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Overview

Our Douglas-based Client is a leading specialist provider of corporate and fiduciary services to a range of private and commercial Clients around the world. They now require an experienced Compliance Officer to join the team.

Reporting to the Head of compliance and MLRO, the Compliance Officer will, collectively with the other team members, be responsible for the compliant management of the Client companies by ensuring adherence to all legislative and regulatory requirements to promote the highest standards of client relationship management. Specific duties, by subject area, will include:

Sanctions

• Review alerts in RDC, discounting where obvious false positives and escalating to relationship manager where further information is required
• Chase outstanding items on a weekly basis to ensure timing discounting and escalating any concerns to HoC. Monthly analysis of outstanding alerts to be provided to HoC
• Complete RDC searches when required for all parties to new accounts and in relation to payments being approved by the business
• Review and search company databases for all new sanctions alerts issued by HMT escalating any potential matches to HoC
• Review all sanctions notices issued by IOMFSA, checking names against database and escalating any potential matches or prohibitions which may affect TLTL to HoC

CDD/EDD

• Review and sign off new personal ID & Proof of address forms including undertaking RDC searches, adverse media searches as and when required escalating any concerns to HoC
• Assist the HoC undertaking adverse media, RDC and checking Reverto regarding new accounts and updated CRA's

Training

• Manage online training database, ensuring all employers are allocated mandatory training in line with agreed training plan and within 10 days for all new entrants
• Review online training material and provide feedback as to the adequacy and effectiveness to HoC
• Arrange external training when required
• Record CPD for key staff in training log and send out quarterly reminder to staff of their regulatory requirement and hours completed to date

Monitoring

• Sanctions - Undertake GAP analysis review to ensure that all active clients and connected parties are including in RDC under continuous monitoring on a quarterly basis
• Daily check of client accounts to ensure all transactions meet the terms of the company's agreement with the bank
• Monthly check of incoming post, checking against electronic records and record within monitoring spreadsheet
• Quarterly Review of Trust Bank reconciliations (required for CAR submission)
• Monthly review of Payments - check against electronic records and record within monitoring spreadsheet
• Quarterly: check PEP and High-profile register and undertake adverse media searches saving evidence to file. Any potential matches to be escalated to HoC

Registers

• Maintain compliance registers ensuring that they are kept up to date. Escalate any potential issues to HoC on identification

Reports: Assist HoC with collation and completion of reporting requirements, including but not limited to;

• IOMFSA Annual AML Statistical return
• Annual Regulatory Return
• FATCA/CRS reporting
• Board reports

Horizon scanning

• Review IOMFSA/JFSC/GFSC websites daily escalating any articles which may affect the business to head of compliance including new/changes to legislation, public statements regarding enforcement actions, reminders regarding submissions due
• Keep up to date with regulatory publications which may affect business from international bodies including FATF, TI, EU

The ideal candidate for the role of Compliance Officer will:

• Holds or is working toward a professional qualification
• Has a minimum of 2 years' experience within a Financial Services firm in a compliance capacity
• A practical understanding and application of high-quality client service delivery
• Good problem analysis and resolution skills
• Good verbal, written communication, and people skills, with the ability to present in a clear and concise manner
• Ability to identify, operational risk and controls
• Good technical CSP/TSP knowledge
• Good organization and control of workflow
• Able to work on own initiative
• Understanding of the importance of strong Corporate Governance
• Initiative-taking and can work under pressure
• Clear understanding of Regulatory requirements

Has Regulatory / Legal Knowledge and Awareness in the following areas:

• FSA Anti Money Laundering Requirements
• Proceeds of Crime Procedures
• Data Protection
• Companies Act 1931 & Companies Act 2006
• Trust Acts 1961-2005
• Charities Legislation (UK & IOM)
• Foundation Legislation (Relevant Jurisdictions)
• Economic Substance Legislation
• FATCA/CRS Legislation