Assistant Compliance Manager

The Assistant Manager, Compliance, plays a vital role in supporting the compliance function and the overall Anti-Money Laundering and Counter Terrorist Financing Program within the VM Group.

Job Details:

Job Category: Assistant Manager 

Job Summary : 

The Assistant Manager, Compliance, plays a vital role in supporting the compliance function and the overall Anti-Money Laundering and Counter Terrorist Financing Program within the VM Group. This position involves assisting in the development, implementation, and monitoring of compliance programs to ensure adherence to regulatory requirements and internal policies and procedures. The Assistant Manager will work closely with the compliance team and other departments to identify compliance risks, conduct reviews, and promote a culture of compliance throughout the VM Group.

Major Duties and Responsibilities : 

Compliance Program Support and Collaboration

• Provide support in directing, developing and implementing sound AML Policies and operating procedures throughout the VM Group to ensure alignment with regulatory requirements and international best practices.
• Provide guidance and monitor compliance with applicable laws, regulations, and internal policies, identifying areas of non-compliance and recommending corrective actions to prevent noncompliance, fines and penalties
• Provide support to the major projects impacting compliances and the VM Group in the introduction and implementation of new legislation and regulations to ensure sound AML risk mitigation and adherence to existing regulations.
• Co-ordinate the Compliance strategy and execute compliance reviews at the branch level, department, or subsidiaries to evaluate the effectiveness of compliance controls and develop action plans to address gaps and in relation to KYC procedures.
• Assist in managing the AML vendor relationship to manage the technology in conjunction with Group ICT and Business Intelligence Unit
• Support the Compliance Manager in maintaining an effective compliance program that addresses the organization’s risk profile.
• Foster a culture of compliance and ethical behavior throughout the organization.

Risk Management

• Participate in risk assessments to identify potential compliance risks (including those related to new products or services of new technology and processes) and assist in developing strategies to mitigate those risks.
• Monitor and report on ML/FT risks, including the preparation of Enterprise Risk Management Reports and Risk Registers for the Society and across SBUs as deemed necessary.
• Co-ordinate strategy for monitoring and conducting enhanced due diligence on High-Risk Customers including PEPs
• Give support in effectively managing efficiencies in the transactions monitoring systems and the detection of AML risk factors
• Facilitate remediation of AML/CFT/CPF audits findings and take corrective actions to prevent future violations.
• Collaborate with various departments to ensure compliance risks are effectively monitored, managed, and reported.

Training and Awareness

• Manage the development of AML/CFT/PF training material, conduct and develop, direct and deliver training programs for employees to enhance awareness of compliance obligations and ethical standards.
• Coordinate and deliver specialized training for staff in the Compliance Unit.
• Provide training to staff on changes in the regulatory landscape and Company policy/procedure.
• Provide ongoing support and guidance to staff regarding compliance-related inquiries and issues and dispatch advisories on regulatory changes relating to AML regulations and new legislations and laws.

Monitoring and Reporting

• Manage alignment of the Compliance functions across SBU for synergies in the execution of the Compliance Monitoring and advisory process
• Prepare Compliance, Risk Reports and Strategic Reports internally and externally to the Designated Authority/ Regulators.
• Preparation and present reports to the Board and Senior Management including annual reports on the Compliance Framework and its overall effectiveness.

Regulatory Liaison

• Review and coordinate regulatory reports in relation to specified customers for submission to the Designated Authority and issue directives to SBUs and manage compliance with Court Orders, TAJ, FID reporting and other regulatory requests
• Stay informed about changes in regulations and assist in assessing their impact on the organization.
• Serve as the primary point of contact for regulatory agencies.

Miscellaneous

• Prepare reports and responses to due diligence questionnaires from Correspondent Banks and Regulators.
• Represent VM at the Jamaica Bankers Association on Compliance Matters
• Ensure that the information for which you have access is handled in accordance with the Society’s Information Security (IS) policy.
• Perform any other related duties which may be assigned from time to time

Minimum Education and Experience 

• Bachelor’s degree in Finance, Business Administration, Law, or a related field from a recognized tertiary institution
  
• Certificate in Compliance from a recognized institution would be an asset
• Minimum of five (5) years experience in compliance, risk management, or a related field at a Supervisory/Management level within the financial sector