Compliance Officer Job Specification

Ethical approach – must have strong compliance principles.

Culture – your strong ethical approach must be transpired to all staff to promote a companywide strong culture of good compliance.

Never assume – make decisions on the basis of actual knowledge, don’t guess, if information is required request it.

Refer – Where you feel necessary, communicate a concern to senior management for a second point of view.

Client On boarding

• Responsible for the policy and procedures – updating where necessary, senior management sign off, communication and distribution.
• KYC checks for both UK and Overseas Individuals and Corporates.
• Ability to recognise risk factors of the data, ability to set questions/challenges to the potential client that need to be addressed.
• Ability to use internet sources to gather useful information to build client profiles. (companies house/overseas company registers, linkedin, google maps)
• Understand the purpose of sanction lists, the different lists for different jurisdictions and where they can be found.
• Understand the actions required for a positive or false positive match, and the investigation methods required to make a decision.

Client Monitoring

• Maintaining up to date and monitoring client files (address, ID, corporate ownership), as well as the trading profile.
• Keep the SGM-FX e-system up to date

Transaction Monitoring

• Pre, real time and post monitoring.
• ensuring transactions fit within client profiles.
• ensuring that we have an understanding for the purpose of all transactions.
• 3rd party receipts and 3rd party payment protocols.
• Knowledge of supporting documentation to request/accept.
• Ability to recognise suspicious/unusual activity. Responsibility to report this to the authorities.

Risk Assessments

• Regular interaction with Senior Management to review and set company risk appetite (prohibited sectors)
• Knowledge of high-risk jurisdiction and sector types.
• Ability to sort/categorise high risk clients and regularly review them.

Compliance Training

• Ensuring that all staff have regular AML training and have a competent understanding of AML and CTF.

Regulatory Knowledge

• Knowledge of the Money Laundering Regulations
• Knowledge of the Payments Services Regulations – including safeguarding, segregating, COBS, beneficiary led trading.
• An understanding of the Data Protection Act.
• An understanding of the international compliance framework and how this can affect us.
• Up to date with regulatory change and developments both in the UK and internationally.

Regulatory Reporting

• Ability to interact where necessary with our regulators (FCA and HMRC).
• Ability to liaise with our banking partners during compliance visits/reviews.

Complaints Handling

• Responsible for identifying and understanding the nature of the complaint, collating the required data from a variety of sources, resolving the complaint and producing a final response.

Staff Compliance guidance

• Ability and knowledge to answer staff and client ad hoc compliance queries.
• Able to provide and communicate compliance guidance information for all staff (i.e. client transparency, Source of Funds, security measures).

Candidates with a suitable background and skillset without the requisite level of knowledge required will be considered subject to their ability and commitment to attaining the Compliance qualifications.