Openings

COMPLEXITY OF POSITION:

The position of Manager, Compliance is responsible for the on-going oversight, review, monitoring, reporting, and evaluation of compliance issues and concerns within the organization. Accountability encompasses identifying and preventing violations of regulatory requirements. In carrying out the Compliance functions, the position holder is required to function as an independent and objective body that effectively manages the Bank’s Compliance Program. The position ensures the Board of Directors, Executive Management, Management and employees are in complete compliance with the rules and regulations of the relevant regulatory agencies

The Manager, Compliance must have an in-depth knowledge of established policies, procedures, processes, relevant Bahamian legislation 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 is responsible for ensuring that suspicious and irregular transactions are investigated and reported to the Regulatory Authorities

ESSENTIAL DUTIES & RESPONSIBILITIES:

• Develops, maintains, and revises policies and procedures of operation for the Compliance Program
• Monitors and reports results of the compliance efforts of the Bank and provides guidance for the Board of Directors and the Executive Team on matters relating to regulation and compliance in the absence of the Senior Manager, Compliance.
• Ensures that Suspicious Transaction Reports (STRs) are being appropriately evaluated, investigated and resolved
• Remains knowledgeable about all changes to Regulators guidelines to ensure that the Bank is in compliance with the relevant regulatory changes.
• Consults with the Bank’s legal counsel, provides assistance as needed and as approved by Executive Management to resolve difficult legal compliance issues
• Documents and responds to violations of rules, regulations, policies, procedures, and Standards of Conduct by evaluating and recommending the initiation of investigative procedures.
• Assists with the management of the day-to-day operation of the Compliance Department and the implementation of all necessary actions to ensure objectives of an effective compliance department are achieved.
• Identifies potential areas of compliance vulnerability and risk; develops and implements corrective action plans for resolution of problematic issues and ensures policies and/or controls are introduced or revised to avoid similar future situations.
• Provides regular reports on compliance findings and makes recommendations for correction of unsatisfactory conditions, and as directed, keeps the Senior Manager informed of the progress of compliance efforts.
• Confirms that Branch Internal Control Officers (BICOs or BICs) are operating as intended.
• Provides on-going communication and training with BICs.
• Assists with developing an effective compliance training program which includes introductory training for new employees/managers and ongoing training for existing employees/managers.
• Establishes, maintains and monitors a complaints procedure for the handling of complaints.
• Completes forms and manages, inquires or reviews by correspondent banks and other interested 3rd parties on the Bank’s KYC/AML and compliance functions.
• Supports the management and collaboration of the Bank’s relationship with the Financial Intelligence Unit (FIU).
• Ensures compliance with relevant regulatory guidelines of the Central Bank, Insurance Commission, Securities Commission and other Authorized Authorities.
• Ensures Internal and External PEP listings are maintained with all customer relationships identified as Politically Exposed Persons (PEPs).
• Ensures AML/fraud alert rules are reviewed and updated in Financial Crime Risk Management (FCRM). Responsible for the oversight and management of (FCRM) alerts.
• Responsible for oversight of access to the Bank’s sanctions screening platform.

SKILLS AND ATTRIBUTES

• Strong planning, organizing and coordinating competencies.
• Excellent analytical and problem-solving skills.
• Intellectually astute with a strong drive for results.
• Strong communication and interpersonal skills.
• Advanced IT and PC skills (Microsoft Word, Excel, Power Point).
• Easily adaptable to change.
• Ability to handle confidential information with integrity.
• In-depth understanding of relevant legislation, regulatory requirements and industry best practices including AML, CFT regulations and KYC requirements.

EXPERIENCE REQUIREMENTS

• Bachelor’s degree in Finance, Law, Business Administration or related field.
• ICA (International Compliance Association) International Diploma in AML, and Compliance and/or Certified Anti-Money Laundering Specialist (CAMS) Certification.
• Sound knowledge of banking regulations and compliance requirements including AML, KYC and CFT Legislation · Minimum of five (5) years in a financial institution and familiarity with operational, financial and quality assurance procedures and regulations.
• Member of The Bahamas Association of Compliance Officers (BACO)

Commonwealth Bank is a great place to work! We offer an exciting work environment with the opportunity for growth and development. We also offer a competitive compensation package, reflecting the successful applicant’s experience and qualifications, 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 their resumes to:

www.careers.combankltd.com/careers