Jobs Explained: Compliance Officer

24 February 2021

Jobs Explained Co Ps

What is a Compliance Officer? How much do Compliance Officers earn? How do you get your first job as a Compliance Officer and what’s the long term career potential? In this jobs explained profile we explore everything you need to know about Compliance Officer jobs...

What is a Compliance Officer?

In the iGaming industry a Compliance Officer makes sure that a company is following all the external rules and regulations imposed by the government mandated gaming authority.

Similar titles to compliance officer

  • Compliance and Legal are sometimes hybridized together in certain countries, such as Malta

  • Money Laundering Reporting Officer (MLRO) is also sometimes mixed with compliance officer, but this is being phased out as demand for compliance services grows and roles separate out.

What does a Compliance Officer do in the iGaming industry?

Compliance Officers review documents, work practices, and completed work to identify areas where changes might be necessary. Compliance officers typically consult with management on findings and play a lead role in updating training practices or manuals for employees.

Some Compliance Officers work as consultants who are brought in to review a particular organization's practices, and some work for gambling regulators tasked with compliance enforcement.

Pros and Cons of working as a Compliance Officer

Pros

Cons

  • Great for those who want to help iGaming progress in a fair safe manner.

  • Make a difference in terms of customer safety and criminal activities such as money laundering.

  • Great for organisers.

  • Lucrative salary.

  • Career progressions in line with experience.

  • Very in demand position.

  • Procedural people oriented

  • If you like continually learning

  • Help business grow.

  • Good communication with regulators.

  • Roles are becoming more specialised.

  • A lot of responsibility without being a key decision maker.

  • Can be difficult to motivate employees to complete training.

  • May have to fight a lax company culture.

  • If the role is hybridised with MRLO there is serious liability, which can end in prison time in severe cases.

  • Can be hard to keep abreast of what people are doing if remote working.

How much does a Compliance Officer make?

  • Junior Compliance Officer £30, 000 – £35, 000

  • Compliance Officer £35, 000 – £55, 000

  • Compliance Manager £60, 000 – £75, 000

  • Head of compliance £75, 000 to £90, 000

  • Compliance director £100, 000+

What are a Compliance Officers job duties?

  • Complete Customer Interaction reviews generated from internal reporting and referrals from other departments, ensuring customers are not displaying potentially harmful behaviours.

  • Carrying out interactions with customers who have displayed potentially harmful behaviours via phone, e-mail, text & chat.

  • Ensuring each review and interaction is documented on the customer’s account & within the Customer Interaction spreadsheet.

  • Complete affordability reviews and checks on customers identified via internal referral and reporting.

  • Carry out customer due diligence checks on customers who meet internal thresholds, which includes collecting and verifying supporting documents.

  • Completing enhanced due diligence checks, including open-source checks, on customers who meet further internal thresholds which includes collecting and verifying supporting documents.

  • Perform risk assessments to understand risk level, significance and scope.

  • Highlight or escalate areas of concern.

  • Keep up to date with, and understand, relevant laws and regulations.

  • Monitor compliance with laws, regulations and internal policies.

  • Ensure that your findings are recorded and followed up with management so that issues can be rectified.

  • Educate employees on not only the regulations, but also the impact on the organisation if these aren't complied with.

  • Investigate irregularities and non-compliance issues.

  • Report back to business functions on current risk and compliance performance.

  • Contribute to robust and effective compliance controls within the organisation.

  • Review marketing materials, presentations and websites to ensure compliance with regulatory requirements.

  • Assist in the gathering of internal information in response to regulatory requests.

  • Perform various general administrative duties (such as file creation and maintenance of ongoing administrative projects).

  • Collaborate with other departments to create a culture of compliance.

What qualifications/skills does a Compliance Officer need?

  • Business/finance related degree beneficial but not essential.

  • Strong customer service experience, particularly in remote gambling.

  • Experience in carrying out duties in relation to safer gambling.

  • Experience in Information Security Management.

  • Experience in Know Your Customer (KYC) verification.

  • Experience carrying out reviews of customer’s activity or sportsbook/casino activity.

  • Critical problem-solving ability.

  • Ability to analyse and interpret information quickly.

  • Project management skills.

  • Proactivity and passion for the job.

  • Strong Microsoft Office and general IT knowledge.

How do I get a job as a Compliance Officer?

Compliance is a rapidly growing sector in iGaming, in sync with the growth of the industry itself. Increasing regulatory scrutiny also keeps the pressure on operators to recruit new talent to keep up with requirements. The industry currently suffers from a talent shortage making now a very lucrative time to get involved with this career path. A strong background in customer service experience or KYC, a desire to learn and good attitude will get you started in your compliance journey. You will find Compliance Officer jobs advertised online, including entry, junior and senior positions. Be sure to include all relevant qualifications and experience when writing your CV - and don’t forget to send us a copy too, as we often have exclusive and unadvertised Compliance Officer jobs.