Posted On Apr 18, 2024
Job Description
JOB DESCRIPTION
A Position Overview
Position Title
Manager Compliance
Department
Compliance
Level/ Band
Manager
Count
1
Locations
Lower Parel, Peninsula Business Park, Mumbai
Role Summary:
- Implementation of AML/CFT Guidelines/Regulations issued by the regulator and ensuring compliance.
- Implementation of Revised Red Flag Indicator & reporting format issued by FIU-Ind and ensure compliance.
- Developing and enhancing controls within processes, systems to adhere to regulatory directions.
- Preparation of AML Policy in line with the Regulatory requirement and update it regularly depending upon Regulatory changes or any other relevant factors.
- Ensuring compliance to AML Policy.
- Setting up processes for categorization of customer into High and Low Risk through various control mechanism such as AML Risk Grids, and market study etc.
- Analyzing, monitoring, disposition of s and transaction.
- Preparation of ground of suspicion and filing of Reports under new FINnet 2.0 portal with the relevant Authority post approval from the Principal Officer.
- Filing of Monthly and Annual Statutory returns:
- Cash Transaction Report (CTR);
- Counterfeit Currency Report (CCR);
- Non-Profit Organization Transaction Report (NTR);
- Suspicious Transaction Report (STR).
- Perform Product Risk Assessment for risk categorization of product.
- Preparing the AML Training content and ensuring all new, existing Employees and Agents are trained on AML.
- Screening of Customers, Agents etc. on ongoing basis and identifying reportable transactions.
- Conduct open-source search to find relevant information to complete the analysis and review.
- Reviewing Politically Exposed Person (PEP) - High Risk case before issuance of the policy.
- Circulating the FATF identified countries list to the relevant stakeholders and ensure compliance.
- Regular communication on AML/CFT regulation/policy to all Employees through emailer or other mode.
- Advisory on AML queries raised/opinion received from Regulator, Company Sales and Operations functions.
- Monthly and Annual review conducted to check adherence of AML Risk Grid, AML policy and sharing of observation.
- Filing of Annual Compliance Certificate with the local regulator.
- Presenting Monthly, Quarterly and Annual status update to Senior Management.
- Liaison with Auditors, FIU-Ind and IRDAI if required.
B Organizational Relationships
Reports To
AVP- Compliance
Supervises
Same as above
C Job Dimensions
Geographic Area Covered
Mumbai
Internal Stakeholders
All functions of the Company
External
FIU-Ind and IRDAI
D Key Result Areas
Organization Process
Key Contributions
Sales
- Establish AML Risk Grid for various channel with relevant Board approvals.
- Ensuring effective implementation of AML/KYC process in various operational and business process.
- Establishment of awareness and training program on AML/KYC norms.
- Provide well researched legal advice to business within prescribed timelines.
Relationship Management
- Establishment of effective communication mechanism on Compliance culture, AML & KYC norms as per Annual Ethics Communication plan.
- Liaison with IRDAI & FIU-Ind to resolve business issues.
Ensure Compliance
- Effective Implementation of AML/KYC regulations and statutes on regular basis.
- Review of AML Policy, AML processes, SOPs, Framework, regulatory impact on processes and recommend changes.
- Ensuring building of appropriate control mechanism within processes, systems to ensure that regulations are adhered to.
- Ensuring appropriate reporting of suspicious transaction cases on a regular basis.
- Enhancement of Software and technology for generation of s and reporting.
- Respond to queries raised on any issues pertaining to AML/CFT guidelines and rules.
- No significant outage or adverse remarks from IRDAI / GIA.
MIS
- Maintaining Monthly, Quarterly and Annual filling MIS.
E Skills Required
Technical
- Regulatory Requirements: knowledge and understanding of Red Flag Indicator and revised reporting format issued by FIU-Ind; & AML Master Guidelines issued by IRDAI and how to meet these on a day-to-day basis.
- Analytical Thinking and Judgment: Ability to reach decisions by using the information systematically; ability to interpret complex concepts and cause and effect relationships.
- Company & Industry Know How: knowledge and understanding of the organization & industry.
- Drafting & Documentation Skills: Good Documentation skills for record maintenance
- Negotiation Skills: Effectively exploring alternatives to reach outcomes that gain the support and acceptance of all parties.
- Subject Matter Expertise: Has complete domain knowledge.
- Connecting with Others: Ability to effectively bring together diverse teams to jointly create results
Behavioral
Essential
Desired
Interpersonal skills
Communication skills
Creative thinking skills
Supervising/Leadership skills
Teamwork Skills
Influencing skills
Relationship Building skills
Decision making skills
- High levels of flexibility, adaptability to manage long hours, working under strict timelines to reach deadlines.
F Incumbent Characteristics
Essential
Desired
Qualification
Graduate & above
Professional Degree (CA, CS)
Experience
4-6 years of experience in AML Compliance
Age
Any
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