Financial Crime - London, United Kingdom - ASCOT GROUP

ASCOT GROUP
ASCOT GROUP
Verified Company
London, United Kingdom

2 weeks ago

Tom O´Connor

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Tom O´Connor

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Description

Job Purpose:


To assist the Compliance Function of Ascot in ensuring the business remains compliant with both regulatory and legislative changes imposed by Lloyd's, the Prudential Regulatory Authority (PRA), Financial Conduct Authority (FCA) and all appropriate and relevant overseas regulatory bodies.


Key responsibilities of this role will be for day-to-day financial crime and sanctions compliance monitoring activities including monitoring of regulatory deadlines and sanctions compliance procedural exceptions.

In addition, responsibilities will include assisting with all Financial Crime Pillars (Anti-Money Laundering, Anti-Bribery and Corruption, Anti-Tax Evasion Facilitation, Fraud, Market Abuse and Sanctions).

Helping Ascot maintain strong compliance monitoring controls and procedures, will ensure the company can demonstrate a strong compliance culture to regulators.


Detailed Duties:


Assist the compliance function with the following responsibilities:

  • Act as a point of contact for all financial crime and sanctions monitoring matters. This includes providing advice to Underwriters on any queries relating to internal sanctions compliance procedures and exceptions.
  • Monitoring the Annual Compliance Monitoring Matrix ensuring items assigned to the Financial Crime and Sanctions Assistant are completed promptly. Where deadlines are not met, these must be reported to the Financial Crime Manager and subsequently the Risk Committee. Completion of internal logs covering all financial crime pillars such as Breaches, Sanctions Referrals, Gifts and Entertainment and Sanctions Compliance Returns / Deadlines.

Exception Report Monitoring (Bermuda, London, and Overseas Offices):

  • Day-to-day responsibility for reviewing and completing the below Compliance exception reports, all items must be fully investigated, closed off, and reported on promptly. All breaches must be logged within Ascot's Breach Log and reported to the Workflow Management Group (WMG) & AUL / ABL Underwriting Management Committee (UMC).
  • AML Brazilian RPs > = BRL 50,000
  • AML Cancelled Policies / Overpayments
  • Export Control Order
  • Policies Schedules under Sanction


  • Tax Risk

  • EU Blacklisted Countries


Any technical queries relating to the above exception reports should be referred to a Compliance Analyst and / or Financial Crime Manager.

Any exceptions that require the Compliance and Legal Department to directly request further sign-off from the UMC, e.g. financial crime or sanction queries, should be referred to the Financial Crime Manager.


Responsible for reviewing exception report methodologies to ensure exception reports are effectively capturing our core financial crime and sanctions compliance monitoring controls.


Reporting (Bermuda, London, and Overseas Offices):
Responsible for completing the following internal and Lloyd's reports within assigned deadlines/timeframes:

  • Weekly compliance reports for AUL & ABL Underwriting Management Committee (UMC) and the Workflow Management Group (WMG) MI Reports.
  • Weekly Sanctions Review on highrisk sensitive sanction territory business
  • Quarterly Sanctions Clause Review.
  • Quarterly LIC KRI Sanctions Review Quarterly Financial Crime and Sanctions Monitoring and Assurance Reports

Compliance and Regulatory Communications (London and Overseas Offices writing syndicate business):
Assist the Financial Crime Manager with drafting communications on financial crime and sanctions regulations and any other regulatory topics.


Financial Crime and Sanctions, Cannabis and ECO queries (Bermuda, London, and Overseas Offices):

  • Where required, assist the Compliance Function with sanctions screening via the sanctions screening tool.
  • Where required, assist the Compliance Function with monitoring Ascot's internal Sanctions Search and Xuber Sanctions Search System particularly regarding adherence to the 24hr SLA. Where required, assist the wider Compliance Team when reviewing Sanctions, Cannabis & ECO referrals from underwriters.

Broker Security (Bermuda, London, and Overseas Offices):

  • Work with the Compliance Assistant, who is responsible for obtaining completed New Broker Request forms from Underwriters with screening new brokers within the sanctions screening software and assist with the screening results. Work with the Compliance Assistant, who is responsible for the annual TOBA review process, with the screening of brokers and escalation of any potential hits with the sanctions screening software.

Compliance and Regulatory Requests (Bermuda, London, and Overseas Offices):

Assist the Financial Crime Manager with day-to-day financial crime and sanctions compliance referral requests from underwriters and other functions within Ascot.


Deadline Monitoring (Bermuda, London, and Overseas Offices):

  • Responsible for ensuring all relevant financial crime and sanctions regulatory deadlines are entered within Ascot's Regulatory Diary system.
  • Ensure any dea
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