Business Compliance Officer at FairMoney

Role Overview:

To promote compliance with all regulations governing banking operations, including but not limited to regulatory guidance, policies, and procedures, by analyzing risk and reviewing compliance issues/concerns within the bank and supporting the maintenance of a robust control environment across the bank.

Core Job Responsibilities and Task.

• Review and update AML/CFT Policy, Compliance Charter, and SOPs. Collate all work plans from different units in the Compliance department and prepare the Compliance Group annual work plan to prevent illegal, unethical, or improper conduct.
• Conduct due diligence on all respondent relationships, update the bank’s documentation, and respond to correspondent banks' inquiries.
• Conduct due diligence and review customers' documentation for establishing relationships to protect the bank from exposure to money laundering and terrorism financing risks.
• Conduct due diligence on emerging businesses and financial institution customers. Also, carry out reviews of high-risk businesses and maintain a dashboard of high-risk businesses.
• Track the regularization of external audit and regulatory examination exceptions and follow up with respective departments to ensure all exceptions are regularized within the specified timeline.
• Conduct compliance audits of SBUs and departments to ascertain the level of compliance controls and the implementation of these controls in the SBUs/departments.
• Carry out environmental scanning on regulatory websites for compliance events and interpret updates on regulations based on pronouncements from relevant regulators by analyzing newly released regulatory circulars/letters and advising respective departments on implementation requirements.
• Assist various departments in evaluating policies and procedures for compliance with federal/state laws and regulations.
• Track all cases of compliance breaches, evaluate implications for the bank’s business, and prepare reports for the Chief Compliance Officer and management on the bank’s level of compliance with laws and regulations.
• Assist in developing and presenting compliance training sessions for management and employees.
• Identify potential areas of compliance vulnerability and risk through analysis and assessment, propose corrective action plans for problematic issues, and provide guidance on resolution, future prevention, and/or mitigation.
• Prepare and obtain approval for the annual compliance training plan in conjunction with other compliance units.
• Monitor the performance of the compliance program and related activities and advise on appropriate steps to improve compliance effectiveness.
• Monitor the rendition of returns by specific departments via the rule book portal and report late and false renditions of returns to the Chief Compliance Officer and management.

Requirements

• Minimum of a Bachelor’s degree
• Legal background is a plus
• At least 5 years banking experience in compliance, internal control & operations
• Professional Compliance Certification (CAMS, CRCMP AND DCP) preferred.

SHARED & FUNCTION-SPECIFIC COMPETENCIES

• Attention to detail
• Banking assets & liabilities management (BALM)
• Independence & Objectivity
• Knowledge and use of technology-based tools for controls and data security compliance
• Knowledge of Internal Audit, Internal control and compliance
• Results orientation (includes focus on delivery)
• Regulatory liaison and regulator audit management