Compliance Manager, Monzo
$140-170k
+ Equity
Digital-only bank platform and marketplace
Open for applications
Digital-only bank platform and marketplace
1001+ employees
Open for applications
$140-170k
+ Equity
1001+ employees
Company mission
To build a new kind of bank that makes money work for everyone.
Role
Who you are
- You have meaningful experience in compliance related to banking rules, regulations, and industry standards practices, including experience of working in the compliance or audit function within a regulated financial services environment
- You’ve shown an ability to develop and manage comprehensive compliance programs that support business growth
- You have deep subject matter expertise of financial regulations, such as BSA/AML, OFAC, Reg E, TILA, ECOA, NACHA rules, UDAAP, as well as state-specific rules and regulations
- You’re knowledgeable about and/or have direct experience with financial services agencies (e.g., OCC, FDIC, CFPB, FinCEN, state agencies)
- You’re committed to ongoing learning about fintech developments, regulatory trends, and compliance best practices
- You have strong project management skills, including leadership and consensus building while managing against tight deadlines
- You recognize the the value of world-class compliance as a competitive advantage for a business like Monzo
- You’re excited about the future of banking and want to work with us to shape it
What the job involves
- We’re an agile full stack team operating like an early stage startup but with the financial, operational, and engineering platform muscle of a larger company
- We’re focused on building an amazing US product, shipping and iterating quickly, and deepening our product market fit
- We’re looking for highly driven, enterprising people to help us achieve our mission to make money work for everyone
- We’re looking for an experienced Compliance Manager to join our growing US Legal and Compliance team
- This key role will help scale core compliance functions ranging from financial crime to consumer protection regulations
- The Compliance Manager will report to the US General Counsel and Head of Compliance, and collaborate daily with senior leadership, operations, marketing, product, and engineering to build a world-class compliance program
- Policies and Procedures: Update and draft compliance policies and procedures, including BSA/AML and financial services regulations related to deposit, debit, and credit programs like Reg E, UDAAP, and NACHA, and monitor the US regulatory landscape for changes relevant to Monzo
- Compliance Program: Collaborate with US operations to build a comprehensive Compliance Management System covering BSA/AML, OFAC testing, and dispute/complaint resolution
- Marketing/Product Review: Collaborate with marketing and product teams to ensure customer-facing content meets regulatory standards, and assess risk profiles of new products and marketing initiatives
- Audits and Risk: Prepare periodic risk assessments, manage compliance audits, and assist in due diligence requests
- Data and technology driven: Take a data-driven approach to risk assessment and reporting, and assist in establishing effective technology solutions for testing, managing, monitoring and reporting of compliance standards
- Employee Training: Oversee implementation of engaging compliance training programs to elevate our team's regulatory awareness
- Compliance Leadership: Foster a culture of compliance across the US Monzo team and establish a strong relationship with financial institution partners
Application process
- We’ll only close this role once we have enough applications for the next stage
- Please submit your application as soon as possible to make sure you don’t miss out
- Recruiter Call (30mins)
- Interview Loop: 3 x Interviews (currently being conducted via Google Meet) with members of our US and UK teams
- We promise not to ask you any brain teasers or trick questions
- This process should take around 2-3 weeks - your schedule is really important to us, so we promise to be as flexible as possible!
- You’ll hear from us throughout the application process, but if you’ve got any questions, please reach out to business-hiring@monzo.com
- If you have a preferred name, please use it to apply. We don't need full or birth names at application stage
Our take
Monzo is a challenger bank that fully operates online and offers a full range of current, savings, business accounts, and more. The speed of the challenger banks to provide a great experience has been impressive, and the number of competitors appearing has proven the consumer desire for innovation.
Monzo remains one of the popular online banks, with more than 6 million customer active users. The company faces competition as more traditional banks, such as Goldman Sachs and JP Morgan, have launched their own digital banks. However, the new technologies that the company is built on enable it to expand quickly (with fewer issues) than the incumbent players' offerings.
With an increasing amount of people switching banks, the company's ever-expanding suite of banking and financial services (such as its buy-now-pay-later offering) has resulted in Monzo receiving the second-highest net switching gains among digital challenger banks (just behind Starling).
After setting U.S. expansion plans aside in 2020, the company launched in the U.S. market in early 2022, partnering with Sutton Bank to provide its U.S. accounts. After several years focused on narrowing its losses, Monzo hit profitability in the first two months of 2023. In the same year, 2 million new customers joined, tallying its customer base at 9 million in 2024.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
Many candidates hear
back within 2 weeks
42% female employees
19% employee growth in 12 months
Company
Funding (last 2 of 18 rounds)
May 2024
$190m
LATE VC
Mar 2024
$429.6m
LATE VC
Total funding: $1.9bn
Company benefits
- Yearly Salary Review + Proactive pay increases to reflect growing responsibilities + Share options
- Flexible working hours
- Work From Home Opportunities + we'll pay for any equipment you need to do your job
- 24 days holiday a year, plus bank holidays
- Paid sick leave for both physical & mental health + Health insurance via AXA or Vitality + Additional health insurance through Medicash
- Employee Assistance Programme
- Learning budget of £1,000 a year
- Aviva Pension Scheme + 4% Employer Contribution
- Paid maternity, paternity, adoption or shared parental leave (after 13 weeks of employment)
- 52 weeks of primary caregiver leave (6 months at 100% pay, 13 weeks at Statutory Maternity Pay, 13 weeks unpaid)
- 3 months of secondary caregiver leave at 100% pay
- Unum Life Insurance
- Access to fertility and family-forming health benefits via Fertifa
- Abellio Season Travel Tickets + Cycle-to-Work Scheme
Company values
- Be hard on problems, not people 🙌 We create supportive communities to help people thrive.
- Make a difference 🚀 We solve real problems, working on things that have the biggest impact for our customers and each other.
- Help everyone belong 🤗 We’re building a bank for everyone. We embrace differences and make sure everyone feels welcome.
- Think customer first; grow Monzo safely 🥕 We always do what's best for customers. It's the right thing to do and the safest way to grow.
- Default to transparency 🎤 We’re open with each other and customers unless we have good reason not to be.
- Think big, start small, own it 🌲 We’re ambitious and shoot for the moon, working iteratively to get the best results.
Company HQ
City of London, London, UK
Articles
Leadership
Jonas Templestein
(CTO)Founder of HipDial. Former Software Engineer at Starling Bank.
People progressing
Joined in the Customer Operations team. Moved to be a Financial Crime Analyst after 5 months. Then moved again to be a Business Analyst after 2.5 years. Currently working as a Senior Product Manager.
Salary benchmarks
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