The Director & Chief Anti Money Laundering Officer (CAMLO) manages the Corporate Compliance Program, including the day to day operations of the AML/ATF program and Mortgage Investigation Units (MIU). Functioning as an independent and objective body that reviews and evaluates compliance issues/concerns within the organization, the position ensures the Board of Directors, management and employees are in compliance with the rules and regulations of regulatory bodies and that company policies and procedures are being followed.
Core Responsibilities
Implement Regulatory AML Framework, including appropriate policies and procedures, designed to ensure compliance with regulatory requirements, relevant legislation and laws.
Manage day to day operations of the AML and MIU functions
Report programs results and significant regulatory developments to the CRO, senior management and the Board in a timely manner.
Anti-Money Laundering and Anti-Terrorist Financing
Develop and maintain policies and procedures relating to the Bank’s AML/ATF program ensuring consistency with industry practices and regulatory requirements.
Work in partnership with the first line of defense to design effective controls in line with AML/ATF regulatory requirements.
Monitor the adequacy and effectiveness of the AML/ATF program, reviewing key controls on an on-going basis to determine areas of improvement.
Develop AML/ATF-related training curriculum and deliver ongoing training programs for employees and management, covering key applicable legal / regulatory requirements.
Assess new products and services regarding AML/ATF compliance risk.
Mortgage Investigation Unit
Develop and maintain processes and procedures relating to the Bank’s risk mitigation of misrepresentation and potential fraud development, consistent to the Bank no tolerance to fraud, best industry practices and regulatory requirements.
Work in partnership with the first line of defense to design effective controls in line with MIU scope of external and internal risk mitigation of potential fraud
Manage the RFA Broker & Agent Approval process for review and decision, including maintaining oversight of the updated and readily available official list of RFA Approved Brokers & Agents
Monitor the adequacy and effectiveness of the MIU program, reviewing key controls on an on-going basis to determine areas of improvement.
Develop MIU related training curriculum and deliver ongoing training programs for employees and management, covering key applicable best practices and concepts
Assess new products and services regarding MIU for improved risk mitigation and process efficiencies
Lead the Fraud Committee meeting with Line 1 and 2 risk champions, for management of the new or current list of RFA Brokers & Agents based on performance measures and controls, to ensure quality of loans applications to RFA Bank.
People Management
Motivate and coach team members to assist them in exceeding their objectives.
Develop staffing plans anticipating short, medium, and long-term needs.
Lead and deliver on the Bank’s annual performance reviews, addressing areas of strength and improvement.
Reporting
Report findings, issues and concerns to CRO and senior management as required
Ensure that reporting obligations to FINTRAC and OSFI are accurate and timely
Provide reports to the relevant Board committees on at least a quarterly basis, keeping the CRO and the Board informed about the operation of the regulatory compliance, AML and MIU program
Regulatory & Compliance
Complete all regulatory, compliance and risk management training.
Comply with requirements as set by the Compliance function and external regulatory bodies in all instances.
Act in accordance with the company’s Board-approved Risk Appetite and tolerance for risk in all instances.
Maintain and increase knowledge of the Proceeds of Crime Money Laundering and Terrorist Financing Act (PCMLTFA), the Bank Act, Canada Labor Code, CASL legislation, Personal Information Protection & Electronic Documents Act (PIPEDA), OSFI Guidelines, FINTRAC Guidelines and Fraud conferences in order to ensure that the Bank has the correct procedures and processes in place and that those procedures and processes are being followed by all departments and employees.
Confidentiality
Maintain employee and customer confidentiality per the Employee Handbook in all instances.
Code of Conduct
Adhere to the Code of Conduct in all instances.
Customer/Stakeholder Interaction
As required; with management, projects and support teams, end users and vendors
Financial Responsibilities
Assist the CRO in managing the department budget.
Qualifications:
8+ years’ experience in a bank or regulated entity in audit, compliance, misrepresentation and Fraud management, regulatory relations or regulatory agency, or some combination thereof
Bank professional, possessing a strategic as well as granular understanding of regulatory risk, including emerging risk issues.
Proven ability to work collaboratively and persuasively across the organization to leverage available resources and talent to help drive activities to completion in an efficient and timely manner.
Ability to communicate with knowledge and credibility to management, including appropriate management committees; offering well considered regulatory risk management solutions and recommendations.
Clear understanding of regulatory risk management and regulatory expectations.
Understanding of financial, operational and IT controls.
Required Competencies
Strong written, verbal and presentations communication skills
Strong interpersonal skills, including influencing at the highest levels of the company
Excellent relationship management skills
Can work effectively in a collaborative environment.
Passionate about understanding operations.
Orientation to coach/assist business units on compliance related issues
Detail oriented
Working Conditions
Office or work from home environment with regular working hours with overtime as approved
Perform other responsibilities and assist with special projects, as required.
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