AML compliance officer

VC#0020 – Compliance & AML Compliance Officer

On behalf of our client, we are looking for a Compliance & Anti-Money Laundering (AML) Compliance Officer business athleteTM.

Role Description

The Compliance & AML Compliance Officer (AMLCO) will be responsible for ensuring the company complies with all regulatory requirements including the AML framework. The role also requires an experienced professional that ensures staff are informed of key regulatory changes and updates.

The successful candidate for the role will require an eye for detail, great organisation skills to prioritise and meet strict deadlines, and people management skills to effectively delegate tasks to other members of the team.

Compliance duties & responsibilities

From the Compliance Officer’s perspective, this role requires the preparation of a detailed compliance plan indicating how policies and procedures will be monitored to ensure they are effectively implemented into practice. The Compliance & AML Compliance Officer must also regularly review the policies and procedures followed by team members to ensure compliance with the IOM of the Company.

Through the detailed compliance plan, the Compliance & AML Compliance Officer must also regularly review all core areas such as the AML & KYC procedures, Corporate Governance rules, the Brokerage Department, and how the reconciliations are conducted to name a few. Once the reviews have been concluded, summary reports should be drafted and submitted to the BoD.

Additionally, the role requires:

  • Preparing an Annual Compliance plan which will define the objectives and work programme to be performed throughout the year.
  • Advising and assisting the persons responsible for carrying out investment services and activities to comply with the company’s obligations under the Law.
  • Performing an Annual Compliance Review to assess the adequacy and effectiveness of the procedures in place and detect risk of failure to comply with the Law.
  • Reviewing randomly clients’ files to ensure that the account opening procedure is properly implemented and that adequate records are kept.
  • Reviews randomly the clients’ accounts with special consideration to the recording process of deposits/ withdrawals and clients’ transactions.
  • Reviewing randomly the clients’ accounts with special consideration to the recording process of deposits/ withdrawals and clients’ transactions.
  • Reviewing complaints policy and ensures that the company maintains the appropriate records.
  • Advising in relation to changes to be made in the IOM.
  • Updating management and key stakeholders on new legislation, circulars, and directives.
  • Advising the Company in relation to needs of staff training.
  • Ensuring CySEC is notified promptly and accurately of material changes in Company structure.
  • Submitting the Annual Compliance Report to the BoD regarding the activities of the department with special consideration to appropriate remedial measures that have been taken over the year in the event of any deficiencies.
  • Ensuring the monitoring of complaints and the updating of the complaints registry is conducted and that the complaints are handled and resolved in a timely manner and to the complainants’ satisfaction.
  • Submitting the Complaints Report to CySEC every month regardless of a complaint.

AML duties & responsibilities

From the AML Compliance Officer’s perspective, the successful candidate will be responsible for ensuring that the Company applies and complies with the AML regulatory framework to detect and report suspicious activity, and ensures staff are informed of key regulatory changes and updates.

The role requires the successful candidate to:

  • Be aware of the internal practices, measures, procedures, and controls relevant to the prevention of Money Laundering and Terrorist Financing.
  • Be able to describe and explicitly allocate the appropriateness and the limits of responsibility to each department that is involved in AML.
  • Give appropriate guidance for corrective measures and where deems necessary inform the BoD if shortcoming or weaknesses are identified.
  • Receive information in a written report from employees of knowledge or suspicion of money laundering or terrorist financing activities.
  • Evaluate and examine information received by reference to other relevant information and discusses the circumstances of the case with the informer and where appropriate, with the informer’s superiors.
  • Act as a first point of contact with MOKAS the Financial Intelligence Unit, upon commencement of and during any investigations.
  • Ensure the preparation and maintenance of the lists of clients categorised following a risk-based approach, which contains, among others, the names of clients, their account number, and the dates of the commencement of the Business Relationship.
  • Detect, record, and evaluate, at least on an annual basis, all risks arising from existing and new clients, new financial instruments, and services.
  • Update and amend the systems and procedures applied for the effective management of the above-mentioned risks.
  • Evaluate the systems and procedures applied by any third persons on whom the company may rely on for client identification and due diligence purposes and approves the cooperation with said third persons.
  • Ensure that the branches and subsidiaries, if any, that operate in countries outside the EEA, have taken all necessary measures for achieving full compliance with the provisions of the AML Manual, in relation to client identification, due diligence and record keeping procedures.
  • Determine departments and employees that need further training on preventing Money Laundering and Terrorist Financing and organises appropriate seminars. Also prepares and applies an annual staff training program and assesses the adequacy of the training provided.
  • Prepare and submit to CySEC the Monthly Prevention Statement and provides the necessary explanation to the appropriate employees for its completion.
  • Prepare the Annual AML Compliance Report.
  • Respond to all requests and queries from MOKAS and CySEC and provide all requested information. Also maintains a registry which includes all the relevant statistical information (e.g., the department that submitted the internal report, date of submission to the MLCO, date of assessment, date of reporting to the Unit), the evaluation reports and all the documents that verify the accomplishment of duties.

Please get in touch by sending us your CV and a cover letter at [email protected].

We look forward to and would love to hear from you.

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