Head of Compliance and MLRO Head of Compliance and MLRO …

Westbourne Partners
in London, England, United Kingdom
Permanent, Full time
Last application, 29 May 20
£££Excellent
Westbourne Partners
in London, England, United Kingdom
Permanent, Full time
Last application, 29 May 20
£££Excellent
The Head of Compliance will with other members of Senior Management to identify, measure and manage Compliance Risk to ensure that the bank behaves ethically and consistently in full compliance with relevant laws and regulatory requirements and that the Bank's policies and procedures are being adhered to. Role will also be responsible as Money Laundering Reporting Officer (MLRO) for implementation of policies and procedures to mitigate Anti - Money Laundering (AML) Risks, as well as developing and maintaining a programme designed to mitigate financial crime.

Position: Head of Compliance and MLRO 

Location: London, UK  

The Head of Compliance will with other members of Senior Management to identify, measure and manage Compliance Risk to ensure that the bank behaves ethically and consistently in full compliance with relevant laws and regulatory requirements and that the Bank's policies and procedures are being adhered to. 
 

Role will also be responsible as Money Laundering Reporting Officer (MLRO) for implementation of policies and procedures to mitigate Anti - Money Laundering (AML) Risks, as well as developing and maintaining a programme designed to mitigate financial crime.   
 

Responsibilities

Compliance 

Implement a Compliance Framework approved by the Board 

Establish appropriate Systems and Controls to ensure effective oversight and monitoring of compliance with all relevant laws and regulations 

Clearly define and perform compliance duties as part of three lines of defence model 

Ensure clearly defined roles and responsibilities within Compliance Team for effective performance of duties 

Keep updated on regulatory developments and ensure that all rule changes relating to Compliance Oversight and Money Laundering Functions which affect the bank are drawn to Management and Staff's attention for implementation. 

Provide assistance to the Finance and Risk Function Holders in relation to regulatory changes arising which relate to those functions. 

Co-ordinate with Regulatory Reporting for timely and efficient submission of returns and any future regulatory projects. 

Responsible for Data Protection in the Bank 

Responsible for the management of the Senior Managers Certification Regime, together with the HR function. 

Management Information, Reporting and Monitoring 

Ensure relevant policies and procedures are in place to mitigate all compliance and regulatory risks 

Ensure policy ownership and frequency of review is clearly defined and enforced 

Develop appropriate MI to monitor and report Treating Customer Fairly (TCF) and Conduct Risks in compliance with regulatory requirements and to avoid reputational damage 

Establish and embed a robust Risk-Based Compliance Monitoring Programme (CMP) that provides Management and Board with assurance that all compliance and regulatory risks are being satsfactorily mitigated. 

Undertake a regular review of regulatory rules ensuring there are no gaps in CMP and policies and procedures; driving timely update of CMP, policies and procedures as required 

Financial Crime 

Implement a structured account opening checklist to include all the required steps necessary to achieve an acceptable standard of KYC compliance. 

Perform independent quality assurance checks on customer files on a regular basis to give Management ongoing assurance on KYC compliance 

Ensure an up to date AML Policy document is in place and all relevant staff are duly aware and trained on fulfilling requirements 

Make sure that a process is in operation to classify customers into high, medium and low profile groups against their characteristics. Establish appropriate thresholds for transaction monitoring for each group and additional thresholds for volume controls. 

Develop policies for assessing and mitigating the Bank's Compliance Risks on fraud, data security, bribery and corruption and sanctions and asset freezes. 

Money Laundering Reporting Officer 

Develop and roll out AML policies and procedures in compliance with statutory and regulatory obligations and as advised by enforcement agencies 

Robust monitoring of all areas of operations to ensure compliance with AML policies, regulation and legislation. Regular reporting to Senior Management and annually to the Board. 

Undertake internal review of all suspicious transactions and disclose to National; Crime Agency (NCA) and report to law enforcement agencies as appropriate 

Effectively manage requests for financial information from enforcement agencies.  

Monitor effectiveness of fraud prevention systems and make necessary recommendations to management. report fraudulent activities to relevant bodies, record findings and produce reports as required.  

Training 

Develop and implement an approved annual training plan for all Compliance Staff 

Develop in conjunction with Human Resources (HR) a programme of core compliance and AML training for Staff 

Implement regular Compliance monitoring reviews of staff training against approved training plans. Ensure training records including attendance registers are of acceptable standard 

  

Requirements
 

Minimum of ten years’ experience in Compliance preferably including a combination of banking, regulatory, consultancy/professional 

Must have relevant SMF qualifications for MLRO 

A relevant degree or Chartered Accountant qualification or Diploma in Compliance or any similar compliance or regulatory qualification. 

Proficient use of Word, Excel 

Proficient in undertaking research for Compliance Reports. 

Must have knowledge of: 

Regulation and legislation relevant to the Banking Industry 

Ethical standards including FCA and PRA standards 

Good knowledge of commercial banking products and services 

 

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