Compliance Analyst

2 months ago

Cardiff, United Kingdom Zero Fintech Full time

As the Compliance Analyst at Zero, you will play a pivotal part in assisting our compliance manager with Zero’s compliance strategy and ensure a robust framework in an ever-evolving regulatory landscape. 

Requirements

1. Regulatory Compliance Monitoring

  • Ensure the bank complies with UK financial regulations, including FCA (Financial Conduct Authority) and PRA (Prudential Regulation Authority) requirements.
  • Monitor the bank’s activities for compliance with relevant legal and regulatory frameworks such as PSD2 (Payment Services Directive 2) and E-Money regulations.
  • Keep updated with changes in legislation and regulations, and implement necessary compliance updates.

2. Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF)

  • Conduct AML and CTF risk assessments to identify, measure, and mitigate financial crime risks.
  • Perform customer due diligence (CDD), enhanced due diligence (EDD), and ongoing monitoring of customer transactions to detect suspicious activity.
  • File Suspicious Activity Reports (SARs) with the National Crime Agency (NCA) as needed.

3. Know Your Customer (KYC) Procedures

  • Review and verify customer identity documents and ensure robust KYC checks are performed during onboarding and periodically.
  • Ensure that the bank adheres to KYC regulations and best practices.
  • Address any customer queries or issues related to the KYC process.

4. Transaction Monitoring

  • Monitor customer transactions for unusual or suspicious activities using transaction monitoring systems.
  • Escalate suspicious transactions for further review and investigation by the financial crime team.
  • Ensure compliance with international sanctions and embargoes.

5. Risk Assessment and Management

  • Assist in conducting risk assessments across the bank’s operations, particularly in high-risk areas like payments, lending, or cross-border transactions.
  • Advise on risk mitigation strategies and controls.
  • Help maintain and update the bank’s risk registers in line with regulatory expectations.

6. Policy Development and Review

  • Draft, update, and maintain compliance policies, including AML/CTF policies, privacy policies, and operational risk policies.
  • Ensure that all policies meet UK regulatory standards, and assist in regular internal reviews of these policies.
  • Provide training materials and guidance on compliance policies for other teams within the bank.

7. Data Privacy and Protection

  • Ensure compliance with GDPR (General Data Protection Regulation) and other relevant data protection regulations.
  • Work with the data protection officer (DPO) to monitor data security policies and address any breaches.
  • Ensure proper handling and processing of customer data in accordance with UK laws.

8. Regulatory Reporting

  • Assist with the preparation and submission of reports to regulators such as the FCA or HMRC (Her Majesty's Revenue and Customs).
  • Ensure timely and accurate reporting of compliance breaches, suspicious activity, and other required reports.

9. Audit and Internal Controls

  • Work with internal/external auditors to assess and review the bank’s compliance controls.
  • Assist in addressing audit findings and implementing improvements to the compliance framework.
  • Conduct periodic internal reviews to ensure controls are effectively mitigating compliance risks.

10. Training and Education

  • Deliver training to employees on regulatory compliance, financial crime prevention, and data protection.
  • Ensure all staff are aware of their roles in maintaining compliance and are regularly updated on new regulations.
  • Provide guidance to operational teams on specific compliance-related issues.

11. Third-Party Risk Management

  • Review and assess third-party providers (such as payment processors or software vendors) for compliance risks.
  • Ensure third-party partners adhere to the bank’s regulatory and compliance standards.
  • Maintain records of third-party risk assessments and due diligence checks.

12. Incident Response and Investigation

  • Investigate breaches of compliance or suspected violations of internal policies or regulations.
  • Work with law enforcement and regulatory authorities on any investigations.
  • Assist in the development of response plans for financial crimes or compliance-related incidents.

13. Sanctions Compliance

  • Ensure the bank is in compliance with UK and international sanctions laws, including monitoring for exposure to sanctioned individuals, countries, or entities.
  • Update internal sanctions lists and review transactions for sanctions risks.

14. Regulatory Liaison

  • Act as a point of contact for regulatory bodies, including responding to requests for information and audits.
  • Build and maintain relationships with UK regulators (e.g., FCA, PRA) and industry bodies.

15. Continuous Improvement

  • Identify opportunities for process improvements within compliance frameworks.
  • Implement automation and technology solutions to improve compliance monitoring and reporting.

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