MLRO(Money Laundering Reporting Officer)

My client is an international bank. Looking to hire an MLRO for their london Head Office.

Job Purpose:

To support the Executive in achieving their Strategic Plan and objectives in a compliant manner by providing appropriate challenge and diligence.

To ensure that a strong compliance culture is recognised and embedded across the Bank.

To lead the management of compliance across the operations and implement policy to meet regulatory requirements enabling the business to respond to regulatory and legislative changes.

To fulfil the statutory obligations of the ‘Nominated Officer’, MLRO.

To hold and execute the requirements of the SMF17

(Money Laundering Reporting Function).

Responsibilities & Accountabilities

Overseeing and assisting Senior Management as required in the establishment and ongoing maintenance of the AML/CTF framework.

To constantly develop and maintain policies and procedures of the AML/CTF framework in line with evolving statutory and regulatory obligations.

Conduct an annual risk assessment of the Bank and map mitigating controls.

Oversight of First Line of Defense (1LoD) procedures and monitoring programmes to ensure that the unusual transactions are identified and analysed.

Receive and assess all internal Suspicious Activity Reports (SARs) with onward reporting to the National Crime Agency (NCA) when required.

To be the Bank’s point of contact with NCA and other regulatory, law enforcement and investigatory agencies on AML matters.

Respond to Production and other Court Orders and prepare evidence as appropriate.

Ensuring compliance with AML staff training obligations, including ensuring that all relevant staff receive effective training appropriate to their needs.

The MLRO is responsible for overseeing the sanctions and transaction monitoring regime within the Bank including its screening tools.

The MLRO will assist with the transition of any 1LoD responsibilities from 2LoD to the First Line

To develop and implement the Compliance Framework/Strategy for the bank to meet the regulatory requirements.

Ensure that the Bank consistently and effectively operates within all relevant regulatory and statutory requirements at all times. (Note: that the jobholder is not responsible for ensuring compliance with various Finance Acts and Corporation Tax Acts relating to the Bank’s accounting procedures and the Bank’s Annual Report and Accounts or the accuracy of such reports.)

Ensure that the Bank abides by the Banking: Conduct of Business Sourcebook.

Ensure that the Bank abides by the UK Corporate Governance Code to the extent agreed by the Board.

Advise senior management and staff on changes in the rules and regulations and compliance standards including keeping them informed about potential developments in this area.

Keep senior management and/or related departments notified as to applicable regulatory returns to be completed and timeframes for submission to the FCA/PRA/other Regulators.

Maintain and oversee record keeping, e.g. Gifts, Complaints Register, FCA/PRA registrations, SMR certification and approvals.

Maintain market and customer/consumer confidence in the Bank and ensure that the Bank’s Complaints Procedures are correctly followed and reports made to the FCA as appropriate.

Monitor and record the Bank’s compliance with the legal and regulatory requirements, including compliance rules and standards, as well as the Bank’s compliance procedures, through the establishment and implementation of a risk-based compliance monitoring plan.

Liaise with the regulators as necessary and handle any regulatory queries in an open and co-operative way.

Ensure that the Bank is in compliance with legislation relevant to the Bank’s activities

Management of the Financial Crime and Compliance function

Prepare and present the MLRO annual report

Be an active member of the Executive Risk Committee

Other Duties

The MLRO must ensure that an assigned deputy is adequately equipped to cover MLRO duties during any short absences (sickness, courses) and during annual holidays.

Assist staff with interpretation of rules and regulations and ensure that staff awareness is always at satisfactory levels.

Provide training on Compliance and Financial Crime related matters to bank staff.

Undertake other duties appropriate to the grade and character of the work as may reasonably be required. The list of duties in the job description should not be regarded as exclusive or exhaustive.

Senior Managers & Certification Regime

Execute the responsibilities of the SMF 17 (Money Laundering Reporting Function).

A full & detailed position description is available on request.