Vice President, AML Advisory, Canadian Banking and Wealth Management

3 days ago

Toronto, Ontario, Canada Scotiabank Full time
Title: Vice President, AML Advisory, Canadian Banking and Wealth Management

Requisition ID: 220108

We are committed to investing in our employees and helping you continue your career at Scotiabank.

Purpose

The Vice President, AML Advisory, Canadian Banking and Wealth Management (The VP) acts as the Anti-Money Laundering (AML) Advisory lead for Canada with responsibility for maintaining a Canadian AML/ATF Program ("AML Program") which meets Scotiabank's needs, industry practice, and is reasonably designed to comply with applicable AML Regulatory Requirements for Canadian Banking (CB) and Canadian Wealth Management (CWM) including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the regulations thereunder and any requirements issued by or related to The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), as well as providing independent oversight of Scotiabank's compliance with these standards and requirements. The role also supports Global Banking & Markets (GBM) / Global Transaction Banking (GTB) compliance with specific FINTRAC requirements, particularly those related to Large Electronic Funds Transfer & Large Cash Reporting requirements by working with the VP of AML for GBM/GTB.

The VP also provides strategic AML direction, leadership and oversight from a 2nd line AML perspective, ensuring business strategies, plans and initiatives are supported in compliance with governing regulations, internal policies and procedures, while minimizing the Bank's risk of financial loss, reputational damage, litigation, and regulatory sanctions, fines or penalties.

Accountabilities

  1. Ensure that business lines and control functions develop, implement, and monitor programs reflecting the enterprise-wide AML/ATF & sanctions ("AML") policies and standards revised for business specific and local requirements, that are in accordance with approved enterprise-wide target operating models and within the firm's Risk Appetite.
  2. Develops, monitors, and regularly updates the strategic direction for the AML Program for CB, CWM to ensure that AML regulatory risks are managed effectively and efficiently and in accordance with the firm's Risk Appetite.
  3. Leads and drives a client-focused culture throughout their team to deepen client relationships and leverage broader Bank relationships, systems, and knowledge.
  4. Supports the SVP AML Advisory CB, GWM, IB & SVP Chief AML Officer ("CAMLO") to manage Scotiabank's ongoing AML regulatory relationship with FINTRAC regulators.
  5. Oversight for the development and sustainment of management information relating to the AML Program and risks within CB & CWM, with accountability for remediation as required resulting from AML audits and regulatory examinations.
  6. Acts as an expert resource and relationship manager with VP/SVPs engaged in the Canadian AML Program.
  7. Leads and manages the Canadian AML program, including the monitoring of Canadian regulatory developments, the maintenance and updating of policies, procedures and systems, the ongoing maintenance of effective surveillance, testing and monitoring programs, regular reporting to the SVP AML Advisory and relevant business line management and the timely escalation of material concerns.
  8. Represents 2nd line CB & CWM AML in the relevant Business Line Management Committees and other relevant AML 2nd line governance committees as required.
  9. Ensure Canadian business units comply with local laws and have corrective action plans for remediation of regulatory and audit issues.
  10. Accountability to ensure relevant resources are sufficient to execute on the CB & CWM AML/ATF programs and that they are adequately trained on AML/ATF as per global and Canadian requirements.
  11. Increase testing operating effectiveness to enable consistent risk judgement and documentation, improve risk-based coverage, and ensure strong governance and oversight.
  12. Escalation of identified breaches of law in accordance with policy providing timely, comprehensive issue/resolution reporting.
  13. Communicates and incorporates the relevant risk appetite statement and risk appetite measures, in alignment with the Bank's risk culture, into activities to:
  • embed prudent risk taking into day-to-day management, planning, and decision-making,
  • implement controls and processes to effectively identify, report, and monitor risk; and,
  • ensure timely action is taken to effectively manage and mitigate risks, including prompt escalation of breaches of management limits or risk appetite measures as per established processes.
Creates an environment in which the team pursues effective and efficient operations of its respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework, Regulatory Compliance Risk Management Framework, AML/ATF and Sanctions Global Policies and the Guidelines for Business Conduct.Builds a high-performance environment and implements a people strategy that attracts, retains, develops, and motivates their team by fostering an inclusive work environment, and communicating vision/values/business strategy. This includes applying an enterprise-mindset to succession planning, orchestrating actions to accelerate the development of identified successors, mitigating risks where optionality is limited, and strengthening organizational capabilities to position the Bank for sustainable and profitable growth.

Education / Experience

  1. MBA or Juris Doctor degree from a recognized and credited university with a minimum of 10 years of relevant experience at the executive level in preferable in a global financial institution.
  2. Strong strategic thinking and understanding of information technology and systems development.
  3. Expert understanding of banking, and wealth products, services, operations, systems and practices.
  4. In-depth knowledge of CB, CWM operations, including retail and commercial banking, Insurance, Scotia Trust, brokerage and asset management.
  5. Expert knowledge in AML/ATF, Sanctions, securities, and regulatory legal and regulatory requirements.
  6. In-depth understanding of the Bank's operations, including knowledge of policies, organization, and infrastructure.
  7. Efficient and well organized, with sound judgment, and strong communication and negotiation skills.
  8. Demonstrated ability in leading professional staff both in Head Office and across a distributed network.
  9. Able to establish credibility and effectively influence others in multiple settings.
  10. Experience in managing complex projects and initiatives across barriers.
  11. Strong strategic thinking and strategic influencing skills to establish credibility and effectively influence others in multiple settings.

Location(s): Canada : Ontario : Toronto

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.

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