Main purpose of job
- Work with the Head of Compliance and Senior Management to identify, measure and manage compliance risk to ensure that the Bank behaves ethically and consistently with the full requirements of the PRA and FCA
- Assist Money Laundering Reporting Officer (MLRO) in the implementation of policies and procedures to mitigate AML risks.
- Assist in the development and training programmes designed to mitigate financial crime.
- Monitor, advise and assist with the development of policies and procedures as well as the implementation of laws and regulations.
Key responsibilities / accountabilities
Offering Compliance Advice Or Focused Support to Internal Departments
- Proactively researching and understanding changes in regulation.
- Keeping management and relevant departments abreast with emerging changes in regulations.
- Conducting due diligence reviews.
Management Information, Reporting and Monitoring
- Work with the Head of Compliance to ensure relevant policies and procedures are in place to mitigate all compliance and regulatory risks facing the Bank.
- Work with the Head of Compliance to establish and embed a robust Compliance Monitoring Programme that provides Management and the Board with assurance that all compliance and regulatory risks are being satisfactorily mitigated.
- Assist the Head of Compliance in undertaking regular, at least annual reviews of regulatory rules ensuring there are no gaps in company policies and procedures and driving timely update of CMP, policies and procedures as required.
- Writing reports on the outcome of monitoring findings and ensuring remedial action is taken.
- Undertake sanctions screening and work with IT on management of sanctions screening process.
Nurturing an appropriate ‘compliance culture’
- Assisting the Head of Compliance on Quality assurance (Conduct Risk)
- Assisting in articulating a culture of ethics and integrity throughout the organisation.
- Assisting the Head of Compliance in ensuring that Risk Assessments on Conduct risk for the front-line departments are conducted annually.
- Perform independent quality assurance checks on customer files on a regular basis to give management ongoing assurance on KYC compliance
- Monitor the AML policy document in place and establish whether it remains relevant and is communicated effectively.
- Assisting the Relevant Heads and Head of Compliance to conduct periodic risk assessments on our low, medium and high risk customers.
- Client integration (Working with retail on AML/KYC on-boarding and client control)
Financial Crime Prevention
- Maintain an awareness of emerging trends in financial crime
- Evaluating internal reports of suspicious financial activity and disclosing to the National Crime Agency when necessary.
- Assisting in Financial Crime and Compliance remediation following audit.
Assisting the Money Laundering Reporting Officer (MLRO) in the following functions
- Undertaking internal reviews of all suspicious transactions and disclosing to National Crime Agency (NCA) and/ or reporting to law enforcement agencies as appropriate
- Monitoring effectiveness of fraud prevention systems and making necessary recommendations to management. Reporting fraudulent activities to relevant bodies, recording findings and producing reports as required
Training & Development
- Assisting with the development of an effective compliance training programme, including appropriate training for new employees as well as on-going training for all employees.
- Assisting in conducting workshops on compliance and financial crime issues for all staff.
- Assisting with the timely delivery of training requirements of the organisation.
Regulation and legislation relevant to the company’s business
Ethical standards including the FCA & PRA Code of Practice
The Bank’s policies, products and services
Banking experience- Minimum 2 years
Compliance experience minimum 2 years
Broad knowledge of the Banking sector
Relevant degree and/or qualification in compliance