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Money Laundering Compliance Officer (MLCO)
Purpose of the role:
Advise the Head of Risk & Compliance and the Board where potential gaps, weaknesses or enhancements to the P&Ps are identified through the monitoring or audit processes to ensure they reflect current working practices and relevant regulatory requirements
Implement, monitor and maintain the Compliance Monitoring Plan and recommend amendments to systems and controls when necessary
Advise the Head of Risk & Compliance and the Board/Risk Committee of any deficiencies identified by the CMP and advise them of any significant issues identified through the CMP which may require escalation to the JFSC or the JFCU
Prepare CMP and Internal Audit Reports for the Board and attend Board or Risk Committee meetings if requested by the Board
Review and assess the risk processes, risk scoring and CDD processes to ensure these are consistent and analyse and review the scoring applied and advise the Board of any issues identified
Undertake periodic reviews of the effectiveness of the compliance function, reporting any findings to the Board and tracking the resolution of the issues identified
Conduct an internal Audit on take-on procedures - assess how well the “Customer Due Diligence” procedures were followed, how well the take-over/hand-over procedures were followed and, in the case of new entities or entities transferred away
Assess if there have been any changes to relevant personnel, changes to their names, qualifications and job descriptions or responsibilities and, if so, if these were correctly handled
Compliance
2024
Compliance
2024
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