Chief Compliance Officer Job

SUMMARY

The New York branch of an International Bank is currently seeking a Chief Compliance Officer to manage the day to day operations of the Compliance Department. The role of the Chief Compliance Officer is to articulate and maintain the standards of conduct required of the Branch’s businesses as well as to advise on the laws, regulations and policies governing the Branch in order to assist the Branch in managing reputational, legal and regulatory risk.

DUTIES

U.S. laws and regulations:

• The Chief Compliance Officer is responsible for the federal and state regulatory requirements. Provides counsel and advice on federal, state and local laws and case law for impact with lines of business and on existing products. Provide solutions when changes in laws or trends affect how business can be transacted. Manages external counsel for specialized legal work as necessary.
• Oversees the Corporate Compliance Program, conducts legal, transactional and compliance related research and advises management and staff on legal, compliance, business and transactional requirements; assesses legal and business risks and identifies risk mitigation options. Participates in product development and develops and maintains subject matter expertise for legal and compliance requirements.
• Oversees all regulatory matters and coordinates with global compliance function. Manage legal aspects of all corporate governance activities such as: entity formations and maintenance; corporate and regulatory filings; drafting of agreements, partnerships and corporations; interpreting domestic and international laws, rules and regulations; maintaining familiarity with federal and state laws that govern organizations; advising senior management on all of above.
• Supports the development of, and monitors, the regulatory/ compliance risk profile of the Branch, including the development of policies and procedures designed to prevent illegal, unethical, or improper conduct. Underscores the importance of ethical responsibilities of each individual employee to the bank in building a culture of compliance.
• Ensures that all employees are performing their jobs in compliance with the Anti-Money Laundering Laws and OFAC regulations for the U.S. Establishes appropriate training, testing and tracking relating to Anti-Money Laundering regulations minimizing the overall risk of infractions.
• Responsible for the development, design and implementation of policies and procedures required to maintain an acceptable level of regulatory compliance and prevention of financial loss. Consults with, and advises business areas on potential areas of legal, compliance and business risks, and proposes alternative solutions to satisfy legal, compliance and operational needs.
• Collaborates with other departments (e.g., Risk Management, Internal Audit, Legal, Human Resources, etc.) to direct legal and compliance issues to appropriate existing channels for investigation and resolution.
• Identifies potential areas of legal or compliance vulnerability and risk; develops/implements corrective action plans for resolution of problematic issues, and provides general guidance on how to avoid or deal with similar situations in the future.
• Provides reports on a regular basis, and as directed or requested, to keep senior management informed of the operation and progress of compliance efforts.

Designated as BSA/AML Compliance:

• Makes basic compliance-relevant decisions based on the money-laundering risk assessment taking into consideration Group-wide requirements, particularly regarding the suitability of the business- and customer-related security systems used for monitoring.
• Independently checks or monitors compliance with regulatory requirements including OFAC, 314(a) and other government information requests.
• Responsibility for the content and conduct of training on BSA/AML compliance issues.
• Provides consulting to the specialized divisions in the event of questions and problems.
• Creates and updates Corporate Compliance and BSA/AML Risk Assessments of the Branch
• Oversees and supports the creation and updates of the Branch’s OFAC Risk Assessment
• Oversees the transaction monitoring and surveillance program to ensure operational and systemic efficiency and effectiveness.
• Responsibility for compliance with section 326 of the USA PATRIOT Act which requires a written CIP that meets regulatory requirements and is risk-based.

Skills Required:

• Minimum of 10+ years’ experience in financial services compliance
• BA, BS, JD Degree or MBA preferred
• Familiar with current banking regulations and good sense of industry best practices
• Should be solution driven, confident, highly motivated and organized team player
• Current or previous Compliance experience at an International Bank
• Computer skills (Excel, Word, Power Point, Actimize, eGifts, GiftsEDD, Surety).
• Certified Anti-Money Laundering Specialist (CAMS) preferred