Senior Compliance Officer/Sanctions Officer - BFSI

We are hiring for the role of : Senior Compliance Officer - Sanctions Officer

Location (Country/city): Bangalore (India)

Why join us? & Opportunity?

- Monitor Trade, Economic and Financial Sanctions (including sanctions programs administered by the U.S. O ce of Foreign Assets Control, United Nations, European Union and HM Treasury's Financial Sanctions, (collectively referred to herein as "Sanctions"), and global risk management framework to meet legislative and regulatory requirements in Singapore.

- Assist SGH Head of Sanctions and Transaction Monitoring in providing oversight and management, of all aspects of Financial Crime Risk Sanctions including impact analysis of regulatory changes within Singapore.

- Collate potential breaches of sanctions from across the business lines & subsidiaries in Singapore, review reporting made and escalate to SGH Head of Sanctions and Transaction Monitoring / SGH Head of FC.

- Stay at the forefront of key regulatory changes to ensure proactive communication with business and implement appropriate policy and framework to manage the changes.

- Participate in and work with relevant local industry bodies and groups in relation to Sanctions related initiatives, trends and proposals.

- Provide advice to business across Singapore, with primary focus on CMB, on risk associated with prospective business, products and service and design mitigation controls and implement strategies as appropriate.

What You'll Do?

Principal Accountabilities: Key activities areas:

Impact on the Business:

- Implement and drive Group communications strategy, for standards, systems and policies in relation to Sanctions for Singapore.

- Identify, assess, oversee and communicate all requirements relating to legal guidance and sanctions evasion trends in relation to risks presented through business activities across SGH and its subsidiaries.

- Manage and lead the required remedial action of all material FCC sanctions issues that arise to ensure effective implementation through internal and external reviews.

- Implement into the Sanctions Compliance framework, the relevant requirements and commitments of the Bank

- Develop and deliver training on Sanction risks for all business products and services across SGH and subsidiaries

- To develop and implement programmes to quantify impacts and implement actions to address, manage and mitigate impacts of sanctions risk embedded in client activity.

- Implement Group sanctions policies within Singapore to ensure exposure to current risks and emerging arising risk is managed appropriately, in a commercially focused and practical manner

- Implement, as required, Group sanctions policies and systems in Singapore that ensure that business exposure to financial crime and reputational risks is managed, in a practical and effective manner, including efficient and reasonable deployment of resources and an understanding of the business operations and needs

Typical KPIs and Targets:

- Applicable standards, policies and procedures developed and implemented.

- Ensure that standards, policies and procedures meet regulatory needs and are clearly understood by stakeholders.

- Track the strategic implementation of an effective Sanctions controls framework.

- Periodic reviews and ongoing monitoring activity adopted consistent with agreed plans and timescales.

- Competently apply legislation to the risks associated to the business in terms of products/service in Singapore in accordance to Global Sanctions Policy.

- Clear, accurate and timely advice provided.

- Adverse consequences arising from FC Sanctions breaches/issues are managed, mitigated and reported, with remedial action initiated in line with the materiality of the risk/issue.

- Controls are established to ensure policies are being complied with

Customers/Stakeholders:

- Liaise with relevant stakeholders within SGH Business and Functional teams, with primary focus on CMB, to provide expertise and support on all Financial Crime Sanctions related matters

- Support the SGH Head of Sanctions andTransaction Monitoring & SGH Head of FC in the provision of reports on Sanctions issues.

- Work effectively with local regulators and industry bodies on FC Sanctions matters

Typical KPIs and Targets:

- Good knowledge of products, segments and business strategy to support business growth accordingly

- Clear direction/advice/guidance given in a timely manner.

- Provide content to regular committee reports within agreed timescales.

- Support SGH Head of FC and SGH Head of Sanctions and Transaction Monitoring in their meetings with principal regulators. Efficient coordination of regulatory related request and ensure proper communication.

- Ad hoc reports to senior management on significant financial crime and reputational issues are provided as they occur, within agreed timescales.

Leadership and Teamwork:

- Work effectively with SGH Rep of Sanctions and the various SGH Reps of FC for each business lines/ subsidiaries to ensure consistency across the FC functions

- Maintain and develop positive and professional working relationships with business managers at the Country/ Business line levels.

- Provide assistance to develop, set and deliver the Group Sanctions overall strategy in Singapore

Typical KPIs and Targets:

- Maintain contact and consult with other FC Reps.

- Demonstration of Group Values in all behaviors.

- Contact maintained with key business heads both in FC and in the SGH Global Businesses to update them on compliance developments when appropriate.

- Strategies and policies to be communicated clearly and in a timely manner, in conjunction with other FC heads

Operational Effectiveness and Control:

- Provide and adapt solutions to complex global issues/initiatives in an ever changing, high-risk environment.

- Monitor the implementation of FC Sanctions controls.

- Ensure all GSM, FIMs, BIMs and dispensations, etc. are updated for changes in Country Regulation and impacts on business.

- Maintain awareness of operational risk within assigned portfolio and minimize the likelihood of it occurring including its identification, assessment,mitigation and control, loss identification and reporting

- Maintain and observe all control standards and implement, cascade and observe the Group Compliance Policy, including the timely implementation of recommendations made by

- internal/external auditors and external regulators

Typical KPIs and Targets

- Clear risk-based policies/advice produced.

- Compliance plans in place across the FC function to agreed timescales.

- Any significant Sanctions compliance issues reported appropriately and in a timely manner

Major Challenges:

- To take the complexity of the regulations on the one hand, and the diversity of business and geographies within Singapore, and achieve a balance between the demands of the regulators, external bodies and governmental initiatives and the Group's shareholders and customers; highly aware of the political, management, operational, regulatory and reputational implications of particular decisions and courses of action; assisting senior management in development of controls and systems and influencing the way in which business is conducted in order to manage these risks

- The incumbent is required to ensure the consistent application of the highest Risk management standards notwithstanding the complexities of products and business operations across Singapore. Risk is forward looking. The incumbent would implement change programmes to ensure that the FC Sanctions remains in line with regulatory requirements across SGH and its subsidiaries. A balance must be maintained between the local, Regional and global priorities. The incumbent would need to balance between sometimes conflicting needs and priorities of different teams within Risk departments and across countries.

Role Context:

- The jobholder is required to work with some autonomy, dealing with a range of issues for which there is no clear cut solution while still being able to provide judgement and clear direction. Where items of major consequence are involved, reference is made to the SGH Head of Sanctions and Transaction Monitoring / SGH Head of FC. The nature of the role requires close working contact with SGH FC Reps of the businesses and subsidiaries.

Management of Risk:

- The jobholder is responsible for ensuring that the FC Sanctions standards are in accordance with the Group Standards Manual at local levels and that the Sanctions policy aspects of the Legal & Compliance FIM are effective and relevant.

Observation of Internal Controls:

- Maintains internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.

- Jobholder is an 'insider' for dealing purposes and subject to strict controls and confidentiality.

- Jobholder is required to manage FC responses to adverse compliance metrics, including unsatisfactory FC Reviews and Audit reports.

- This will be achieved by adhering to all relevant processes/procedures and by liaising with Financial Crime Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimizing relations with regulators.

- The jobholder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.

Role Dimensions:

- Together with the SGH Head of Sanctions and Transaction Monitoring, the jobholder's responsibilities cover all of the Sanctions responsibilities within SGH and its subsidiaries

Qualifications - External:

What you will need to succeed in the role?

- Degree holder with experience in financial crime risk compliance roles, ideally to include Sanctions experience.

- Extensive knowledge of Sanctions regulations and guidance.

- Added advantage with certification from International Compliance Association (ICA) or Association of Certified Antimony Laundering Specialist (ACAMS))

- Significant experience in the financial services industry.

- Lateral thinker with an ability to interpret and solve complex issues.

- Excellent communicator with strong inter-personal and influencing skills.