Compliance Officer & MRLO

Job description / Role

Our client is a leading money transfer and foreign exchange company based in the GCC. They have been in continues operation since the 1920’s. They are looking to recruit a Compliance Officer & MRLO for their London Office.

Duties & Responsibilities:

Management/General
- Maintain good relations with all members of the management team.
- Ongoing close review of all legislative, regulatory and corporate governance developments or changes that might affect the Company and its operations, and ensuring the Board and management are fully briefed on these and that it has regard to them when taking decisions.
- Provide reports on a regular basis, and as requested, to keep the senior management, Board of Directors and Risk & Compliance Committee (ARCC) informed of the operation and progress of compliance efforts.
- Act as a member to the Company’s Operational Risk Committee (ORC) and the Company’s Business Development Committee (BDC) within the Company’s approved Compliance / Financial Crime / TCF etc. policies, work with Company’s Management Team to develop appropriate solutions to enable the Company’s business.
- Monitor, and as necessary, coordinate compliance activities of other departments to remain abreast of the status of all compliance activities and to identify trends.
- Act as TCF coordinator and take an active role in promoting Treating Customers Fairly (TCF) across the Company. Co-ordinate reporting to support TCF and ensure that TCF is embedded in the culture and operational practices of the Company
- Provide necessary guidance and training to ensure that TCF requirements and legal and compliance issues are properly established, understood and complied with by all relevant staff, providing training as necessary.
- Advising on the compliance aspects of new financial services product developments.
- Perform any other task as directed by the CEO.

Compliance / MLRO
- Management and execution of the compliance monitoring program; producing reports and making recommendations; and identifying compliance risks associated with the business activities. Follow up on resolution of compliance issues that may arise.
- Develop, initiate and maintain revised policies and procedures for the general operation of the Risk and Compliance Program and its related activities to prevent illegal, unethical, or improper conduct. Manage the day-to-day operation of the Program.
- Develop and periodically review and update the Business Code of Conduct to ensure continuing currency and relevance in providing guidance to management and employees.
- Identify potential areas of compliance vulnerability and risk and develop/implement corrective action plans for resolution of problematic issues and provide general guidance on how to avoid or deal with similar situations in the future.
- Analyse and keep up to date with regulatory changes and new rules from the FCA, PRA and EBA and educate the business on these, maintaining the Compliance Procedures Manual up- to-date.
- Act as an intermediary between the business and regulators and handle FCA/PRA-related compliance queries from employees.
- Respond to alleged breaches of rules, regulations, policies, procedures and Standards of Conduct by evaluating or recommending the initiation of investigative procedures. Develop and oversee a system for uniform handling of such breaches and implement an appropriate whistleblowing policy
- Act as an independent review and evaluation body to ensure that compliance issues/concerns within the organization are being appropriately evaluated, investigated and resolved.
- When necessary, participate in executive committee meetings to presents compliance findings as appropriate. Provide reports on a regular basis, and as requested, to keep the senior management and Board of Directors informed of the operation and progress of compliance efforts.
- Ensure proper reporting of violations or potential violations to duly authorised enforcement agencies as appropriate and/or required.
- Establish and maintain an effective compliance communication program for the organisation, including an effective compliance training program for all employees and managers.
- Monitor the performance of the Compliance Program and related activities on a continuing basis, taking appropriate steps to improve its effectiveness.
- Act as Money Laundering Reporting Officer and Nominated Officer (under the Money Laundering Regulations).
- Ensure all staff are effectively trained on Anti-Money Laundering (‘AML’)/ Financial Crime, and policies and procedures are adhered to.
- Act as Data Protection Reporting Officer. Ensure all staff are effectively trained on Data Protection, and policies and procedures are adhered to.
- Deliver compliance related technical training, ensuring that each individual is aware of any compliance issues/requirements, and check on a regular basis to ensure that each Department complies with the Principles of Business and is compliant in their activities.
- Monitor the level of AML/Financial Crime compliance within the company and identify any additional training needs.
- Play an integral role in AML/KYC (Knowing Your Customer)– collecting and checking relevance/completeness of KYC information for AML purposes, supplied by front office; providing guidance to the business on KYC requirements; categorizing clients and verifying the relevance of descriptive attributes; preparing and issuing auxiliary documentation; and carrying out due diligence checks and reputation checks.
- Point of contact for all anti-bribery and AML related queries and SARs and reporting to the authorities as required.
- Ensure appropriate arrangements for responding to directions issued under Schedule 7 to the Counter-Terrorism Act 2008
- Ensure appropriate arrangements for assessing and responding to AML risk associated with Politically Exposed Persons and other high-risk relationships
- Ensure appropriate arrangements for management and oversight of money laundering and terrorist financing risk in outsource service providers and THE COMPANY’s Appointed Representatives
- Prepare annual AML/ CFT and financial crime risk assessment, relevant to the operating environment (UK and international) for presenting to the Board of Directors
- Prepare annual Financial Crime Plan and reports on AML Compliance to the Board of Directors, to be submitted via the Board’s Audit Risk and Compliance Committee.
- Carry out duties in relation to personal account dealing, as set out in the Firm’s Personal Account Dealing Rules.
- Obtain pre-approval from the appropriate regulator for clearance events and making pre- and post- notifications to that regulator of notification events, within the prescribed deadlines and in the prescribed manner.
- Monitor the submission of periodic Financial Returns and reports to the regulators, within the prescribed deadlines.
- Deal with customer complaints, maintaining the complaints register.
- Maintain the breaches register, the financial promotions register, the gifts and entertainment register, as well as Authorised Individuals records and Competence records.
- Maintain register of all staff training in AML / CFT, including all yearly refresher courses etc.
- Ensure that all staff have current knowledge of all relevant AML / CFT policies and procedures
- Review and approve financial promotions and published recommendations prior to their issue. Also, monitor real-time financial promotions, to ensure that they comply with the FCA’s requirements.
- Track the performance of the Compliance Monitoring Programme using appropriate KPIs.

The below responsibilities will be achieved by taking appropriate advice from external legal advisers, following discussion with and approval from the Chief Executive Officer.
- Responsible for all corporate legal affairs of the Company and the implementation & regular review of the Company’s legal strategy, policies and procedures.
- Ensure compliance with relevant internal & external regulations, policies and industry
- guidelines while seeking advice from the appropriate authorities as necessary.
- Provide legal advice to business units, seeking advice from external lawyers where appropriate.
- Draft, review and negotiate legal agreements / contracts and Company documentation and ensures all documentation is filed and up to date.
- Manage and supervise legal work undertaken by external legal advisers in relation to
- commercial agreements, transactions and litigation.

Company Secretarial
- Ensure the smooth running of the board’s and board committees’ activities by helping the Chairman to set agendas; prepare and present papers to the board and board committees; and advise on board procedures.
- Act as a primary point of contact and source of advice and guidance for, particularly, non-
- executive directors as regards the Company and its activities in order to support the decision making process.
- Act as an additional enquiring voice in relation to board decisions which particularly affect the company, drawing on experience and knowledge of the practical aspects of management including law, tax and business finance. To act as the “conscience of the company”.
- Induct new directors into the business and their roles and responsibilities as required.
- Ensure compliance with all statutory filings, e.g. forms 288, 88(2), Annual Returns, filing of resolutions adopted at Annual General Meetings/new Articles of Association and any other filings required to be made with Companies House.

Requirements

- A Bachelor’s degree required; Master’s preferred
- Minimum of 10 years’ experience in compliance, legal, risk, audit or other related areas in the financial services industry
- Ideally an AML Diploma or equivalent experience or Compliance Diploma (such as CISI) or equivalent experience
- FCA Certified (CF10/ CF011 Compliant)
- In depth knowledge of banking and foreign exchange industry
- In depth knowledge of regulatory compliance requirements, AML/Financial Crime and risk management principles both in the UK and EEA with an awareness of extra-territoriality issues in other jurisdictions as necessary
- Strong writing and verbal skills
- Advanced knowledge of MS Office
- High attention to detail
- Strict work ethics
- Excellent research, problem-solving and negotiation skills
- Strong and persuasive inter-personal skills

About the Company

Propel Consult delivers a service in step with the needs of both our client companies and candidates. Our ability to add value to all levels of recruitment stems from our wholehearted belief in providing a professional service to both parties. We have built relationships with many leading indigenous and mulitnational organisations throughout the Middle East and internationally in countries such as UAE, Qatar, Saudi Arabia, Oman, Bahrain, Kuwait, Egypt and many more. Concentrating our resources has created 5 distinct specialist divisions:

• Banking & Finance
• Human Resources
• Oil & Gas
• Construction
• Architecture & Engineering