1. ROLE
1.1 Assist the Company’s Compliance Function.
1.2 Support the Management Compliance Officer (“MCO”) in developing a robust coordinated, consistent and effective compliance monitoring and oversight approach through the effective use of appropriate tools.
2. RESPONSIBILITIES
2.1. SCE must understand the company AML/CFT Policies & Procedures and aware on the rules and guideline given by BNM. He/she therefore serves as a reference point for the branch.
2.2. Review the Company’s policies and procedures for consistencies and compliance to laws and regulations and BNM guidelines and regulations;
2.3. Conduct examination to ensure appropriate AML/CFT procedures, including customer acceptance policy, customer due diligence, record-keeping, on-going monitoring, reporting of suspicious transactions and combating the financing of terrorism are implemented effectively;
2.4. Support the training function in the areas of the AML/CFT;
2.5. Evaluate suspicious transaction reports received from branch compliance officers (“BCO”); and
2.6. Assist in the dissemination of information regarding AML/CFT to the organization.
2.7. Assists the MCO in compliance matters;
a) Compliance findings on the branch
– To communicate the findings to the respective branches
b) STR submission
- BCO will be the sole person for internal STR submission to the MCO
- BCO must ENSURE all info are kept private and confidentially
- BCO must q the suspicion before submitting to the MCO
- If suspicion is confirmed, BCO need to submit STR immediately to the MCO through email. Please refer to sample format of STR submission
c) Training
- Provides training to the staff regarding AML/CFT policies & procedure
- Identify and fulfil staff training needs (Example: refresher training for existing staff)
- BCO can request training assistance from head office as and when required.
- developing an annual risk based Compliance monitoring and oversight plan which
focuses on Conduct, and other regulatory risks.
- maintaining a comprehensive Compliance Risk Universe
- undertake and manage robust risk based compliance assurance reviews and oversight
activities to deliver to Senior Management an insight into the efficiency and
effectiveness of regulatory risks, best practice
- coaching and supporting the Compliance Monitoring Team for the successful delivery
of the annual monitoring and oversight plan
- developing high quality, succinct, timely, and accurate compliance monitoring and
oversight reports, and collaborate with the business to determine and agree pragmatic
and effective remedial and preventative recommendations where vulnerabilities and
risks exist, monitor corrective plans and provide guidance, advice and support to deal
with and avoid similar situations in the future
- liaise with key stakeholders in the business to effectively track, manage and report on
open, closed and overdue actions through to successful implementation
- develop monthly and quarterly management information on all monitoring and
oversight activities, risks and issues, which contribute to the Assurance reports for the
Board and Executive Management
- regularly liaise with 1st, other 2nd Line and 3rd Line functions to disseminate
compliance activities, and understand business needs
- You are required to understand and comply with all relevant rules, regulation and
legislation applicable to your role. This means:
- acting with integrity and due skill, care and diligence at all times
- ensuring that customers are treated fairly at all times
- ensuring that communications via any medium meet the principle of ‘clear, fair and
not misleading’
- undertaking relevant internally arranged training on systems, processes and regulatory
requirements relevant to your role
- identifying and escalating (through your line manager) risks that impact the business,
customers or other third parties
- reporting (through your line manager) any issues and/or system/process failures that
may impact on service to customers
- developing an annual risk based Compliance monitoring and oversight plan which
3. Job Requirements
3.1. Qualifications
a) Diploma/Degree in Law, Accounting, Business Studies/Administration/Management or equivalent.
b) Minimum 3 years’ experience in related field
c) Good analytical, communications and interpersonal skills
d) Familiarity with AMLATFA2001and BNM Guidelines for Money Services Business
e) degree level education or
f) qualified Internal Auditor (IIA or similar)
3.2. Experience
a) minimum of 3-years post qualification experience, in financial services
b) sound knowledge of UK financial services’ regulatory requirements particularly within the Conduct risk, and a good understanding of Prudential risks
c) sound knowledge of other regulations, including; Financial Crime, DPA etc. strong and demonstrable management skills
d) Desirable
e) compliance Monitoring and Oversight experience in an insurance company
3.3. Skills
a) excellent relationship management skills to Board level (Ambassadorial Approach)
b) excellent communication skills both oral and written
c) has an evidential strategic and tactical approach
d) strong influencing and persuasive skills to an Executive level
e) competent and highly analytical
3.4. Attributes
a) demonstrates a positive, proactive, results driven, with a ‘Can Do’ attitude
b) shows initiative and is a self-starter
c) operates with utmost integrity
d) excellent planning and organisational skills
e) has an investigative and inquisitive mind-set
f) quality oriented and excellent attention to detail
g) constantly seeks to improve through analysis, creativity, problem solving and change initiatives
i) ability to effectively lead others