Openings

The Compliance Officer is responsible for ensuring that the Bank adheres to Central Bank, Securities Commission, and Insurance Commission regulations and guidelines, relevant financial legislation and that the Bank’s policies and procedures follow these guidelines. The position holder must fully comply with the Bank’s policies and the Bank’s Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT) and Know Your Customer (KYC) requirements. In addition, the position holder is required to uphold the Bank’s Customer Service Standards and Code of Ethics at all times.

In the capacity of Compliance Officer, the position holder must be knowledgeable of established policies, procedures, processes and regulatory guidelines, including the Bank’s Anti-Money laundering (AML), Counter Financing of Terrorism Guidelines (CFT), and Know Your Customer (KYC) requirements and Data Protection Guidelines. The position holder must assist with ensuring that suspicious and irregular transactions are investigated and reported to the Regulatory Authorities.

The position holder’s knowledge of the Bank’s operations and policies must be maintained to perform Compliance fieldwork as scheduled for different business units as part of the Compliance Department Team.

Job responsibilities include but are not limited to:

• Performs structured compliance reviews of AML policies and systems of control, including compliance reviews of all Branches annually in accordance with the Bank’s Anti-money Laundering (AML) and suspicious reporting requirements. 

• Performs reviews of compliance arrangements, systems of control, and compliance reviews of all branches annually to confirm adherence to the Bank’s Anti-money laundering (AML), Know Your Customer (KYC) and Counter Financing of Terrorism (CFT) Policies.  Develops and coordinates an adequate review program that will confirm compliance with regulatory requirements by regularly reviewing the Regulators guidelines and performing compliance reviews, including reviews of: 

a.         AML system codes to monitor account for suspicious activity

b.         FCRM Alert Reviews

c.         FCRM Threshold reviews

d.         KYC/AML Due Diligence on new accounts opened by branches

e.         ALL customers risk rated as High.

f.          FATCA Compliance

g.         CRS Compliance

h.         Document Tracking reports

i.    Remedial Action raised from Compliance reviews and results of review of closed remedial action

• Ensures fieldwork for reviews and/or other investigations where required is completed in a timely manner in accordance with budgeted hours.

• Independently conducts investigations of reported suspected money laundering transactions (SCAM Reports) sent by the Local Compliance Officer (LCO) and reviewed by the Assistant Manager, Compliance to ensure that the Senior Manager, Compliance & MLRO can independently determine which SCAM reports are to be forwarded to the FIU as Suspicious Transaction Reports.

• Thoroughly investigates and completes all production orders from the FIU and any other requests (Police, VAT), in a timely manner. 

• Maintains the database to track the status of all STRs sent to the Regulatory Authorities (Police, FIU, etc.) and requests quarterly updates from these authorities within 5 working days after the end of the quarter to allow for timely updates to be given to: the reporting LCO; to the Assistant Manager, and to the Senior Manager, Compliance& MLRO, for onward reporting to Executive Management and the Audit Committee. 

• Thoroughly investigates all Court orders and consults with the Bank’s legal counsel as needed and approved by Executive Management.  

• Assists with the approval of all high risk accounts at on boarding.    

• Ensures that the risk rating listing of customers is prepared annually for branch AML/KYC customer reviews.  

• Assists with the completion of annual AML/KYC due diligence questionnaires for correspondent banking and other third party relationships as required. 

• Ensures that all security clearance requests for sanctions screening access are properly approved and setup. 

• Ensures that all information for FATCA & CRS reporting is compiled and forwarded to the Bahamas Competent Authority by the reporting deadline. 

• Remains knowledgeable about all changes to Central Bank’s guidelines and other relevant guidelines to ensure that the Bank is in compliance with the relevant regulatory acts. 

• Assists with the completion of the department Quarterly Self-Assessment report.

QUALIFICATIONS
Bachelor's degree in Finance, Law, Business Administration or related field.
Minimum of five (5) years in a financial institution and familiarity with operational, financial and quality assurance procedures and regulations
ICA International Diploma in AML, and ICA International Diploma in Compliance or CAMS
Member of The Bahamas Association of Compliance Officers (BACO)

SKILLS
Strong planning, organizing and coordinating competencies
Intellectually astute with strong drive for results
Inquiring mind and strong analytical skills
Excellent command of English
Excellent oral and written communication skills and cross – group collaboration
Good IT and PC skills (Microsoft Word, Excel, Power Point) 
Easily adaptable to change 
Sound knowledge of the relevant legislation and industry practices including AML, KYC and CFT regulations

CommonwealthBank is a Great place to work! We offer an exciting work environment with theopportunity for growth and development. We also offer a competitivecompensation package, reflecting the successful applicant’s experience andqualifications, including a performance based incentive plan, health, vision,dental and life insurances and a pension plan.  

Qualified individuals should complete the online application and submit theirresumes to:

www.careers.combankltd.com/careers