Merchant Onboarding

P O S I T I O N O V E R V I E W

Modulus Labs operates as a Payment Facilitator (PayFac) and Operator of Payment Systems engaged in

Merchant Payment Acceptance Activities (OPS-MPAA) under BSP Circular No. 1198. In Singapore, the

company provides merchant acquisition services under MAS's Payment Services Act 2019 (as amended

through 2024). As a Merchant Onboarding Officer, you are responsible for the controlled and compliant

onboarding of new merchant partners, ensuring strict adherence to all internal policies, regulatory

requirements, and due diligence standards. The role involves the systematic collection, verification, and

processing of all required documentation and merchant information, ensuring completeness, accuracy,

and audit readiness prior to account activation.

The Officer must ensure that all onboarding activities align with applicable legal, risk, and compliance

frameworks, including but not limited to KYC, AML, and data governance standards. This role requires

close coordination with Merchant Services, Risk & Compliance, and other relevant internal

stakeholders to ensure that no merchant is activated without full validation and proper authorization.

All onboarding records must be accurately maintained, securely stored, and readily accessible for

internal review or regulatory audit. The Merchant Onboarding Officer is accountable for upholding

procedural integrity, minimizing onboarding risk, and ensuring that merchant activation is conducted

in a controlled, consistent, and fully compliant manner.

R E G U L A T O R Y C O N T E X T

BSP — BSP Circular No. 1049 and BSP Circular No. 706

BSP Circular No. 1049 (Series of 2019) is a regulation issued by the Bangko Sentral ng Pilipinas that

sets out the rules and registration requirements for operators of payment systems (OPS). It

implements key provisions of Republic Act No. 11127 to ensure the safety, efficiency, and reliability of

the Philippine payments landscape. The circular established a formal framework for oversight and

compliance among both bank and non-bank payment service providers.

BSP Circular No. 706 is a major issuance by the Bangko Sentral ng Pilipinas on January 5, 2011 that

updated the Anti-Money Laundering Rules and Regulations (AMLRR). It prescribes detailed Anti-

Money Laundering and Counter-Financing of Terrorism (AML/CFT) standards for banks and other

covered institutions under the Anti-Money Laundering Act of 2001.

It remains a cornerstone of Philippine financial-integrity regulation, later refined by BSP Circular Nos.

950 and 1022 to align with evolving international AML/CFT norms.

K E Y R E S P O N S I B I L I T I E S

The role is responsible for implementing and enforcing robust Know-Your-Customer (KYC) and

Customer Due Diligence (CDD) procedures, ensuring that all merchants are properly identified,

verified, and risk-assessed prior to the establishment of business relationships. This includes the

thorough review and validation of onboarding documents, adherence to Anti-Money Laundering (AML)

and Counter-Terrorism Financing (CTF) standards, and the maintenance of accurate, complete, and

audit-ready records. The Officer works closely with Risk & Compliance and other internal stakeholders

to ensure that no merchant is activated without satisfying all regulatory, legal, and internal control

requirements.

Q U A L I F I C A T I O N S & E X P E R I E N C E

Required

● Bachelor’s degree in Business Administration, Finance, Accounting, or related field

● Basic to high understanding of KYC (Know-Your-Customer) and CDD (Customer Due Diligence)

concepts

● Strong attention to detail and ability to review and organize documents accurately

● Good communication and coordination skills for working with internal teams and merchants

● Proficiency in Microsoft Office (Excel, Word) and basic data entry systems

● High level of integrity and ability to handle sensitive and confidential information

● Willingness to learn regulatory requirements set by the Bangko Sentral ng Pilipinas, including

onboarding and compliance standards

● Ability to follow structured processes and adhere to policies and procedures

Preferred

● Professional certifications (e.g., AML/KYC) are an advantage

● Experience in merchant onboarding, payments, fintech, banking, or compliance-related roles.

● Strong working knowledge of KYC/CDD, AML/CTF regulations, and risk assessment frameworks

● Familiarity with BSP regulations, including BSP Circular No. 706 and BSP Circular No. 1049 and

other international regulations related to.

● Experience in document verification, sanctions screening, and fraud risk identification

● Ability to assess merchant risk profiles and escalate complex or high-risk cases appropriately

● Strong analytical skills with attention to detail and audit readiness mindset

● Experience working with onboarding systems, CRM tools, or payment platforms

● Good stakeholder management skills, with the ability to coordinate across Risk, Compliance, and

Operations teams

C O R E C O M P E T E N C I E S

Regulatory Compliance & Risk Awareness

● Demonstrates strong understanding of KYC/CDD, AML/CTF principles, and regulatory expectations set by the Bangko

Sentral ng Pilipinas

● Ability to identify, assess, and escalate potential compliance and fraud risks

● Ensures strict adherence to internal policies and external regulations (e.g., BSP Circular No. 706, BSP Circular No. 1049)

Attention to Detail & Accuracy

● Reviews documents thoroughly to ensure completeness, consistency, and authenticity

● Maintains high accuracy in data entry and record-keeping

● Ensures onboarding records are audit-ready at all times

Process Discipline & Control Orientation

● Ability to follow structured workflows and standard operating procedures without deviation

● Maintains proper documentation, version control, and audit trails

● Ensures no onboarding step is skipped prior to merchant activation

Analytical Thinking & Problem Solving

● Evaluates merchant profiles and identifies discrepancies or red flags

● Applies risk-based thinking in decision-making

● Resolves onboarding issues while maintaining compliance standards

Communication & Coordination

● Effectively communicates requirements and deficiencies to merchants and internal teams

● Works collaboratively with Risk, Compliance, and Operations units

● Provides clear and professional documentation and status updates

Integrity & Confidentiality

● Handles sensitive merchant and financial information with discretion

● Demonstrates ethical behavior and accountability in all onboarding activities

● Upholds data privacy and information security standards

Time Management & Productivity

● Manages multiple onboarding cases while meeting turnaround times and SLAs

● Prioritizes tasks based on urgency and risk level

● Maintains efficiency without compromising quality.

Adaptability & Continuous Learning

● Keeps updated with evolving regulatory requirements and internal policies

● Adapts to new systems, tools, and onboarding procedures

● Open to feedback and process improvements

W H A T W E O F F E R

➔ Growth: Work with ambitious engineers solving some of the toughest technology challenges.

➔ Culture: We value freedom with responsibility, context over control, and excellence over process.

‚ߢBenefits: We take care of our people. From healthcare to team perks—you'll have access to competitive

benefits that support you inside and outside of work. No fluff, just real support where it counts.

‚ߢTravel: Work takes you places—literally. Whether it's regional deployments, conferences, or global ops,

expect to travel, learn, and lead on the ground where it matters

INTERESTED IN JOINING US?

If you are interested in the Merchant Onboarding Officer position, please submit your application through the link below:

Apply Here: https://forms.gle/pEQmwF45HYroJtgQ6

We look forward to hearing from you!