🌍 About the Company

The client is a licensed financial services company operating in electronic money and payment services. Its activities include payment card issuing, acquiring and processing, as well as POS terminal solutions. The company employs approximately 30 professionals and combines direct board involvement with a high level of individual ownership. This is an opportunity to influence the governance and control environment of an established payments business operating under Latvian and EU regulation.

💼 About the Role

As Board Member, you will hold executive responsibility for AML/CFT/CPF, sanctions risk management and regulatory compliance while leading the second line of defence. You will oversee the continued development of the internal control system and strengthen accountability across the organisation. The position has direct access to shareholders and regulators, with independence from the Chair of the Board within its areas of responsibility.

Appointment is subject to a successful fit-and-proper assessment and approval by the Bank of Latvia.

🔍 Responsibilities

• Set the company’s AML/CFT/CPF and sanctions risk management strategy, risk appetite and board-level priorities;

• Lead the second line of defence and oversee the MLRO, AML, sanctions and compliance functions;

• Monitor the effectiveness of the internal control system and ensure alignment with Latvian and EU regulatory requirements;

• Oversee customer due diligence, enhanced due diligence, PEP, transaction monitoring and sanctions screening processes;

• Lead or supervise decisions involving higher-risk customers and material compliance risks;

• Report regularly to the Board and shareholders on risk exposure, control effectiveness, identified weaknesses and remediation progress;

• Represent the company before the Bank of Latvia and maintain effective cooperation with the Financial Intelligence Unit, State Revenue Service and other competent authorities;

• Lead regulatory inspections and ensure that remediation plans, audit findings and supervisory commitments are completed on time;

• Maintain clear governance, escalation and conflict-of-interest arrangements across the organisation;

• Build a strong compliance culture through targeted training, clear accountability and integration of risk considerations into business decisions.

🎓 Requirements

• Higher education in law, finance, economics, business administration or a related field;

• At least 5 years of experience in the financial sector, including at least 3 years in a senior AML, sanctions or compliance leadership role;

• In-depth knowledge of Latvian AML/CFT/CPF legislation, sanctions requirements and Bank of Latvia regulations and guidance;

• Practical experience building, maintaining or improving an internal control system and completing enterprise-wide risk assessments;

• Understanding of the Payment Services and Electronic Money Law, PSD2 and the operating model of electronic money or payment institutions;

• Knowledge of the EU AML regulatory package, including AMLR, AMLD6 and the AMLA supervisory framework, as well as FATF standards;

• Professional fluency in Latvian and strong written and spoken English;

• An impeccable professional reputation and eligibility to receive regulatory approval from the Bank of Latvia.

Nice to Have

• CAMS, ICA or an equivalent AML/compliance certification;

• Experience with transaction monitoring and sanctions screening systems, including rule calibration and effectiveness assessment;

• Previous interaction with financial regulators, external auditors and financial intelligence authorities;

• Russian or another additional language relevant to an international payments environment.

🤝 Key Competencies

• Independent judgement and the confidence to challenge decisions at board level;

• Clear, structured and evidence-based communication with regulators and auditors;

• Leadership experience across multidisciplinary control and support functions;

• Strong analytical thinking and the ability to translate regulation into practical controls;

• Change management skills and the ability to strengthen governance culture;

• Sound prioritisation, delegation and conflict-of-interest management.

✨ The Employer Offers

• A board-level leadership mandate with genuine influence over governance, risk appetite and business decisions;

• Oversight of compliance, risk, legal, accounting and customer support functions;

• A hybrid working model and flexible hours around the standard Riga office schedule;

• Competitive executive remuneration reflecting the regulatory responsibility of the position;

• Direct cooperation with shareholders, senior management and Latvia’s financial supervisory authorities;

• Support for continued professional development in AML, sanctions, governance and payments regulation;

• Health insurance, modern work equipment and a centrally located Riga office.
  

If you have the regulatory expertise, leadership credibility and independence required to strengthen a payments company at board level, we would welcome your application.