Our client, a professional services organisation, is seeking to recruit a Head of Anti-Money Laundering (AML) to join their Regulation Department. This is a brand new role and the Head of AML will operate on his/her own in the first couple of months.
In this role, you will lead the organization's responsibilities as the Competent Authority under statute, tasked with monitoring compliance with money laundering, anti-money laundering, and terrorist financing legislation. As the Competent Authority, our client's role is twofold:
Compliance Monitoring: Overseeing adherence to legislative obligations within the profession.
Statutory Reporting: Reporting any suspicions of money laundering or terrorist financing offenses to the relevant authorities, whether committed by any individual or entity.
The current regulatory framework delegates the authority to perform these roles to two of our client's regulatory standing committees - The Money Laundering Reporting Committee (MLRC) and the Regulation of Practice Committee (ROPC). With the upcoming transposition of elements of the new AML package, recently agreed by the EU, into national law, a significant increase in oversight of AML activity and responses to external oversight queries, including those from the new EU Anti Money Laundering Authority (AMLA), is anticipated. These additional responsibilities have been recognized and integrated into our client's strategic plan under the 'Promoting Effective Regulation' workstream. The Head of AML will be responsible for leading the delivery of this AML strategy and ensuring best practices in the implementation of AML measures.
Main Duties & Key Responsibilities
The successful candidate will perform the following duties in line with our client's standards, strategic objectives, and as directed by the Director of Regulation:
- Report to the Director of Regulation, leading the AML function from a Competent Authority, policy, and regulation perspective.
- Ensure an effective risk-based AML/CTF/Sanctions oversight and compliance program is in place to meet anti-money laundering, anti-terrorist financing, and government and economic sanctions requirements.
- Develop and maintain an AML risk assessment framework, policies, and procedures to meet the responsibilities as Competent Authority.
- Stay informed of new regulatory developments, communicate them to the Director, and recommend corrective measures to address identified weaknesses in the AML/CTF competent authority framework.
- Support the profession by providing guidance material, practice notes, and educational programs regarding AML compliance.
- Collaborate closely with stakeholders to enhance and further develop an appropriate regulatory environment.
- Provide data, statistical analysis, and reports as required concerning AML compliance and regulatory investigations.
Knowledge & Skills
- A third-level qualification in law, business and law, accounting, or a similar field, and ideally 10+ years of experience working in a statutory body or professional regulatory environment.
- Proven ability to influence key decision-makers through knowledge, reasoning, and relationships, with a demonstrated reputation for operating with the highest levels of honesty and integrity.
- Experience in drafting policies, procedures, and communications to stakeholders and leaders, including status reports, program updates, and regulatory requirements.
- Relevant experience in identifying, assessing, and managing money laundering, terrorist financing, and financial sanctions risks.
- Ability to analyze, interpret, and communicate regulatory guidance to support business initiatives and advise stakeholders on compliance matters.
- Exceptional organizational skills with the ability to multi-task in a fast-paced environment.
- Experience managing people and processes in multi-disciplinary teams to achieve optimal results.
- An excellent command of written and spoken English.
- A proven track record of success in handling complex matters.
- Strong knowledge of and proficiency in various IT systems, particularly database systems.
- Experience with stakeholder engagement.
- A high level of discretion and the ability to handle sensitive information with integrity.
Morgan McKinley is acting as an Employment Agency and references to pay rates are indicative.
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