Regulatory Financial Crime Specialist

Role Overview

The Regulatory Financial Crime Analyst will be a key member of the Risk & Compliance team, providing support and consultancy to the business in relation to financial crime legislation and risks. This role will be responsible for ensuring that the company meets its obligations under the UK Money Laundering Regulations and provides consultancy to the business to meet its contractual obligations to clients and their underlying customers.

Key Responsibilities

• Customer/Client Due Diligence
  • Assist and support the Head of Financial Crime to ensure that the company meets its obligations under the UK Money Laundering Regulations and to provide consultancy to the business in order for these entities to meet their contractual obligations to their clients and the clients' underlying customers.
  • Carry out customer due diligence and client risk assessment checks in relation to new and existing eligible counter-party clients ('Clients') and, where necessary, carry out refreshes of customer due diligence on existing clients.
  • Assist the Head of Financial Crime with producing the draft annual MLRO reports for review and sign off by the MLROs on an annual basis.
  • Undertake a client AML/DD exercise on Clients' AML Frameworks and policies annually.
  • Assist the Head of Financial Crime with carrying out annual AML/CFT Risk assessments for review and sign off by the MLROs for each company and ensuring these are kept up to date on an ongoing basis (where required).
  • Be a 2LOD subject matter expert (SME) in relation to the third-party financial crime system suppliers which the company contracts with such as Experian, Cybersource, Cifas, Dow Jones, Amiqus and IMTF.
  • Provide independent 2LOD consultancy and support to the 1LOD Financial Crime Team and to the 1LOD operational personnel undertaking Financial Crime Administration providing expert consultancy in relation to:
  • queries/potential matches about PEP/ Sanctions, Transaction Monitoring and Enhanced Due Diligence (EDD)
  • AML comfort letters process for non-UK Fund Managers
  • assisting the 1LOD Financial Crime Team and Clients with the configuration, maintenance and set-up of Clients/underlying customers rules and weightings within third party financial crime systems as required to satisfy AML requirements
  • for one company, supporting the 1LOD in relation to
  • customer due diligence and customer risk assessment checks on new and existing customers (on a periodic basis) and, where necessary, providing support to 1LOD on refreshes on customer due diligence where AML reliance is not in place
  • sample checking of customer due diligence performed by Clients (Reliance Model) on a periodic basis
  • assisting the 1LOD Financial Crime Team with the configuration, maintenance and set-up of customers rules and weightings within third party financial crime systems as required to satisfy AML
• Governance / Policies Management / Risk Assessment /Consultancy
  • Assist and support the Head of Financial Crime with:
  • the creation and updating of a Financial Crime Strategy that is reviewed at least annually and aligned to the company objectives. This also includes defining and overseeing Financial Crime Communications
  • the maintenance and communication of Compliance Policies connected to financial crime
  • the undertaking of an annual ABC Risk assessments for each company and ensuring these are kept up to date (where required)
  • the input and consultancy in connection with annual risk assessments such as Financial Crime and Tax Evasion
  • advising the business to ensure that it has a functioning financial crime framework in place and consideration of financial crime is embedded into business areas
  • completing RFPs and due diligence requests in relation to financial crime
  • reviewing the content of mandatory training modules on Financial Crime
  • the risk management and governance frameworks which includes:
  • contributing to company Financial Crime Risk Appetite Statements (RAS)
  • regularly updating Financial Crime Key Risk Measures (KRMs)
  • providing Financial Crime related information and MI to the Board and Senior Governance Committees
  • undertaking reviews and testing of the Financial Crime controls undertaken within the Compliance team
  • providing secretariat services for the Financial Crime Committee and the Financial Crime Client User Forum
  • Providing consultancy, support and training in connection with:
  • the tasks undertaken by the 1LOD Financial Crime team including Risk Control Self-Assessment (RCSA) queries and challenge in relation to 1LOD financial crime controls and attendance at financial crime meetings with clients as required.
  • working with the 1LOD Financial Crime team to utilise industry intelligence to ensure that the company are aware of any new Modus Operandi or legislation which may expose the company to any new Financial Crime Risks
  • assisting 1LOD with financial crime training (where required)
• Compliance Monitoring
  • Assisting with the completion of the annual risk-based Compliance Monitoring Plan by:
  • risk assessing financial crime activities in order to recommend Financial Crime monitoring reviews into the Compliance Monitoring Plan annually
  • undertaking independent Financial Crime monitoring reviews of the business
  • carrying out oversight of the quality assurance undertaken by the 1LOD Financial Crime team
  • overseeing the closure of the monitoring actions connected to Financial Crime monitoring reviews
• FC Reporting / investigations
  • Support and provide assistance to the Head of Financial Crime, MLRO and Chief Compliance Officer as part of any Financial Crime Investigations, including assistance in implementing the fraud response plan and managing any follow-up actions. The Regulatory Financial Crime Analyst will also assist with any internal investigations and review of any suspicious activity reports (SARs) received and, where required, act as a liaison officer with all other interested parties both internal and external, including police, regulators and auditors.
  • Assist and lead pieces of work with Information/Cyber Security and 1LOD Financial crime Team in relation to cases of e-fraud as required.
  • Update and maintain the company Financial Crime Reporting repository with input from 1LOD Financial Crime Team.
  • Assisting the Head of Financial Crime and MLRO with annual Financial Crime returns to the FCA.
• Identifying regulatory and financial services industry changes and Performance Assessment
  • Assist in identifying regulatory and industry developments/requirements in relation to financial crime including contributing to impact assessments and assisting the Head of Financial Crime to embed required changes into the company processes and technology.
  • Attend Industry Financial Crime forums such as the TISA Financial Crime Working Group, FinTrail Exchange etc
  • Building awareness of financial crime within the company.
  • Positive interaction with and feedback from clients in relation to financial crime.
  • Bringing new ideas and initiatives to the company in relation to financial crime.
  • Ability to work both individually and as part of a team to achieve the company financial crime objectives.

Requirements

• Good knowledge on financial crime systems (preferably Fraud, AML/KYC/CDD, PEPs and Sanctions and Transaction Monitoring) and experience in understanding the set up and configuration of rules and parameters.
• Good working knowledge gained within financial services/Investment banking industry of identifying financial crime risks and implementing/overseeing suitable controls to mitigate those risks.
• Good understanding of Compliance Monitoring Frameworks particularly undertaking monitoring/thematic reviews on Financial Crime matters.
• Good knowledge of UK Financial crime Legislation Financial Conduct Authority rules and guidance, JMLSG, UK Money Laundering Regulations, Bribery Act 2010, Fraud Act 2006 and Criminal Finances Act 2017.
• Awareness and knowledge on Financial Crime typologies such as fraud (internal and external), AML/CFT, PEP/Sanctions, Market Abuse/Insider Dealing and Tax Evasion (All not essential but AML and Fraud would be beneficial).
• Desirable to hold an industry known financial crime qualification such as an ICA Diploma or Certificate, ACAMS accredited etc.