Head of Financial Crime Prevention

First Rate is the UK’s largest supplier of foreign currency and a top 5 currency wholesaler globally. We are one of the foremost foreign exchange (FX) experts in the industry, with a multi-billion pound wholesale business and over 20 years’ trusted experience providing tailor-made travel money solutions for companies in the finance, travel, and retail sectors.

At First Rate, you’ll be part of a major worldwide currency operation where billions of pounds change hands every year. Now is an exciting time to join us as we are looking to grow and expand our business, through new products, markets and partnerships.

We have a vacancy for a strategic thinker to be the primary contact for financial crime prevention matters both internally and externally. In addition, they will ensure alignment with local, regional, and international regulatory standards, including AML, CFT, Fraud and anti-bribery regulations and design and implement policies, procedures, and controls to detect and prevent financial crimes.

The Role

• Accountable for the overall strategy and direction of the financial crime function, embracing technology to ensure efficiencies and comply with regulatory requirements.
• Ensures the financial crime functions meet the needs of customers, regulators, and our clients.
• Responsible for developing, implementing, and overseeing strategies, policies, and procedures to mitigate risks associated with financial crimes such as money laundering, fraud, bribery, corruption, and terrorist financing.
• Monitor fraud trends and recommend proactive measures to address emerging risks.
• Lead and manage a team of financial crime prevention specialists, fostering a culture of vigilance and compliance.
• Oversee the design and execution of robust Know Your Customer (KYC) processes and transaction monitoring operations.
• Collaborate with cross-functional teams to enhance fraud detection and prevention measures.
• Conducting financial crime risk assessments, monitoring risk exposure, and ensuring effective controls are in place. Overseeing transaction monitoring systems and customer screening processes
• Developing and implementing comprehensive financial crime prevention strategies, frameworks, and policies to address risks such as money laundering, fraud, terrorist financing, bribery, and corruption.
• Conducting financial crime risk assessments, monitoring risk exposure, and ensuring effective controls are in place. Overseeing transaction monitoring systems and customer screening processes (e.g., KYC, PEP, sanctions)
• Fraud Prevention: Designing strategies to detect and prevent fraud, ensuring robust fraud risk management processes are in place on all new and existing products and channels.
• Regularly update policies and manuals to reflect current regulatory requirements, ensuring our AML/CTF efforts remain effective and compliant.
• Supervise KYC, AML/CTF, and sanctions screening policies, ensuring a cohesive and comprehensive approach to AML across the FRES.
• Manage the Financial Crime Prevention/Payments/ eKYC function/suppliers responsible for detecting and preventing fraudulent transactions across all clients, products, and channels.
• Manage cross-functional projects, demonstrating strong leadership and organizational skills.
• Ensure compliance to all Payments and MLR regulations.

The Candidate

The ideal candidate will have:

• 8+ years’ experience of managing financial crime risks with a regulated payment product including ideally in a Financial Services environment, with working knowledge of financial crime, laws, including money laundering, terrorist financing, and fraud.
• Professional certifications in financial crime (such as CAMS, ICA, or equivalent) are essential.
• Strong understanding of regulatory frameworks and industry best practices related to financial crime.
• A strategic thinker with a focus on continuous improvement and innovation within financial crime processes
• Ability to demonstrate effective change management and technology integration in a fast growing, dynamic organisation.
• Senior management experience, interfacing at C-level.
• Working knowledge of financial crime, laws, including money laundering, terrorist financing, and fraud trends
• Excellent analytical skills, capable of interpreting complex data and making informed, strategic decisions.
• Experience of leading and mentoring teams.

We offer a successful, dynamic and supportive environment where people with talent and dedication can learn, grow and thrive at every level.

Diversity Statement

First Rate is committed to eliminating discrimination and encouraging diversity in its workforce. We aim to create a culture that respects and values each other’s differences, that promotes dignity, equity and diversity and that encourages individuals to develop and maximise their true potential.