People Matter

Compliance Officer & MLRO, Bermuda

SquareUp

SquareUp

Legal
Hamilton, ON, Canada
Posted on Thursday, May 2, 2024

Company Description

Founded in July 2021, TBD is one of Block's four business units, alongside Square, Cash App, and Tidal. At TBD, we believe in a decentralized future that returns ownership and control over your finances, data, and identity. Guided by this vision, TBD is building an open source platform and developer infrastructure that enables everyone to access and participate in the global economy.

TBD is inviting the world to join us in building and adopting open and decentralized technologies that solve real problems for real people — from next generation infrastructure that lowers the cost of global payments and enables frictionless commerce, to decentralized identity technologies that enable anyone to access and participate in the global economy. Our mission advances economic empowerment through the power of decentralized solutions, built open source and collaboratively.

The offerings we build will provide developers, institutions, and individuals with the capabilities needed to build the next wave of innovative apps and services, and access this decentralized future. We’re leveraging decentralized technologies to reinvent the global financial system in an open and permissionless way to further Block’s mission of economic empowerment, with a global focus.

Job Description

The TBD Compliance team supports Block’s internal blockchain services including: bitcoin wallet infrastructure and digital asset custody, on/off chain risk monitoring, liquidity management, and Lightning services. The team also supports new innovative technologies and products at Block including decentralized identity, the open-source decentralized messaging protocol (tbDEX), and regulated financial services offered by TBD such as remittances and global on/off ramps. We are closely embedded within the business functions to provide real time compliance guidance, requirements, and education to the product, engineering, and operations teams. Our team collaborates regularly with legal and policy experts to ensure our products and services remain in compliance with all regulatory requirements, local laws and industry best practices.

We are looking for a Compliance Officer (CO)/Money Laundering Reporting Officer (MLRO) to lead all compliance management and oversight activities for our Bermuda entity. This role is required to be based in Bermuda and interact on a regular basis with the Bermuda Regulatory Authority’s DBA team to communicate our compliance program and maintain our license in good standing.

As an embedded member of the TBD Compliance team, you will leverage the TBD and Block compliance resources to promote a culture of compliance in Bermuda, and design a compliance framework (including processes and controls) that aligns with all applicable regulations in Bermuda. You must be a subject matter expert in Bermuda financial regulations and well acquainted with the Digital Asset Business Act 2018 regulated digital asset businesses in Bermuda.

The successful candidate will report to TBD’s Head of Compliance and will play a pivotal role in helping to maintain our local compliance program and regulatory licenses in good standing and to ensure that Block’s global products and services remain compliant. This role must be based in Bermuda and will need to be present in the local office on a regular basis.

This role must be based in Bermuda.

You Will:

  • Own and oversee the compliance program for the Bermuda entity, working closely with compliance team members to enhance and scale the program as needed. Specific compliance program activities include:

    • Updating and delivering AML Compliance training on an annual basis;

    • Preparing and reviewing regulator and board reporting, including regular activity reports and annual filings;

    • Defining onboarding, sanctions, monitoring, and reporting requirements for Bermuda;

    • Drafting, reviewing and maintaining policies and procedures, including ensuring alignment with Block wide policies;

    • Identifying control gaps or compliance risks,and designing corrective action and remediation plans; and

    • Ensure ongoing compliance with all applicable regulatory and legal obligations

  • Provide local subject matter expertise and strategic insights, guidance, and decisions on compliance matters for the entity

  • Be the primary compliance contact for the Bermuda Monetary Authority, third party auditors, and external partners

  • Represent the voice of compliance with important internal partners including senior and executive managers along with the Bermuda entity board of directors

  • Collaborate with legal and policy experts to ensure our products and services remain in compliance with all regulatory requirements, local laws and industry best practices

  • Recruit and hire a team of compliance and risk professionals in Bermuda to perform necessary compliance functions for the entity

Qualifications

  • 12+ years experience in anti-money laundering, risk management, operational risk, product controls or other relevant compliance management functions
  • Prior experience working for the Bermuda Monetary Authority or a licensed financial services entity under the BMA is essential

  • Prior experience working with blockchain technology, decentralized ecosystems, or regulated digital asset products/services is preferred

  • Comprehensive understanding of Bermuda anti-money laundering and anti-terrorist financing (AML/ATF) regulations and all relevant regulatory guidance

  • Tactical experience on how to manage independent audits, regulatory examinations, and regular communication with the BMA supervision and exam team

  • Impeccable ethical standards and the professional qualifications to pass the BMA fit and proper assessment

  • Experiencing coaching and developing teams and the ability to recruit and retain talent

  • Strong relationship building skills with cross functional partners

  • Prior experience working in a start-up culture and a track record for driving organization with

Additional Information:

The expected deadline to apply for this position is 30 June 2024; however, this deadline may be extended if a candidate is not selected in that timeframe.

The successful candidate will be employed by: CAWL. at: Canon’s Court, 22 Victoria Street Hamilton, HM 12 Bermuda. Contact phone number: (415) 375-3176.

Additional Information

We’re working to build a more inclusive economy where our customers have equal access to opportunity, and we strive to live by these same values in building our workplace. Block is a proud equal opportunity employer. We work hard to evaluate all employees and job applicants consistently, based solely on the core competencies required of the role at hand, and without regard to any legally protected class.

We believe in being fair, and are committed to an inclusive interview experience, including providing reasonable accommodations to disabled applicants throughout the recruitment process. We encourage applicants to share any needed accommodations with their recruiter, who will treat these requests as confidentially as possible. Want to learn more about what we’re doing to build a workplace that is fair and square? Check out our I+D page.

We’ve noticed a rise in recruiting impersonations across the industry, where individuals are sending fake job offer emails. Contact from any of our recruiters or employees will always come from an email address ending with @block.xyz, @squareup.com, @tidal.com, or @afterpay.com, @clearpay.co.uk.

Block, Inc. (NYSE: SQ) is a global technology company with a focus on financial services. Made up of Square, Cash App, Spiral, TIDAL, and TBD, we build tools to help more people access the economy. Square helps sellers run and grow their businesses with its integrated ecosystem of commerce solutions, business software, and banking services. With Cash App, anyone can easily send, spend, or invest their money in stocks or Bitcoin. Spiral (formerly Square Crypto) builds and funds free, open-source Bitcoin projects. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans. TBD is building an open developer platform to make it easier to access Bitcoin and other blockchain technologies without having to go through an institution.