The Head of Compliance and Money Laundering Reporting Officer holds a pivotal role in ensuring adherence to regulatory standards within the trust and corporate service provider business. This position encompasses the responsibilities defined within the FSA controlled functions, overseeing operational compliance strategies and daily processes. The successful candidate will play a crucial part in supporting the Directors with regulatory oversight and reporting, addressing AML/CFT matters, and maintaining relationships with the Financial Services Authority and Financial Intelligence Unit. Additional duties may include reviewing and investigating internal Suspicious Activity Reports, developing compliance frameworks, and ensuring that the compliance monitoring programme is effectively delivered. The role demands up-to-date knowledge of relevant legislation, regulations, and guidance, with ongoing development opportunities available. Work hours are negotiable, ranging from 30 to 37.5 hours per week.
Job Duties:
- Provide support to the Directors with regulatory oversight activities and reporting on AML/CFT matters
- Offer ongoing advice on regulatory compliance to team members
- Develop and maintain relationships with the Financial Services Authority
- Collaborate with the Financial Intelligence Unit as a contact point
- Receive, review, and investigate internal Suspicious Activity Reports
- Identify and implement developments to the compliance and AML/CFT framework
- Support the maintenance of the risk management framework
- Identify any new business risks that arise
- Assist in the development and reporting of compliance monitoring programmes
- Coordinate regulatory change initiatives affecting the business
- Ensure timely responses to regulatory requests and communications
- Maintain Compliance and AML/CFT manuals, policies, and related documentation
- Keep registers updated per the Financial Services Rule Book and AML/CFT Code
- Prepare and deliver industry-specific regulatory and AML/CFT training for staff
- Review high-risk new business applications in collaboration with the business control team on AML/CFT issues
- Oversee periodic client reviews and advise clients on compliance matters
- Ensure knowledge of all relevant legislation, regulations, and guidance is current
Job Requirements:
- Relevant professional qualifications are preferred, such as ICA Diploma, ICA Professional Post Graduate Diploma, STEP Diploma, or Chartered Governance Institute ACG or FCG
- Minimum of 2 years’ experience in a Head of Compliance role within Financial Services Act and Isle of Man AML laws, preferably in a TCSP environment
- Previous experience in a similar role in an Isle of Man FSA regulated business is essential
What You’ll Love:
This role offers the chance to play a vital part in upholding the jurisdiction’s reputation. Working in a collaborative environment, there are numerous opportunities to develop skills in regulatory oversight, policy creation, and risk-based supervision. The organisation places a high value on professional growth and supports training and career development throughout your tenure.
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