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- An foreign bank based in London seeks a new MLRO (CF11) the bank covers
- Private Banking, Corporate Banking and Corresopondent Banking
About Our Client
A foreign bank base in London, covering:Private Banking (property investment, personal banking, wealth protection),Corporate Banking (trade finance, loans, treasury, foreign exchange, mortgages),Correspondent Banking (current accounts, payments, treasury and foreign exchange)
This MLRO Banking role is a registered CF11 role that requires significant AML and Financial Crime experience, it involves:
- Acting as the nominated officer for the purpose of receiving and making suspicious activity reports.
- Ensuring that all internal suspicious activity reports received are investigated without delay and the necessary action taken.
- Determining whether or not suspicions have substance and require disclosure to the relevant law enforcement agencies.
- Handle the preparation work and management of inspections by the regulator.
- Developing and maintaining the Bank's Financial Crime policies, procedures and guidance manuals in line with evolving statutory and regulatory obligations and ensuring they are embedded in the business.
- Liaison with the Chief Compliance Officer and Internal Audit to establish and maintain appropriate risk-based Financial Crime monitoring processes that are proportionate to the scale, nature and complexity of the Bank's operations.
- Ensure that a job description for the role of the MLRO is documented with appropriate Key Performance Indicators (KPIs).
- Undertake and document an appraisal with all direct reports in accordance with the Bank's reporting and appraisal process.
- Keep up to date with statutory and regulatory developments in Financial Crime Prevention that have an impact on the Bank's business.
- Ensure that you and your direct reports maintain an appropriate level of competence to carry out their role.
- Ensure there are sufficient resources in place to carry out the role of the MLRO.
- Undertake networking opportunities, to keep abreast of Financial Crime Prevention compliance issues in the banking industry.
- Undertaking recommended professional qualifications
- Responsible for anti-money laundering training to ensure everyone in the business receives training which meets regulatory requirements.
- Ensure that appropriate induction training is provided to new staff in terms of their money laundering training.
- Prepare the annual MLRO report, ensuring that the report is prepared in time to follow appropriate review and approval processes
- Prepare remediation plans to address matters raised by Internal Audit, External Audit, PRA/FCA as necessary
- Research and understand changes in regulation.
- Work to develop Financial Crime Prevention guidance materials, training resources, controls and training plan.
- Advise senior management of any likely implications of changes to internal policies or business strategy.
- Implement the annual Financial Crime Prevention plan and perform the relevant quality assurance checks
- Conduct due diligence reviews.
- Report results of reviews of Financial Crime Prevention risk assessments and monitor remedial proceedings.
- Identify, investigate, and resolve all activities that are deemed non-compliant.
- Act as a subject matter expert for the business and point of reference
- Inform the relevant authorities of any breaches.
- Compile reports for the board and internal committees.
- Address issues relating to transaction monitoring, filtering, and sanctions.
- Ensure regulatory radar capability exists to identify, assess and respond to regulatory developments
- Ensure timely, accurate, and relevant regulatory advice and guidance is provided to the firm.
- Support induction training of new staff in terms of their Financial Crime Prevention training.
- Provide Financial Crime Prevention related support services including advice, guidance, mentoring of staff together with robust monitoring and subsequent reporting to Directors
- To review and sign off 'new High Risk customer' due diligence and 'trigger event' customer due diligence as required.
The Successful Applicant
This MLRO Banking role is a registered CF11 role that requires significant AML and Financial Crime experience:
- Ability to train staff.
- Ability to explain implications to senior management especially when escalating matters.
- Deep understanding of Financial Crime regulations and their application to the bank
- More than 7 years' experience as a Financial Crime Prevention Compliance Officer, MLRO or DMLRO of a regulated financial services business with a proven track record.Candidates with less than 7 years experience will be considered if they have the relevant skills and experience.
What's on Offer