Overall purpose, duties and responsibilities of the role:
The Compliance & AML Manager assists the Compliance Head and Chief Legal & Compliance Officer (CLCO) to implement and execute the Company's Compliance Framework. The position is in charge of acting as AML team lead and provides oversight and advice on the day-to-day compliance with laws/regulations/internal policies related to anti-money laundering, counter-terrorist financing, sanctions enforcement, and anti-controversial weapons, among other, and ensures that the Company operates in accordance with the regulatory framework required locally and as part of the Ageas Group, as well as best practices in the industry.
The ideal candidate is someone with relevant experience in similar roles in the financial services industry, particularly in life insurance, of more than 5 years.
The holder of the position must have a strong understanding of the regulatory framework such that he/she is able to provide practical advice to business with a view to minimizing adverse impact on systems, processes, and customer experience.
The holder must be able to translate the regulatory requirements into actionable items and provide advice to business to assist them in their risk assessment and risk taking.
The holder must have experience in assisting the business enhance its systems and processes to comply with regulatory requirements. He/she must be able to assess and communicate system requirements to the technology department and be able to assess the overall system impact of new AML/regulatory requirements, including the various operating systems that enable front, middle, and backroom services.
He/she must be meticulous and precise with a strong and confident personality. He/she must be able to hold his/her own in conversation and have an opinion expressed with genuine enthusiasm and passion.
Under the supervision of the CLCO/Compliance Head, the position holder:
- Implements EWA's Money Laundering and Terrorist Financing Prevention Program (MTPP/AML Manual), including providing clear, practical, and actionable advice to business, performing monitoring/testing on EWA's compliance with the MTPP, and reviewing/recommending revisions to the MTPP, as needed;
- Keeps abreast of the latest developments/trends/regulations related to AML and the prevention of financial crimes, conducts an impact/residual risk assessment of new/amended regulations on EWA, and provides a monthly summary for reporting to the management and/or the Board;
- Leads the AML Team and mentors team members by sharing best practices, aiming for constant improvement and efficient compliance without adverse impact on service levels and customer experience;
- Conducts regular reviews of AML risk-based tools and monitoring systems;
- Investigates, evaluates, resolves and monitors suspicious transactions (STR) / covered transactions (CTR) / Politically Exposed Persons (PEP) and/or other individuals under the different watchlists or sanctioned lists to mitigate compliance risks;
- Ensures that EWA files CTRs, STRs, and other AML-related responses/reports to regulators accurately and on time, including providing monitoring tools and self-checking such that delays and/or inaccuracies are prevented or kept to a minimum. Should any delay or inaccuracy occur, he/she shall immediately act to rectify the same, provide a status report to the CLCO/Compliance Head on the actions taken/to be taken and the results of the root cause analysis;
- Formulates, reviews, modifies, and disseminates guidelines and policies related to the AML (and other financial crimes prevention) Compliance program of the Company;
- Coordinates with regulators in case of audit/review, and/or on cases that may be placed under investigation or subject to freeze orders;
- Increases Compliance awareness; and
- Performs other related tasks as assigned by the CLCO/Compliance Head
Essential Skills / Qualifications:
- Candidate must possess at least a Bachelor's/College degree
- Strong background in compliance and regulatory framework, with life insurance experience being preferred
- Proactive, highly motivated individual who is customer centric and with capacity to think out of the box
- Active listener and has excellent verbal and written communication skills in both English and Filipino
- Must demonstrate a high level of professionalism, honesty and integrity
- Excellent organizational and time management skills
- Highly analytical, resourceful, and flexible with a high level of energy and enthusiasm
- Proficient in common computer applications (MS Office)
- Has the ability to understand, and execute complex written and verbal instructions
- Able to maintain confidentiality in emergencies and difficult situations
- Must be pleasant to work with, efficient, friendly, responsible, and open minded, without compromising the compliance stance of EWA
- Must be agile and flexible and willing to work and adjust accordingly
