The Compliance department comprises one of the essential elements of the second-line of defense, which is the risk oversight, monitoring and advice function of the Firm. The department’s objectives include rule implementation and regulatory advice, monitoring and reporting and registration and training.
This includes identifying, understanding and assessing the regulatory risk and implementation of procedures and policies based on regulatory requirements and Firm policies.
Through these processes, they are able to manage regulatory and reputational risk and increase compliance awareness. The department undertakes a complex role in providing a robust compliance structure. This can be challenging due to continuous changes in laws and regulations.
The key stakeholders of the department are the Management Team, all operating businesses and support functions, Group Compliance (Head Office), and regulators (SEC, Client, CFTC and NFA and all exchanges and clearing organizations of which this firm is a member.
This team member will manage the day-to-day aspects of the BSA/AML Compliance Program and conducts due diligence investigations to ensure the Anti-Money Laundering (AML) policies and procedures are in compliance. Assists in the development of AML programs and initiatives to prevent reputational, financial and compliance risk.
Assist in the overall design and implementation of the AML Compliance Program to ensure that it reflects US regulatory requirements.
Assists in the development and enhancement of existing BSA/AML and OFAC policies and procedures as well as the PEPs/Sanction Regimes policies.
Communicate all regulatory changes in the AML/Financial crime area and advises the business on AML policies/procedures.
Conduct investigations of clients or potential clients to detect possible violations of the Bank Secrecy Act (BSA), including all relevant sections of the USA PATRIOT Act, and determines if a Suspicious Activity Report is required. Prepares SARs as needed.
Advise on due diligence and enhanced due diligence reviews at on-boarding and on an on-going basis.
Assist in the development and implementation of monitoring and surveillance reports.
Perform periodic AML related testing and assists with setting monitoring parameters.
Manage all AML aspects of responses to internal and external examiners.
Lead AML Training to employees at the firm.
Advise on client on-boarding files prior to account opening to ensure appropriate KYC documentation has been obtained and adequate due diligence has been conducted.
Coordinate the annual independent AML audit.
Education and Experience
Bachelor’s degree from an accredited college/university preferably in accounting, finance, economics or related discipline.
A minimum of 7-10 years of compliance experience with 5 years of experience in AML compliance, within the financial services industry (within a broker dealer and/or a future commission merchant).
A strong knowledge of U.S. AML laws and regulations including the USA PATRIOT Act, Bank Secrecy Act and OFAC sanctions program.
Experience with and exposure to internal control functions and regulators within the US, and in particular banking/securities AML regulators.
Series 7 preferred Key Competencies:
Comprehensive understanding of process key risks and internal controls
Ability to collaborate with diverse departments and staff of all levels
Experience working in a regulated industry
Good communication, time management and organizational skills
Background in Excel and Analytics tools (e.g. Tableau)
Self-motivated and committed to personal and professional development
Ability to act independently with minimal supervision