VP-Corporate Compliance Manager
New York, NY - ACG Resources
- Responsible for overall regulatory compliance within New York Branch of all applicable regulations from different regulatory bodies like Office of Foreign Assets Control (OFAC), Federal Reserve Bank of New York (FRBNY), New York State Department of Financial Services (NYSDFS), Bureau of Industry and Security (BIS), Bureau of Export Administration Regulations – Anti-Boycott Laws.
Efficient and logical approach to problem solving.
Responsible for administrative and office support.
Graduate with 7 – 10 years banking experience. Good understanding of various local regulatory rules and regulations. Knowledge and Understanding AML Law and various Banking legislations. Computer literate and good command over spoken and written English. Good presentation skills.
Surface risks proactively and in a timely manner and keep a vigilant eye on branch activities to identify any unusual activity. Operates in a strictly multi-regulated environment and requires in-depth knowledge of various local regulations/regulatory bodies as mentioned above. Sound knowledge of banking practices & laws, bank’s policies / procedures / systems & controls in Branch. Responsible for monitoring compliance and supporting Branch Management / IBG – Compliance in institutionalizing a strong Compliance Culture. Maintain cordial and professional rapport at all times and good interactive relationship with key personnel across all areas of the Bank. Ability to assess the gravity and sensitivity of transactions and act accordingly – appropriate ‘decision-making’ ability is required. Contribute in the development of product, systems policies and procedures related to compliance and AML at branch level. Perform investigations and raise SAR as the branch MLRO in line with the policies / procedures and applicable regulations. Maintain and develop relations with various Business Units and Regulators.
Actively participate in applications systems and product development and provide value added recommendations to ensure that all systems and products in the branch have appropriate internal controls related to Regulatory Compliance to ensure efficient customer service, compliance of local laws/ regulations and protect the assets of the bank.
Ensure that all transactional referrals, account documentation checking and risk rating of countries/ customers is handled in a timely manner.
Provide support to Head Office Auditors from compliance perspective and Regulatory Examiners (FRBNY/NYSDFS) while their visit the branch for inspection.
Supervise / monitor / approve daily filtering of all payments and swift messages in respect of terrorist and criminal names appearing in US Government Lists/ Watch List.
Undertake review of suspicious transaction(s) that get noticed or that has been brought to the attention of compliance; discuss unusual activity / transactions with relationship managers and report to AML Committee raise SAR to the relevant regulatory authority, if approved by AML Committee.
Implement Sanctions screening and AML monitoring procedures & controls at branch level; ensure all customer accounts / activities are covered under the monitoring process.
Provide all new staff at NY Branch with full training (within 3 months of joining) and provide staff with regular updates on the money laundering regulations and requirements.
Ensure branch compliance to local AML/CFT regulations –where applicable maintain and update the local ‘AML Policy Manual’ with the approval of AML Committee and IBG-Compliance; ensure that every employee at the branch and centralized operations personnel at HO, reads and understands the banks/branch AML policy. Ensure submission of staff ‘AML declarations’ to this affect on an annual basis.
Submit monthly Compliance-MIS to IBG-Compliance and quarterly reports to HO BOD; ensure capturing of compliance related issues those are resolved and pending.
Arrange to receive all local regulatory circulars and notices (from Compliance perspective) by subscribing to them; ensure that these are made available to every employee at the branch. Update Country Manager/ IBG-Compliance.
Respond to queries that are sought by local Regulatory Authorities / Law Enforcement Agencies / Head Office & Overseas branches relating to local laws/regulations, in timely manner with complete and accurate information.
Manage Regulatory Examinations; ensure implementation/regularization of inspection / audit recommendations and observations with the deadline(s). Keep Country Manager/ IBG Compliance updated.
Ensure continuing compliance of branch processes/systems/products -review branch procedures/SOPs/ service level agreements etc. inline with various regulatory legislations & guidelines; where deficiencies are detected, make recommendations to Country Manager and IBG Compliance in order to bring procedures / processes in line with the requirements.
Review new regulatory legislations; promptly communicate all regulatory notices/circulars to all concerned areas, provide interpretations if necessary to Branch management and IBG-Compliance; develop/monitor action plans towards its implementation.
Maintain ongoing awareness/current knowledge of all applicable internal / external regulatory requirements –identify issues that could impact the branch / bank and escalate any serious issues/ breaches/ violations to IBG-Compliance and Branch Management ; develop/monitor action plans for its closure in liaison with Country Manager and IBG-Compliance.
Assist IBG Compliance and Branch Management in attaining compliance objectives.
Perform additional tasks / Conduct Compliance related investigations as required / determined by IBG-Compliance / HO-Compliance/ARCG, identifying any issues / concerns
and report findings/recommendations for corrective action as required.
Assist AFLG Fraud Investigation Dept in matter that relate to fraud investigation.
Ensure that all statutory reports and/or request for information received from different regulators are handled in timely manner.
Ensure all regulatory recommendation/observations that are raised in periodic examinations are regularized in timely manner; in case of need, matters should be escalated to IBG-Compliance.
Ensure that all internal audit reports, those are conducted in the branch relating to Regulatory Compliance are retained, reviewed and that an action plan on the audit observations is properly executed / regularized within the deadlines. This function needs to examine and evaluate the adequacy and effectiveness of internal controls/audit inline with local regulatory requirements to ensure AFLG audits covers all the functions of the branch and meet all the control requirements of various legislations and regulatory guidelines.
Responsible for updating/maintaining policies that ensure compliance to various other local regulations (policies such as BSA/AML, OFAC, KYC, Abandoned Property Policy, Assets Maintenance and Pledge of Assets Policy, Right to Financial Privacy and Consumer Data Protection , Physical Security and Safety Manual, Anti-Boycott Policy, Federal Election Campaign Act Compliance Policy, Bank's Bribery Act Policy, Foreign Corrupt Practices Act Compliance Policy, Record Retention Policy, Denied Persons Policy).
Responsible for maintaining branch’s BSA/AML and OFAC Program Manual for Staff and for updating the same as legislation and regulations change, with the approval of AML Committee.
Ensure that AML & Compliance related SOPs / processes are followed at branch & centralized processing department and are kept up to date in respect of applicable regulations.
Conduct special investigation upon the request from Head Office, branches and Other Regulatory Bodies in liaison with IBG-Compliance. Inform IBG Compliance, unless it is prohibited by local laws.
Evaluate, train and motivate branch and centralized processing staff to enhance their skills and knowledge of anti-money laundering, compliance and regulatory matters. Document and record details of trainings provided (trainings to centralized processing staff should be arranged through IBG Compliance – who will be responsible to impart such trainings upon request of MBNY compliance).
Responsible for initiating money laundering related investigations and drawing conclusion and initiating Suspicious Activity Report to the regulatory authorities, if approved by AML Committee. Responsible to perform the function of Money Laundering Reporting Officer.
Periodically conduct risk based reviews of OFAC and other hits generated by the filtering system FircoSoft, to obtain assurance that the staff analysts are adequately researching and investigating the alerts, and document dispositions.
Periodically conduct risk based review of trade transactions to monitor compliance with BSA/AML and Anti-boycott laws as per BSA/AML, OFAC and Anti-boycott Manuals.
Periodically conduct risk based review of customer account activity from AML perspective (transaction patterning / structuring etc) in comparison with expected activity.
Ensure monitoring of transactions in respect to various local regulatory/ internal lis