Financial Crime Specialist - London, United Kingdom - IPOE Consulting

Description

Job Description

Our client, an International Bank based in the City of London, are looking to recruit a new MLRO. The incumbent, will have oversight of the Bank's compliance with the Money Laundering Regulations, the FCA and PRA SYSC Rules and the JMLSG Guidance for the Financial Sector. This position will hold SMF17 function.

Main responsibilities of the MLRO will include;

• Identification and documentation of the Bank's money laundering risk profile and developing a business wide risk assessment for all products, services & activities along with considering any changes to the Banks business profile.
• Ensure annual / bi annual review of the Bank's country risk policy and risk categorisation is carried out. This will include review of various risk indicators i.e. FATF, Transparency index, and making changes required to reflect the increased or decreased risk associated with particular jurisdictions.
• Annual review of AML risk assessment and financial crime framework to identify new threats and potential impact to the business, implementing appropriate controls and procedures to mitigate the risks. The risk assessment includes any changes to the Banks business profile and Bank's exposure to money laundering and terrorism finance.
• Ensure the Bank has in place effective systems, procedures and controls to detect money laundering and financial crime and that these are tested and any breaches are reported and remedial actions reported to management and Board committees where appropriate
• Lead and Review the Banks Transaction monitoring program. Ensure that full TM monitoring and oversight is provided by the financial crime team. This includes but not limited to review of the TM scenarios, given thresholds, high risk transactions and the adequacy of comments and where appropriate changes / introduction of enhancements.
• Lead the Bank's implementation and periodic review of the suite of financial crime, AML/ KYC, anti-bribery and corruption policies and procedures.
• Ensure customers are classified correctly for AML risk and appropriate due diligence is carried out on the correct account review cycle, in particular, the higher risk customers are reviewed at least annually. All customers are to be reviewed at trigger event
• Provide independent sign-off for on-boarding and continuation of customer relationships, including PEPs and correspondent accounts.
• Oversight of the Bank's procedures concerning compliance with the UK sanctions regime. Ensure the Bank's manual and automated screening rules for PEP, sanctions aligned /maintain up to date screening lists to comply with UN, EU, UK and US/Ofac sanctions. Also, ensure regular customer screening includes screening against adverse media lists. Coordinate for remediation/ mitigation or reporting of such events takes place.
• Ensure staff are trained to discharge satisfactorily their responsibilities in combating money laundering, terrorism finance and fraud.
• Provide guidance to senior management and staff on AML best practice, with reference to FCA handbook and JMLSG.
• Act as Nominated Officer ensuring the Bank meets its legal obligations in reporting suspicious account activity to the National Crime Agency. Investigate matters that are raised to determine whether the information in a report gives risk to a knowledge or suspicion of money laundering or terrorist financing. Review and sign-off submissions for quality control.
• Responding to requests for information from Government and law enforcement agencies. Liaising where appropriate with the FCA /PRA and any other regulatory body and responding to requests for information.
• Undertake formal report (MLRO report) to senior management and the board committees. The provision of risk focused management information on account opening, High risk reviews and transaction monitoring, Sars etc on a periodic basis. The annual report should highlight changes to legislation and regulations, comment on new and current money laundering risks, highlight learning from breaches (including those published by the FCA), including fraud incidents. The report should also recommend any improvements to systems, procedures and controls.
• Coordinate/ timely submission of any AML regulatory reports including financial crime return
• Keep up to date with changes to legislation and regulatory requirements related to money laundering and financial crime through review of publications by regulatory bodies and by attending networking groups and training in the industry.