Associate Advisor, Aml Compliance - Toronto, Canada - Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Banking Corporation

Verified Company

Toronto, Canada

2 weeks ago

Posted by:

Sophia Lee

beBee Recruiter

Description

Overview:

This position is responsible for advising Canada Branch business and supporting the execution of local AML compliance requirements relating to all aspects of Know Your Client ("KYC"), as well as sanctions.

This position is critical to support the growth of SMBC Canada Branch's business and is a primary AML compliance escalation point for all AML operational activities within the Canada Branch.

This role will require contribution to the development and maintenance of SMBC Canada AML Policies and procedures, ensure their rigorous implementation across all businesses within the branch, while maintaining sustained compliance with regulatory requirements.

The position will assist the Director, AML Compliance of Canada Branch in providing coverage to AML and Sanctions risk assessment, program development, through innovation, analytical thinking and a desire to improve upon existing processes.

This role will require ability and leadership traits to work across several Compliance areas, manage multiple deadlines and interact with internal and external stakeholders.

Responsibilities:

This position reports to the Director, AML Compliance.

The incumbent shall be an effective problem solver with a proven ability to take initiative, working both independently and within a team, who is comfortable working in a fast-paced environment under high pressure.

This role will demand high-level of energy, an entrepreneurial spirit and the comfort to work in a changing environment.

AML/KYC Compliance

Responsible for creating and maintaining KYC related compliance policies and procedures as assigned, while ensuring timely updates as internal (e.g. Head Office, CPAD) and external developments (e.g. PCMLTFA, FINTRAC) arise.
Responsible for providing compliance oversight of ID&V, KYC, Customer Due Diligence and Enhanced Due Diligence activities and records to ensure they are kept up to date and that KYC trigger events are promptly actioned as they arise.
Responsible for providing consultative guidance in relation to adjudication and escalation of WorldCheck screening (and open source searches) by KYC Analysts of customer names, individuals associated with customers and amendments to individuals associated with customers.
Following preliminary assessment of WorldCheck screening results (and other search results as applicable) by KYC Analysts, perform a secondary compliance assessment and concurrence of any customer risk considerations derived from the screening results and prepare 'Compliance Risk Summaries' to clearly articulate the materiality of any customer risk considerations for branch management awareness along with recommendations for mitigating actions (e.g. customer risk rating increase, enhanced monitoring, customer exit, prospective customer rejection).
Provide ongoing compliance training to KYC Analysts as needed and act as an ongoing point of escalation for all KYC compliance matters, offering periodic feedback to the department Head of "the KYC team" on performance and development opportunities.
Support required compliance approvals as part of the KYC workflow in the KYC system as required. Participate as Canada Branch's representative in CPAD and other SMBCwide project working groups in relation to AML/KYC related initiatives
Responsible for User Acceptance Testing in relation to compliance related enhancements or changes in the KYC system, drafting test scripts that will meet the business requirements to ensure all potential scenarios are accounted for and reporting any issues to the relevant IT Technical Teams for a resolution.

_AML/ATF & Sanctions Compliance responsibilities_

Act as the backup to the Director, AML Compliance, with broader responsibilities for the AML/ATF and Sanctions compliance program, including advisory and operations activities, based on 'business as usual' (BAU) activities as assigned. Also provide backup coverage for other AML compliance staff including AML transaction monitoring and sanctions screening activities to ensure continuous coverage within a small AML compliance team.
Support the drafting and updating of local AML/ATF and Sanctions (and other Financial Crime Compliance) policies, procedures and guidance documents, to ensure SMBC Canada Branch remains in compliance with all applicable Canadian legislative and regulatory requirements, and SMBC internal policy requirements. Also support the adoption of Americas Division (AD) Financial Crime Compliance policies, procedures and standards as applicable to Canada Branch.
Support, develop and contribute to recurring and adhoc Canada Branch reporting and metrics (e.g. KRIs, KPIs) with relevance to AML/ATF, Sanctions and FCC as assigned.
Support compliance innovation initiatives with a focus on enhanced automation and effectiveness, and increased efficiency and productivity. Continuously developing and enhancing the financial crime and AML/ATF risk framework, ensuring tha