Our client, a mid sized European Bank is looking to hire an MLRO(SMF17) for their LOndon office.

JOB PURPOSE

1. To support the Executive in achieving their Strategic Plan and objectives to manage the Bank’s efforts to prevent financial crime, detect suspicious activity, and report it to relevant authorities.
2. To fulfil the statutory obligations of the 'MLRO.
3. To hold and execute the requirements of the SMF 17 (Money Laundering Reporting Function).
4. This Job Description should be read in conjunction with the SMF 17 Statement of Responsibilities (SoR).

RESPONSIBILITIES & ACCOUNTABILITIES

Overseeing and implementing policies, procedures and controls to prevent and detect money laundering and other financial crime within the Bank.

Accountable for ensuring all employees fulfil their responsibilities thereby ensuring that full regulatory and statutory compliance is maintained at all times within the Bank

Overseeing and assisting Senior Management as required in the establishment and ongoing maintenance of the AML/CTF framework.

To constantly develop and maintain policies and procedures of the AML/CTF framework in line with evolving statutory and regulatory obligations.

Conduct an annual risk assessment of the Bank and map mitigating controls.

Oversight of First Line of Defense (1LoD) procedures and monitoring programmes to ensure that the unusual transactions are identified and analysed.

Receive and assess all internal Suspicious Activity Reports (SARs) with onward reporting to the National Crime Agency (NCA) when required.

To be the Bank’s point of contact with NCA and other regulatory, law enforcement and investigatory agencies on AML matters.

Respond to Production and other Court Orders and prepare evidence as appropriate.

Ensuring compliance with AML staff training obligations, including ensuring that all relevant staff receive effective training appropriate to their needs.

The MLRO is responsible for overseeing the sanctions and transaction monitoring regime within The Bank including its screening tools.

Ensure that the Bank consistently and effectively always operates within all relevant regulatory and statutory requirements, including the Consumer Duty *

Advise senior management and staff about changes to AML/FC rules.

Keep senior management and/or related departments notified as to AML/FC returns to be completed and timeframes for submission to the FCA and PRA.

Conduct Transaction Monitoring and undertake reviews of KYC.

Ensure that the Bank follows anti money laundering legislation.

Prepare and present the MLRO annual report

Be an active member of the Executive Risk Committee

Other Duties

The MLRO must ensure that an assigned deputy is adequately equipped to cover MLRO duties during any short absences (sickness, courses) and during annual holidays.

Assist staff with interpretation of rules and regulations and ensure that staff awareness is always at satisfactory levels.

Provide training on Compliance and Financial Crime related matters to bank staff.

Undertake other duties appropriate to the grade and character of the work as may reasonably be required. The list of duties in the job description should not be regarded as exclusive or exhaustive.

SENIOR MANAGERS AND CERTIFICATION REGIME

Execute the responsibilities of the SMF 17 (Money Laundering Reporting Function).

EXPERIENCE / SKILLS / KNOWLEDGE

• Bachelor’s Degree or equivalent preferred.
• Professional qualifications (e.g. ICA Diploma in Governance, Risk & Compliance or equivalent. ICA Diploma in Anti Money Laundering, ICA Diploma in Financial Crime Prevention or equivalent).
• Minimum 10 years of experience in Financial Services particularly retail banking, preferably in small international banks.
• Minimum 10 years of experience in areas of compliance and holding, or having previously held, SMF17 or having a strong regulatory compliance background and experience and looking to step up to an approved person role and experience in areas of anti-money laundering and financial crime prevention.
• Fully conversant with the Bank’s products, services and procedures.
• Strong understanding of relevant UK regulatory requirements.
• Detailed understanding of financial services compliance.