Underwriting & Compliance Specialist
Job DescriptionUnderwriting & Compliance SpecialistMerchant Onboarding, Risk Assessment & ComplianceLocation: Remote (U.S.)Department: Risk, Compliance & Merchant OperationsCompany: ApprovelyAbout ApprovelyApprovely is a payments and compliance infrastructure platform built to support merchants operating in complex and regulated industries. Our platform helps businesses accept payments while maintaining compliance with sponsor bank requirements, card network rules, and regulatory frameworks.We specialize in industries often underserved by traditional processors-including online gaming, fantasy sports, sweepstakes, and other emerging digital platforms-providing both payment acceptance and compliance infrastructure.Role OverviewApprovely is seeking a Underwriting & Compliance Specialist responsible for evaluating merchant applications, assessing risk, and ensuring merchants meet compliance standards before onboarding onto the platform.This role sits at the intersection of risk management, compliance, and merchant onboarding, helping protect the platform while enabling growth. The position requires strong analytical thinking, attention to detail, and familiarity with payment processing risk and regulatory frameworks.You will work closely with Sales, Customer Success, Product, Engineering, and sponsor banks to ensure merchants are onboarded properly and monitored throughout their lifecycle.Key ResponsibilitiesMerchant Underwriting & Risk EvaluationReview merchant applications and supporting documentation to assess risk and eligibility.Evaluate merchant business models, ownership structures, and operational risk.Assess financial stability, processing history, and potential chargeback exposure.Ensure merchants operate within:Sponsor bank requirementsCard network rules (Visa / Mastercard)Internal risk policiesIdentify high-risk indicators including fraud risk, chargeback exposure, or regulatory concerns.Merchant OnboardingManage merchant onboarding from application submission through account activation.Collect and verify required onboarding documentation, including:Business formation documentsOwnership and KYC/KYB verificationBanking informationProcessing statementsCompliance policies and licensingEnsure merchant files are complete and "in good order" prior to approval.Coordinate with internal teams to ensure smooth merchant launches.Compliance & Regulatory ReviewConduct KYC / KYB verification and business due diligence.Ensure merchants meet regulatory and compliance requirements for supported industries.Review licensing, legal opinions, and other regulatory documentation when required.Ensure merchant activities align with sponsor bank and network compliance standards.Portfolio Risk MonitoringMonitor merchant processing activity and risk indicators.Investigate alerts related to:Chargeback spikesACH returnsSuspicious transaction activityConduct periodic portfolio reviews to reassess merchant risk profiles.Recommend risk mitigation measures such as:Processing limitsReserve requirementsEnhanced monitoring.Process & Operational ImprovementsHelp refine internal underwriting workflows and policies.Identify opportunities to improve onboarding efficiency and reduce manual work.Support tooling improvements and internal documentation.Cross-Functional CollaborationPartner with:SalesCustomer SuccessEngineeringProductCompliance partners and sponsor banksEscalate complex or high-risk merchant cases when needed.Assist with maintaining underwriting documentation and internal policies.RequirementsQualificationsRequired2-5 years experience in payments, fintech, banking, or merchant acquiringExperience with merchant underwriting, onboarding, or risk reviewUnderstanding of payment processing and merchant riskStrong analytical and problem-solving skillsHigh attention to detail and documentationPreferredExperience with high-risk or regulated industries, including:Online gamingCryptoRemittanceSweepstakesKnowledge of Visa/Mastercard rules and sponsor bank programsExperience with KYC/KYB processesFamiliarity with CRM, underwriting platforms, or risk monitoring systemsStrong spreadsheet/data analysis skills.SkillsRisk analysis and critical thinkingCompliance and regulatory awarenessStrong written documentationAbility to manage multiple merchant cases simultaneouslyClear communication with internal teams and external partnersWhat Success Looks LikeMerchant applications reviewed quickly and accuratelyHigh-quality underwriting packages prepared for approvalsSmooth onboarding experiences for new merchantsEffective risk monitoring across the merchant portfolioStrong compliance with sponsor bank and card network requirementsBenefitsWhat Success Looks LikeMerchant applications reviewed quickly and accuratelyHigh-quality underwriting packages prepared for approvalsSmooth onboarding experiences for new merchantsEffective risk monitoring across the merchant portfolioStrong compliance with sponsor bank and card network requirementsWhy Join ApprovelyWork at a fast-growing fintech company solving payments for underserved industriesExposure to emerging markets including online gaming and digital platformsOpportunity to shape underwriting and compliance processes from the ground upCollaborative startup environment with high ownership and impactBenefitsCompetitive salaryEquity participation opportunityHealth InsuranceFlexible work environmentOpportunity to work directly with company leadershipCareer growth opportunities as the company scalesExposure to the fintech, payments, and gaming industriesCollaborative and entrepreneurial startup culture