Position: Head of Compliance and MLRO
Location: London, UK
The Head of Compliance will with other members of Senior Management to identify, measure and manage Compliance Risk to ensure that the bank behaves ethically and consistently in full compliance with relevant laws and regulatory requirements and that the Bank's policies and procedures are being adhered to.
Role will also be responsible as Money Laundering Reporting Officer (MLRO) for implementation of policies and procedures to mitigate Anti - Money Laundering (AML) Risks, as well as developing and maintaining a programme designed to mitigate financial crime.
Implement a Compliance Framework approved by the Board
Establish appropriate Systems and Controls to ensure effective oversight and monitoring of compliance with all relevant laws and regulations
Clearly define and perform compliance duties as part of three lines of defence model
Ensure clearly defined roles and responsibilities within Compliance Team for effective performance of duties
Keep updated on regulatory developments and ensure that all rule changes relating to Compliance Oversight and Money Laundering Functions which affect the bank are drawn to Management and Staff's attention for implementation.
Provide assistance to the Finance and Risk Function Holders in relation to regulatory changes arising which relate to those functions.
Co-ordinate with Regulatory Reporting for timely and efficient submission of returns and any future regulatory projects.
Responsible for Data Protection in the Bank
Responsible for the management of the Senior Managers Certification Regime, together with the HR function.
Management Information, Reporting and Monitoring
Ensure relevant policies and procedures are in place to mitigate all compliance and regulatory risks
Ensure policy ownership and frequency of review is clearly defined and enforced
Develop appropriate MI to monitor and report Treating Customer Fairly (TCF) and Conduct Risks in compliance with regulatory requirements and to avoid reputational damage
Establish and embed a robust Risk-Based Compliance Monitoring Programme (CMP) that provides Management and Board with assurance that all compliance and regulatory risks are being satsfactorily mitigated.
Undertake a regular review of regulatory rules ensuring there are no gaps in CMP and policies and procedures; driving timely update of CMP, policies and procedures as required
Implement a structured account opening checklist to include all the required steps necessary to achieve an acceptable standard of KYC compliance.
Perform independent quality assurance checks on customer files on a regular basis to give Management ongoing assurance on KYC compliance
Ensure an up to date AML Policy document is in place and all relevant staff are duly aware and trained on fulfilling requirements
Make sure that a process is in operation to classify customers into high, medium and low profile groups against their characteristics. Establish appropriate thresholds for transaction monitoring for each group and additional thresholds for volume controls.
Develop policies for assessing and mitigating the Bank's Compliance Risks on fraud, data security, bribery and corruption and sanctions and asset freezes.
Money Laundering Reporting Officer
Develop and roll out AML policies and procedures in compliance with statutory and regulatory obligations and as advised by enforcement agencies
Robust monitoring of all areas of operations to ensure compliance with AML policies, regulation and legislation. Regular reporting to Senior Management and annually to the Board.
Undertake internal review of all suspicious transactions and disclose to National; Crime Agency (NCA) and report to law enforcement agencies as appropriate
Effectively manage requests for financial information from enforcement agencies.
Monitor effectiveness of fraud prevention systems and make necessary recommendations to management. report fraudulent activities to relevant bodies, record findings and produce reports as required.
Develop and implement an approved annual training plan for all Compliance Staff
Develop in conjunction with Human Resources (HR) a programme of core compliance and AML training for Staff
Implement regular Compliance monitoring reviews of staff training against approved training plans. Ensure training records including attendance registers are of acceptable standard
Minimum of ten years’ experience in Compliance preferably including a combination of banking, regulatory, consultancy/professional
Must have relevant SMF qualifications for MLRO
A relevant degree or Chartered Accountant qualification or Diploma in Compliance or any similar compliance or regulatory qualification.
Proficient use of Word, Excel
Proficient in undertaking research for Compliance Reports.
Must have knowledge of:
Regulation and legislation relevant to the Banking Industry
Ethical standards including FCA and PRA standards
Good knowledge of commercial banking products and services