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Mercury is building a complete finance stack for startups. We work hard to create the easiest and safest banking* experience possible to simplify entrepreneurs' and business owners’ financial lives. The challenge is to do so while ensuring we protect Mercury, customers and the broader financial ecosystem from bad actors and harmful, illegal or unauthorized activities.

At Mercury, we’re taking Financial Crimes seriously. The BSA/AML & Sanctions compliance team serves as the oversight function for the overall AML & Sanctions program. Head of Model Risk Management, you will drive and own oversight of Mercury’s AML & Sanctions detection rules/models. You will be responsible for oversight of the development, validation, and ongoing monitoring of models used to detect anti-money laundering (AML) activities and ensure sanctions compliance. This role will also ensure that the rules/models Mercury deploys meet regulatory standards and internal policy requirements, providing assurance to senior management and partners that our AML and sanctions rules/models are robust, accurate, and compliant with legal requirements. The ideal candidate will bring expertise in both quantitative modeling and regulatory compliance, with a focus on the financial crime space.

Here are some of the things you will do:

Leadership & Strategy:

• Lead the development, implementation, and management of the model risk management framework for AML and sanctions compliance.
• Develop strategies to enhance model governance, including risk identification, model validation, and ongoing monitoring processes.
• Provide thought leadership and guidance on emerging risks, regulatory developments, and advancements in AML/sanctions model techniques.
• Represent Mercury’s Model Risk Management controls to our financial partners and internal stakeholders
• Support the overall BSA/AML and Sanctions program through special projects as designated by leadership.

Model Development & Validation:

• Oversee the end-to-end lifecycle of AML and sanctions models, including design, validation, implementation, and performance monitoring.
• Support cross-functional teams, responsible for creating new models, to understand documentation requirements and testing requirements prior to model deployment.
• Review and validate model assumptions, methodology, data integrity, and documentation, ensuring regulatory compliance.
• Establish and enforce best practices for model validation, challenge processes, and periodic model recalibration.

Risk Management & Controls:

• Assess the risks associated with the use of models, identifying weaknesses and recommending improvements.
• Develop controls and testing strategies to ensure model outputs align with AML and sanctions compliance objectives.
• Monitor model performance and manage remediation of model deficiencies.

Stakeholder Engagement:

• Serve as the primary point of contact with partners and internal audit teams regarding model risk management for AML and sanctions.
• Collaborate with the compliance, legal, and technology teams to ensure models meet regulatory requirements.
• Provide regular updates to senior leadership on the effectiveness and risks associated with the firm’s AML and sanctions models.

Regulatory Compliance:

• Ensure models comply with relevant regulations, including but not limited to OFAC, FATF, FinCEN, FFIEC and other global financial crime frameworks.
• Prepare and present findings from model validations, audits, and regulatory reviews to leadership on a regular cadence

There are lots of paths that could lead you to be successful in a role like this; we think the strongest candidates will have some of these experiences or attributes:

• Bachelor’s degree or relevant industry experience in a quantitative field such as Finance, Statistics, Mathematics, Computer Science, or Economics. A Master’s degree or PhD is preferred.
• 10+ years of experience in model risk management, financial crime compliance, or a related field, with a focus on AML and sanctions, with at least 5+ years of experience in a direct people management role.
• Strong knowledge of regulatory requirements and industry standards related to AML, sanctions, and financial crime compliance.
• Proficiency in quantitative modeling techniques, statistical analysis, and machine learning methodologies.
• Experience working with AML transaction monitoring systems and sanctions screening tools.
• Excellent verbal and written communication and collaboration skills, with the ability to influence, motivate, and guide teams through complex situations and present complex information clearly to senior leadership and regulators.
• Certifications such as CAMS (Certified Anti-Money Laundering Specialist) or CRCM (Certified Regulatory Compliance Manager).
• Experience with regulatory technology solutions for AML and sanctions screening.
• Familiarity with risk management frameworks such as SR 11-7 and other model governance standards.
• Ability to make decisions quickly and with sometimes limited information, and comfort in an ambiguous, fast-paced, and rapidly changing business and regulatory environment.
• Ambitious sense of curiosity and willingness to explore how compliance and risk management impacts Mercury’s products and our customers outside of one’s comfort zone, such as new markets or financial products.
• Respect for and interest in financial rules and regulations, as well as an eagerness to innovate and drive the industry forward.

The total rewards package at Mercury includes base salary, equity (stock options), and benefits.

Our salary and equity ranges are highly competitive within the SaaS and fintech industry and are updated regularly using the most reliable compensation survey data for our industry. New hire offers are made based on a candidate’s experience, expertise, geographic location, and internal pay equity relative to peers.

Our target new hire base salary ranges for this role are the following:

• US employees in New York City, Los Angeles, Seattle, or the San Francisco Bay Area: $251,800 - $296,200
• US employees outside of New York City, Los Angeles, Seattle, or the San Francisco Bay Area: $226,600 - $266,600

*Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust, Members FDIC.

We use Covey as part of our hiring and / or promotional process for jobs in NYC and certain features may qualify it as an AEDT. As part of the evaluation process we provide Covey with job requirements and candidate submitted applications. We began using Covey Scout for Inbound on January 22, 2024. Please see the independent bias audit report covering our use of Covey here.

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