Position is Chief Compliance and Regulatory Officer for the Cayman Islands. Leads and oversees Compliance team in the Cayman Islands ensuring that business strategies plans and initiatives are executed / delivered in compliance with governing regulations, ethical conduct, internal policies and procedures. This includes accountability for the effective overarching execution of the Compliance programs executed on the ground in the jurisdiction as well as those supported more broadly outside of the jurisdiction, including Enterprise Programs, Personal and Commercial (P & C) Banking Compliance, Digital and Privacy Compliance, GBM and Treasury Compliance, Global Wealth Management Compliance and Monitoring & Testing programs. Leads and drives a customer focused culture throughout their team to deepen client relationships and leverage broader Bank relationships, systems and knowledge.
In collaboration with Country Manager, Director Compliance (North & Central), VP Compliance & AML/ATF (ECR) and Chief Risk Officer (North/Central), is responsible for Regulatory relationship within country, and is a trusted advisor on regulatory compliance and ethical conduct issues within the Country.
Leads Country Regulatory Compliance and Conduct program for all business lines in co-ordination with IB Compliance and other parts of Global Compliance and similar Compliance units, elsewhere within the group. This includes ongoing
regulatory liaison, identifying new regulatory requirements, developing policies & procedures, conducting training & awareness, ensuring adequate Compliance structure and resources, performing risk assessments, monitoring through active participation with management, projects and initiatives, conducting independent testing based on Compliance standards, identifying and escalating non-compliance and providing ongoing reporting.
Acts as the Anti Money Laundering Compliance Officer (AMLCO) ensuring that the AML/ATF & Sanctions programmes for all Business Lines are in keeping with regulatory standards and ensures all related regulatory reporting activities
are executed, accurately and timely.
Pro-actively identifies potential violation of regulatory requirements, internal policies and procedures, in a timely manner and makes recommendations to mitigate business, compliance and operational risk. Assists businesses to remedy non-compliance situations raised by AML/ATF & Sanctions monitoring and testing activities.
Pro-actively Identifies trends and/or gaps in the existing AML/ATF & Sanctions Compliance program and ensures related changes are incorporated in the Country Standardized AML/ATF Programme Document and ensures changes to AML/ATF and Sanctions processes/procedures, in response to testing and emerging risks.
Maintains deep knowledge & understanding of industry issues and practices, AML / ATF and Sanctions requirements and associated changes, as a Compliance and AML/ATF subject matter expert for Cayman.
Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.
Creates an environment in which his/her team pursues effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework, Regulatory Compliance Risk Management Framework, Privacy Risk Framework and the Code of Conduct.
Builds a high-performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment, communicating vison/ values/ business strategy and managing succession and development planning for the team.
Leads overall Group Compliance/AML/ATF and Sanctions programs, while directly supporting one or more Bank/IOSS/Treasury and Wealth management business lines, and cross-business line programs.
As AMLCO works with Director Compliance and Business Line Heads in dealing with Local Regulatory Bodies. Maintains appropriate contact with Local Regulators - Cayman Islands Monetary Authority and other competent authorities, e.g. Financial Reporting Authority etc.
Liaison, when applicable on behalf of the MLRO and Country Business Lines, with ECR AML-Operations-CFIU /AML Program Office/ EDDU/GAMLU and EO departments. Plays a lead role in related Compliance projects and new initiatives.
Liaises with Audit department and Senior Management to drive timely and proactive resolution of Regulatory, M&T and all Group issues raised connected to Compliance/ AML/ATF and Sanctions.
High standard of performance, confidentiality, integrity, timeliness and efficiency must be maintained at all times. Sensitivity and tact must be especially evident in the performance of compliance functions
Compliance failures can attract heavy costs and penalties as well as damages to reputation, which in turn may have further financial impact on the Bank. The focus of the position is on prevention of potential problems. Will assist Country/Business Line Heads in dealing with Regional Regulatory Bodies.
Education / Experience / Other Information (include only those that are specific to the role) Thorough knowledge of the Regulatory Framework Governing Group Operations- Including but not limited to: Banking, Securities, Wealth, Treasury, Insurance and AML/ATF and Sanctions.
Background in legal/regulatory, risk management or internal/external audit is an asset
In-depth understanding of Banking products, operations and technology
AML and Compliance accreditation would be an asset.
Efficient, well organized with sound judgement, excellent communication skills & unquestioned integrity.
Strong leadership, strategic influencing and strategic thinking skills.
Willingness and ability to embrace change, including adoption of enhanced data analytics and technology to improve Compliance processes and programs.
