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Chief AML Officer (May 2018)


 

Position Title: Chief AML Officer

Location: Bank of China(Canada) Head Office, Markham

Reporting to: President & Chief Executive Officer

Application Deadline: June 15, 2018

Position Summary:

The CAMLO is responsible for the development, implementation and management of the Bank's AML/ATF program including but not limited to the regulatory compliance component and the broader prudential risk management component. As such, the CAMLO shall be a knowledgeable individual in the areas of AML/ATF, Sanctions and risk management. In addition to the above, the CAMLO is charged with the following responsibilities and accountabilities:

Duties and Responsibilities:

  • Ensure the Bank's compliance AML laws and regulations specific to the banking industry.
  • Designs, implements and maintain the Bank's AML regime in a manner that is tailored to the needs of each business activity and effectively manage the compliance risk.
  • Act as a coordinator in identifying and relaying new statutory requirements and providing guidance and advice to the business units on AML related matters; ensure that effective, efficient, sustainable controls and procedures are implemented by the business units and are in compliance with all applicable legislation and regulations.
  • Maintain a program to monitor, identify, assess, communicate and track key regulatory compliance requirements in AML/ATF fields relevant to the Bank's business operations;
  • Conduct money laundering and terrorist financing risk and control self-assessments; ensure that adequate resources are in place, and staff training is provided, to foster compliance culture and to optimize relations with regulators.
  • Oversee the AML/ATF control activity in all relevant business areas in the Bank;
  • Keep the AML/ATF program current relative to the Bank's identified inherent risks;
  • Working closely with business unit to identify, assess, communicate and track key regulatory changes and to monitor business unit implementation of changes
  • Review and approve new products, services and/or relevant process changes ensuring compliance with the applicable AML/ATF laws, regulations and regulatory guidelines;
  • Review and approve High Risk Clients, PEPs and HIOs;
  • Keep internal and external stakeholders informed and updated on new and existing money-laundering risks related to new and enhanced products or services, ensuring their compliance and mitigating the gaps, deficiencies, and/or discrepancies;
  • Develop and implement a risk assessment process for evaluating the inherent AML/ATF risks in the Bank;
  • Develop AML/ATF policies and procedures and ensure those are kept up to date, reviewed by the Audit Committee and approved by the CEO and the Board;
  • Ensure that new and amended policies, process and procedures are actively communicated to the Bank's Employees;
  • Develop and deliver adequate AML/ATF training to the Bank's new and existing Board members and Employees;
  • Be satisfied that systems and other processes that generate information used in reports to CEO, Audit Committee and the Board in relation to the AML/ATF program are adequate;
  • Ensure all outsourced AML related function(s) to an area outside his or her control is adequately governed by an appropriate outsourcing agreement;
  • Prepare monitoring reports of AML/ATF management for Senior Management and the Board.
  • Provide sufficient briefing with respect to the inherent risks and controls, and any new / revised regulatory requirements that have impact on the Bank's business and operations to the Senior Management and the Board;
  • Report quarterly to CEO and the Board pertinent information about AML/ATF program adequacy and issues, and make recommendations about the overall structure and scope of the AML/ATF program; and
  • Develop and maintain effective and positive relationship with regulators ensuring regulatory reports and responses are sent in a timely manner.
  • Maintain relationship with OSFI and FINTRAC and prepare for OSFI and FINTRAC inspections.
  • Accomplish other work assignments by Senior Management

Job Specifications

  • Minimum Undergraduate degrees.
  • Over 10 years of experience in AML/ATF management with Schedule I or II Bank or Consulting Firm in Canada dealing with regulators (OSFI, FINTRAC, FCAC, etc.).
  • Minimum of 5 years' experience managing complex banking and financial services matters, gained at Schedule I or II Canadian Bank.
  • Must have Certified Anti Money Laundering Specialists (CAMS) certificate or Canadian Anti-Money Laundering Institute (CAMLI) designation.
  • Must have experience LEADING teams.
  • Must be a team player, collaborative and a people person.
  • Must possess persuasion, good negotiation, leadership and conflict management skills.
  • Excellent research, communication and organizational skills.
  • Ability and comfort in dealing with all levels of staff within the Bank, as well as with regulators.
  • Strong time management skills and ability to meet deadlines for multiple projects at the same time.
  • Strong interpersonal communication skills, public speaking and presentation skills.
  • Willing to learn and adopt

Working Conditions:

  • This is sedentary work requiring the exertion of up to 10 pounds of force occasionally and a negligible amount of force frequently or constantly to move objects. Employee may need to stand, walk and perform repetitive motions.
  • The employee is required to speak and hear at normal spoken word levels. Vocal communication is required for expressing or exchanging ideas. Vision requirements include close vision.
  • The office environment has climate control and a normal noise level. The employee is not subject to adverse environmental conditions.

To apply, please submit your resume along with the application form (available for download athttp://www.bankofchina.com/ca/custserv/cs3/) to hr@bankofchina.ca

Bank of China (Canada) is an equal opportunity employer and it is the bank's policy to recruit and select applicants for employment solely on the basis of their qualifications with emphasis on selecting the best qualified person for the position. We welcome applications from all interested parties. Please understand that only qualified applicants will be contacted.

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