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Overview

A highly respected Douglas-based Finance Sector company is seeking to add to an established, high performing team in hiring into the role of Head of Compliance and Risk / MLRO.

In this role you will be responsible for the monitoring, management, training, and compliance of the company's regulated entities with the relevant legislation and regulation (and where appropriate best practice) relating to compliance and risk matters. You will hold a senior role within the local management team and have the authority, independence, and status to access information, systems and decision-makers to carry out duties effectively.

The Head of Compliance and Risk will additionally be responsible for:

• Evaluating whether a suspicious activity report should be made to the Financial Intelligence Unit ('FIU')
• Acting upon official requests for information (such as court orders), and making recommendations to the directors/board
• Oversee compliance with the regulatory requirements of the Financial Services Act 2008, the Financial Services Rule Book 2016, and general Isle of Man legislation and regulations, together with any rules, policies, or procedures introduced by the boards from time-to-time
• Act as focal point for the oversight of all activity relating to the prevention and detection of money laundering and terrorist financing
• Ensuring that the company has robust and documented arrangements appropriate to the nature and size of the business for compliance, that arrangements and procedures are properly implemented within the relevant businesses (including ensuring that appropriate staff training has been undertaken
• Operational performance of processes and procedures are suitably monitored, including the establishment and operation of a Compliance Monitoring Program
• Act in the capacity of Deputy Chair of the Isle of Man Audit, Risk, and Compliance Committee
• Review internal Suspicious Transaction Reports in the light of all available relevant information and determine whether such internal reports have substance and require disclosure to the FIU
• Maintain related records, particularly documentation relating to the evaluation process regarding suspicious transactions and the rationale for decisions taken
• Provide guidance on how to avoid tipping off the customer if any disclosure is made and managing any resulting constructive trust scenarios
• Provide support and guidance to the boards and senior management to ensure that money laundering and terrorist financing risks are adequately managed
• Manage the training regime to ensure that all staff are appropriately trained in AML matters, including induction training, and annual refresher training programs
• Liaise with the FIU, Isle of Man Customs and Excise and/or the FSA and participating in any other third-party enquiries in relation to money laundering or terrorist financing prevention and detection, investigation, or compliance
• Provide reports and other information to senior management

The ideal candidate for the role of Head of Compliance and Risk will:

• Hold a relevant professional qualifications related to the role of the CO and MLRO
• Have thorough knowledge of the business areas undertaken by the company and applicable regulatory requirements
• Good understanding of business risks and risk management frameworks and practices
• Have a relevant financial services background, with appropriate risk management and compliance experience
• Be analytical, an ability to work to deadlines, decision maker, self-confidence, and maturity to know when to overrule management or escalate matters, influencing and communication skills