Compliance Manager
1 month ago
A Banking Compliance Officer is responsible for ensuring that a financial institution, such as a bank, an NBFC, credit union, or other lending entity, complies with relevant laws, regulations, stipulated Regulatory Guidelines and industry standards. The primary objective of this role is to safeguard the institution against legal and reputational risks by adhering to the stipulated Regulatory Guidelines, monitoring and implementing compliance procedures.
Key Responsibilities:
Regulatory Compliance:
- Stay up-to-date with the latest laws, regulations, and industry guidelines to ensure the institution's practices are in line and in compliance with current requirements.
- Interpret and communicate regulatory changes to relevant stakeholders within the organisation.
- Develop and maintain compliance policies and procedures that align with applicable regulations.
Monitoring and Reporting:
- Conduct periodic compliance reviews and risk assessments to identify potential gaps and areas for improvement.
- Analyse and assess the institution's adherence to regulatory requirements and internal policies.
- Prepare reports on compliance findings and share them with Senior Management and Regulatory authorities.
Training and Education:
- Provide training to employees on compliance-related matters to promote a culture of compliance throughout the organization.
- Conduct workshops or seminars to ensure staff members understand their responsibilities and obligations under the law.
Compliance Investigations:
- Investigate and respond to compliance-related issues, such as customer complaints, suspicious activities, or potential breaches.
- Collaborate with internal audit and legal teams to address and resolve compliance incidents.
Risk Management:
- Work with the risk management team to identify and assess compliance risks and develop strategies to mitigate them.
- Assist in developing contingency plans for potential compliance-related emergencies.
Regulatory Filings and Documentation:
- Prepare and submit required regulatory filings and reports accurately and within specified deadlines.
- Maintain comprehensive documentation of compliance activities, reports, and other relevant records.
External Liaison:
- Serve as the primary point of contact for regulatory agencies during compliance examinations and audits.
- Foster positive relationships with Statutory Auditors, external auditors, regulators, and other industry stakeholders.
Ethics and Code of Conduct:
- Ensure the institution's adherence to its ethical code of conduct and promote ethical behaviour within the organization.
Required Skills and Qualifications:
- Bachelor's degree in finance, business, law, or a related field (advanced degrees or certifications in compliance are a plus).
- In-depth knowledge of banking/ NBFC regulations, including but not limited to anti-money laundering (AML),
- Bank Secrecy Act (BSA), Know Your Customer (KYC), Consumer Financial Protection Bureau (CFPB) rules, etc.
- Strong analytical and problem-solving skills to assess compliance risks and find appropriate solutions.
- Excellent communication and interpersonal abilities to interact with stakeholders at various levels of the organization.
- Attention to detail and ability to maintain accurate records and reports.
- Sound judgement and decision-making skills to handle complex compliance issues.
- Experience in regulatory compliance or a related field within the banking industry is highly desirable.
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