices in San Francisco Bay Area and San Mateo. They have a very large team that's 5000+ employees.

You can view their website at https://www.rakuten.us/ or find them on Twitter, Facebook, and LinkedIn.