Head of Compliance and Mlro - London, United Kingdom - MARKET TALENT

MARKET TALENT
MARKET TALENT
Verified Company
London, United Kingdom

3 weeks ago

Tom O´Connor

Posted by:

Tom O´Connor

beBee Recruiter
Description

We are working with an boutique international Bank based in the West End seeking a
SMF approved person in Compliance and MLRO.

You will be joining an environment where work life balance and staff satisfaction is embedded in the culture of the bank.

The Compliance Officer and MLRO will be leading a small team and oversee theRisk and Compliance framework of the bank as well as be the main point of contact to the NCA and the FCA.


Responsibilities

  • Ensure documented regulatory and compliance policies and procedures are in place, and where appropriate, they align with group policies and procedures, they are clearly articulated, and are up to date with all legislative and regulatory requirements.
  • Monitor and test quarterly key controls to ensure they remain relevant and adequate in mitigating risks to the Bank. The tests should review the key risk indicators and residual risks. Investigate any near miss or loss incident as a result of control failures.
  • Annual review of Risk & Control Framework to identify new threats and potential impact to the business, implementing appropriate controls and procedures to mitigate the risks. The risk assessment includes the Bank's exposure to money laundering and terrorismfinance.
  • Lead the Bank's implementation of AML, antibribery and corruption policies and procedures.
  • Ensure the Bank has in place effective systems, procedures and controls to detect money laundering and financial crime and that these are tested quarterly with breaches and remedial actions reported to senior management and head office.
  • Ensure the Bank's manual and automated screening rules for PEP and sanctions align with those set by head office and maintain up to date screening lists to comply with UN, EU, UK and US sanctions.
  • Ensure staff are trained to discharge satisfactorily their responsibilities in combating money laundering, terrorism finance and fraud.
  • Provide independent signoff for onboarding and continuation of customer relationships, including PEPs.
  • Ensure customers are classified correctly for AML risk and 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.
  • Review and sign off the Bank's account opening terms and conditions, keeping them current with legislative and regulatory requirements.
  • Point of contact for law enforcement agencies, assisting with investigations, and compliance with production and freezing orders.
  • Act as Nominated Officer ensuring the Bank meets its legal obligations in reporting suspicious account activity to the National Crime Agency. Review and signoff submissions for quality control.
  • Provide guidance to senior management and staff on AML best practice, with reference to FCA handbook and JMLSG.
  • 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.
  • Train and guide employee across the bank in relations (Code of Conduct, Anti Money Laundering, Data Protection, Complaint Handling and Operational Risk), achieving sufficient competency to discharge their responsibilities effectively, and that the recordsare maintained with Human Resources department for their performance review.
  • As part of the Bank's Business Continuity Plan, ensure the Bank has an effective Disaster Recovery Programme that is tested at least annually.
  • Ownership of the Bank's register of PEPs. Submit monthly analysis of transactions to head office in accordance with our PEP reporting guidelines.
  • Undertake annual MLRO report to senior management and head office. The MLRO annual report should highlight changes to legislation and regulations, comment on new and current money laundering risks, highlight learning from breaches (including those publishedby the FCA), including fraud incidents. The report should also recommend any improvements to systems, procedures and controls.
  • Submission of regulatory reports including the annual financial crime report to the FCA.

Requirements:


  • Previously SMF approved 16 and 17 person
  • Strong track record as a senior compliance figure within banking with authority of overseeing and reviewing risk and compliance framework.
  • Must be comfortable to commute to the office 5 days a week.
  • Strong professional qualifications i.e. ICA, ACAMSetc.
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