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Compliance Officer and Money Laundering Reporting Officer

  • 2/14/2024 2:12:00 PM
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Compliance Officer and Money Laundering Reporting Officer

ILS Fiduciary (BVI) Limited is currently seeking a Compliance Officer and Money Laundering Reporting Officer

Key roles and responsibilities:

  • Responsible for the local BVI compliance function and implementing and monitoring appropriate measures, procedures and internal controls to ensure the business is operating within the regulatory obligations and standards and assessing both the business and AML/CFT risks associated with client entities under administration
  • Assisting the Board with the maintenance and updating of the Business Risk Policy and Register and assisting the Board with the Corporate Governance framework to ensure an appropriate framework is in place and effectiveness achieved.
  • Review consultations and internal procedures to assist the Board and the Group Compliance function with implementing appropriate amendments to internal frameworks to ensure compliance with amended regulatory framework.
  • Generally staying abreast of all regulatory updates, amendments and new laws and regulations relating to AML/CFT and associated matters and their application to the BVI Fiduciary Services industry. Identifying where changes and updates need to be introduced to internal procedures as a result of such matters and attending to the same in conjunction with the Group Compliance Manager.
  • Responsible for assisting and ensuring the delivery and scheduling of Anti-Money Laundering training (online and face to face) including the administration of training and refresher programmes and assisting with the continuing professional development for staff to ensure it is in line with current procedures.
  • Responsible for the maintenance of the relevant registers in accordance with the Regulatory Code and AML/CFT legislation and reporting to the Board and regulator as necessary.
  • Acting as the MLRO for the purpose of receiving, logging and evaluating the suspicious transactions received from staff and providing appropriate support with regards to suspicions/knowledge and avoidance of tipping off. Monitoring the number of internal and external SAR/STR reports received and reporting on typologies detected and advising of risks to be mitigated.
  • Liaising and submitting relevant notifications to the FSC as appropriate and acting as the main point of contact between the business and the relevant regulatory body for ad hoc, planned submissions and overseeing regulatory supervisory visits and follow ups.
  • Maintaining the relevant registers relating to the AML/CFT Regulations and AML/CFT Code of Practice, as amended
  • Appointment as the Compliance Officer in accordance with the Regulatory Code and to carry out all duties in accordance the Regulatory and AML/CFT framework, up to and including but not limited to, the production and submission of Compliance Officer Reports and Prudential Return in accordance with local legislative requirements.
  • Responsible for ensuring the screening of parties connected to client entities and/or ensuring that staff is undertaking such screening against available intelligence database and regular internet searches.
  • Responsible for reviewing new business from a compliance perspective and ensuring those entities have been appropriately risk rated and CDD/EDD has been undertaken as the case may be.
  • Monitoring Staff Day to day adherence by staff to internal procedures to ensure that appropriate reviews are being undertaken on the client entities including the testing of the Introducer Agreements and monitoring of the end user client entities. Ensuring that staff is undertaking this work and updating the relevant records.
  • To assist staff with file reviews for more complex client cases and to contact the client as appropriate where further explanation or technical assistance is required.
  • Provide advice, support and guidance on technical matters relating to internal compliance policy or technical interpretation of BVI regulations.
  • Monitoring and completing the appropriate monthly and quarterly reporting mechanism that monitors the compliance with internal and regulatory frame work and making regular reports to the Board and Group Compliance Manager identifying deficiencies and recommending enhancements to the process as appropriate.
  • Identify training, development and coaching needs for self and team members and provide access to training or other development opportunities. Ensuring CPD requirements for team are met.
  • To work with the General Manager to ensure that all company policies and procedures are understood and followed correctly by staff.

Qualifications and Experience:

  • BVI Resident
  • Relevant qualifications which demonstrates an ability to fully understand the regulatory regime.
  • 5 years of relevant experience gained from performing in a compliance officer/money laundering reporting officer role preferably within a corporate and trust service provider
  • Must be highly organized and self-driven and able to work as part as a team
  • Have the ability to professionally and effectively communicate via oral and written communication with all levels internally and externally
  • Strong knowledge of the Anti-money Laundering Regulations, 2008, the Regulatory Code 2009, the Beneficial Owner Secure Search Systems Act, BVI Business Companies Act, 2004, and the Economic Substance (Companies and Limited Partnerships) Act, 2018

**Remuneration will be commensurate with qualifications and experience.**

Applications should be submitted to Natasha Smith-Penn at natasha.smith-penn@ils-world.com

Or for further information telephone no. 494 2999.



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