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Deputy Money Laundering Reporting Officer

British Business Bank
The City, Central London, United Kingdom
Competitive Salary
Closing date
Feb 13, 2024

View more

Job Role
Financial Accountant
Contract Type
Full Time

London / Hybrid (Minimum 40% Office Attendance Per Week)

Contract: Permanent

Hours: Full time 37.5 hours per week/flexible days and/or hours (Mon-Fri)

Between £71,250 - £85,000 Depending upon experience


The British Business Bank is an established and influential institution with a key mission of driving sustainable growth and prosperity throughout the United Kingdom. It plays a vital role in supporting access to finance for smaller businesses, facilitating their development and contributing to the transition towards a net zero economy.

Since its inception in 2014, the British Business Bank has functioned as a government-owned economic development bank, operating independently to fulfil its objectives. It collaborates with over 200 delivery partners, including high street, digital, specialist, and challenger banks, venture capital and private debt funds, as well as fintech platforms, to implement its programs effectively.

With offices in Sheffield and London, the British Business Bank currently employs approximately 550 individuals.

As an organisation that values flexibility, wellbeing and collaboration, the British Business Bank introduced a hybrid-working model in 2020. Our colleagues typically spend an average of 2 days per week working in our offices, striking a balance between the advantages of remote work and the benefits of in-person collaboration. The successful candidate for this role should be able to commute to our Sheffield or London office.

At the British Business Bank, we aim to represent the communities we serve, firmly believing that different perspectives make us stronger. We strongly encourage applications from individuals with varied experiences and backgrounds.

As a Disability Confident employer, we commit ourselves to having an inclusive, equitable and accessible recruitment process supporting applicants and employees, making reasonable adjustments whenever it is feasible.

Benefits package:

30 days annual leave plus bank holidays, opportunity to buy and sell holiday

15% employer pension contribution,

Performance related bonus

Flexible working

Cycle to work scheme, healthcare cash plan and life assurance

Paid voluntary day, maternity, adoption, and shared parental leave

Benefits designed to suit your lifestyle - from discounts on retail and socialising, to health and wellbeing, travel, and technology...and plenty more


We are currently recruiting for a Deputy Money Laundering Reporting Officer to join our Risk and Compliance Team.

The Deputy Money Laundering Reporting Officer (DMLRO) within the BBB second line of defence supports the MLRO to provide an expert advisory and monitoring service to ensure compliance with relevant regulation and guidance relating to Fraud and Financial Crime (F&FC). They will support the MLRO in the design, development and ongoing monitoring of BBB Groups Fraud and Financial Crime Risk Management arrangements; policies; systems, and internal controls, ensuring these are aligned with the Banks Risk appetite and applicable legal and regulatory requirements.

You will be expected to provide regular reports and management information to the MLRO, Chief Risk Officer and Board on the Banks F&FC Risk profile outlining the adequacy of F&FC systems and controls. You will also support delivery of the annual MLRO report to the relevant Board Committee and support the group-wide F&FC risk assessment including an assessment of control effectiveness.

You will also undertake investigations regarding potential cases of suspected fraud and financial crime as and when required and be the subject matter expert, working closely with the first line of defence, and any agents of BBB, to review escalations (e.g. Sanctions / PEPs and Adverse media) to the MLRO and where necessary make recommendations to approve/decline in line with the Banks Anti Money Laundering Policy and Risk Appetite.

To be considered for this role you must have a detailed operational knowledge and understanding of the UK regulatory and legal requirements regarding financial crime compliance.

You will have experience in translating legislation or legal advice into clear business-focused procedures, guidance and training and be able to demonstrate experience of delivering organisational change to maintain a culture of high-level AML and Sanctions compliance previously.

You will have the ability to anticipate and evaluate potential fraud and financial crime risks at a strategic level (including organisational structures, business processes, product design, delivery channels and third-party system providers etc).

Experience in a financial crime senior management position within financial services, with proven experience including acting as a Deputy Money Laundering Reporting Officer/SMF17 for an FCA regulated firm would be desirable. You must be skilled in building strong and productive relationships / networks with internal and external stakeholders and have prior experience in the analysis of qualitative and quantitative data/information, drawing appropriate conclusions and making sound decisions as a result and be adept at evaluating complex information and present analysis with accuracy and attention to detail.

Previous experience in presenting to Board, Board Committees and/or Senior Management would also be highly desirable.

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