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Analyst / Associate, Aml & Sanctions Compliance
2 weeks ago
Overview:
The Analyst/Associate is responsible for assisting the AML Director to conduct key AML & Sanctions Compliance tasks. SMBC Canada Branch (“Branch”) shall comply with all laws, rules, regulations and regulatory guidelines, as well as SMBC Head Office directives. The Analyst/Associate will provide analytical, advisory and administrative support to the AML Director in the execution of selected activities in support of SMBC’s Regulatory Compliance Management program, with a focus on implementing Sanctions Screening and AML Transaction Monitoring controls, including their related policies and procedures across all business lines. In addition, the incumbent will lead the preparation of periodic and ad hoc AML/ATF reporting to the Regulators, such as OSFI and FINTRAC, under the supervision of the AML Director.
**Responsibilities**:
**AML/ATF & Economic Sanction Screening**
- Conduct sanctions screening of all clients and their affiliated parties against the applicable
AML/ATF watch lists and economic sanctions lists that are adopted by SMBC Canada Branch.
- Review and analyze payment transactions to ensure transactions are not prohibited by the
prevailing sanctions legislations and regulations.
- Work collaboratively with cross functional partners to leverage tools and functionality to
continuously enhance the payments sanctions screening effectiveness and efficiency.
- Verify that all sanctions watchlists are properly updated and loaded in the sanctions screening system.
- Document the AML/ATF sanctions screening processes and procedures to align with the latest practices.
- Identify emerging regulatory changes (relating to sanctions and transaction monitoring) and potential impacts on SMBC Canada. Recommend appropriate risk mitigation measures as well as operational controls in accordance with SMBC policies and/or regulatory requirements to the AML Director;
**AML Transaction Monitoring**
- Manage the branch’s transaction monitoring program - enhancements of the system,
transaction rule/scenario testing/tuning and implementation of the Transaction Monitoring
system; Identify improvement opportunities regarding key processes for internal controls.
- Monitor customer transaction activities to identify potentially suspicious activity promptly,
including the review and investigation of all cases generated by the AML transaction monitoring system; Identify patterns and trends consistent with money laundering and terrorist financing risks and escalate any unusual and potentially suspicious activities detected.
- Conduct and communicate RFI's (Request for Information) with vendors, relationship managers and overseas offices. Document requirements in concise, detailed, and accurate manner.
- Audit issue remediation - Work closely with compliance management and auditors to
implement and execute “management action plans” to remediate identified deficiencies if any.
**Regulatory Reporting relating to AML/ATF and Sanctions**
- Support FINTRAC reporting process of SWIFT and non-SWIFT electronic funds transfers (EFTs).
- Support all aspects of regulatory reporting to FINTRAC via web reporting system including
reporting of Suspicious Transaction Reports (STRs). All STRs must be reviewed and approved by the Head of Compliance prior to their filing with FINTRAC.
- Draft regulatory reports to OSFI, timely filing via Regulatory Reporting System (RRS) after
obtaining written approval from the Head of Compliance.
**AML & Sanctions Operations Quality Assurance (QA) Responsibilities**
- Support annual reviews of the sanctions screening tool and transaction monitoring tool.
- Conduct and monitor the performance of the Navaera system for EFT reporting to FINTRAC.
- Coordinate the drafting and submission of Internal SMBC reporting.
- Assist In-office Inspections and AML & Sanctions self-assessments, as required.
- Other duties as assigned by the AML Director.
Qualifications:
**Interpersonal/Communications**:
Liaise with other SMBC, Canada Branch departments as well as other Head Office and Americas Division
business/functional partners (as needed).
**Knowledge**:
- Minimum of 4 years related experience in a AML and/or Sanctions function within regulated financial services is a “must”.
**Skills**:
- Basic knowledge of the AML/ATF and Sanctions legislation, regulations and guidelines;
- Excellent time management skills with the ability to multi-task, continuously prioritize
workflows and meet deadlines.
- Strong analytical and communication skills. Attention to details.
- Advanced skill in the use of Microsoft Word, Excel, PowerPoint, Outlook and experience with on-line research systems (e.g. WorldCheck).
- Knowledge of FircoSoft is preferred.
**Working Conditions**:
Time pressure/deadlines and mental stress - Considerable
Stress of multiple demands - Considerable
Attention to details - Considerable
Environment - Hybrid - in office and remote
