Director of Financial Crime Risk

LHV Bank, a fully licensed UK bank, specialises in Banking Services for global fintechs and SME Lending solutions for UK businesses. The SME Lending division offers commercial real estate investment loans and trading loans from £0.5m to small and medium-sized businesses in the UK.

As a leading Banking Services provider, LHV Bank delivers a wide range of services, including real-time multi-currency payments, accounts, acquiring, indirect scheme access, open banking, and FX solutions. Over 200 renowned fintech companies, such as Airwallex, Currencycloud, Truelayer, and Wise, utilise LHV Bank to serve more than 10 million end customers and access a pool of 500 million potential customers across the UK and Europe.

LHV Bank gained its UK banking licence in May 2023 and launched into the retail savings market through deposit aggregators in August 2023. It is in the process of developing its direct to customer retail banking proposition for launch in 2024. More information: lhv.com

We are seeking a highly skilled and experienced Director of Financial Crime Risk to lead the development, implementation, and management of the bank’s Anti-Money Laundering (AML), Know Your Customer (KYC), and Enhanced Due Diligence (EDD) functions. This key 1LoD role will be responsible for managing the bank’s financial crime risk  across all UK business lines, including Banking Services, SME Lending and the developing Retail Banking function. The successful candidate will drive the development of a robust Business Risk function while maintaining the highest standards of professional quality, collaboration, and internal satisfaction.

Main Responsibilities and Objectives:

Development and Maintenance of Risk Management Domain:

• Lead the development and continuous improvement of the first line financial crime risk management processes, with a focus on maintaining compliance with relevant laws, rules and regulations as well as with internal policy requirements.
•  Support the growth of the Banking Services and Retail Banking Business Lines through developing and executing against an effective and scalable risk management strategy, finding creative solutions and implementing reasonable, risk-based measures to manage the financial crime risk within agreed tolerances.

Ownership of AML, KYC, and EDD Functions:

• Take strong ownership of the first line of defence in managing AML, KYC, and EDD risk functions across the bank, including both Banking Services and the newly launched retail bank.
•   Develop and oversee the execution of processes that comply with applicable laws, rules and regulations as well as internal policy requirements, proactively addressing emerging risks, particularly as they relate to Retail Banking products and services.

Building the Business Risk Function:

• Build, develop, and lead the AML Business Risk Management team, including the due diligence processes undertaken at onboarding and throughout the customer relationship for both the Banking Services and the Retail Banking divisions.
• Support the sustainable growth of the business by credibly presenting the risks and mitigation of prospective and existing client relationships appropriately to internal forums and governance committees.
• Foster a culture of continuous improvement, integrity, and collaboration within the team, ensuring a high level of employee satisfaction.

Risk Appetite and Key Risk Indicator (KRI) Framework:

• Propose, establish and maintain  clear risk appetite metrics and and KRIs for financial crime risk across all business lines, with regular reporting to management to track the effectiveness of risk management activities.
•  Ensure transparency and accountability in all risk-related metrics, adapting the reporting to support the new Retail Bank’s AML needs.

Legislative Participation and Stakeholder Engagement:

• Actively participate in legislative developments and consultations, providing feedback on regulatory proposals and policy updates that impact AML, KYC, and risk management practices.
• Build and maintain strong relationships with supervisory authorities, clients, and other internal and external stakeholders, ensuring effective communication, particularly as the Retail Bank launches and begins to scale.

Managing Key Risks in Banking Services and Retail Banking:

• Lead the identification, measurement, and reporting of key financial crime risks within the Banking Services and Retail Banking domains.
• Develop and implement risk mitigation strategies, ensuring that controls are tailored to the unique risks presented by Retail Banking products and services.
• Form reasoned conclusions about new, updated and existing products, business lines and clients to assist in the formation of measured and appropriate risk-taking.

Risk Reporting and Dashboard Development:

•  Build and manage a comprehensive risk reporting dashboard, ensuring relevant risk data is captured, analysed, and presented to senior management in a clear, actionable format for both the Banking Services and Retail bank operations.
•  Develop and maintain a robust management reporting function to ensure timely and accurate reporting to key stakeholders.

Compliance and Regulatory Oversight:

• Ensure that both the Banking Services and the Retail Banking divisions’ financial crime risk management functions align with regulatory guidelines, industry best practices and internal policy requirements.

Training and Advisory:

• Provide guidance and training as required to internal teams on risk management principles, regulatory requirements, and best practices, with an emphasis on the unique challenges and considerations for the new Retail Banking division.
• Offer expert advice and support to stakeholders regarding AML, KYC, and risk management requirements

Risk Considerations in Product Development:

• Actively participate in product development processes, providing input on risk considerations, resources, and financial crime needs to ensure new products and services in both Banking Services and Retail Banking align with regulatory, policy and risk management standards.
• Assess existing and new products and procedures for adherence with internal risk management principles and regulatory frameworks.

Collaboration with Product Management:

•   Work closely with Product Management teams to develop and enhance Banking Services and Retail Banking Risk Management tools and solutions.
•   Support product teams in assessing and addressing potential risks related to new Retail Banking offerings, such as mobile banking, online services, and consumer loans.

Key Qualifications:

Education: 

•  A Bachelor's or Master’s degree in Finance, Law, Business, or a related field. 
•  Professional certifications in Risk Management, AML, or Compliance (e.g., CAMS, CRISC) are highly desirable.

Experience:

•   Minimum of 8-10 years of experience in risk management, with a significant focus on AML, KYC, and regulatory compliance in the financial services sector. 
•   Proven track record of managing and leading risk functions within a banking or financial institution, particularly in retail banking or consumer-facing services.
•   Experience with regulatory reporting, risk control implementation, and team leadership, with a focus on retail banking products and services.

Skills and Competencies:

•   Strong understanding of AML, KYC, EDD, and regulatory compliance requirements within the banking industry, including retail banking. 
•   Exceptional ability to manage and lead cross-functional teams, with a focus on developing talent and fostering collaboration. 
•   Advanced skills in risk analysis, reporting, and KPI/KRI framework development. 
•   Excellent communication and interpersonal skills, with the ability to engage effectively with regulators, clients, and internal teams. 
•   Strategic mindset with the ability to balance business growth objectives with rigorous risk management practices.

Some of our benefits

•    Competitive salary & progression
•    Open and inclusive culture 
•    Hybrid working 
•    Fantastic offices and great working environment
•    Vitality Health Plan (includes private health insurance, travel insurance, gym discounts)
•    Medicash health plan (Level 3)
•    5% employer pension contribution
•    Life assurance
•    Income protection insurance
•    28 days holiday plus 3 additional days, bank holidays & further days for various key life events
•    Team socials