Compliance Officer and Money Laundering Reporting Officer

Compliance Officer and Money Laundering Reporting Officer

Century Insurance Agency Limited – General Agent of NAGICO Insurances is currently seeking a Compliance Officer and Money Laundering Reporting Officer to add your vision and drive to our team.

Role and responsibilities:

• Advise senior management on relevant rules and standards;
• Develop and recommend the policies, rules, procedures and processes that the Licensee should have in place in order to comply with the regulatory standards of the British Virgin Islands including:
  • Anti-money Laundering and the Combating the Financing of Terrorism
  • Regulatory (FSC Act, Insurance Act, Regulatory Code etc.)
  • Risk Management
• Manage the day-to-day operation of the Compliance Program;
• Maintaining the regulatory Compliance and AML/CFT Manuals and assisting in maintaining other internal manuals of the Licensee, as required;
• Keep abreast of legislative changes and maintain up-to-date records to ensure that the licensee is adhering to the most current requirements;
• Acts as an independent review and evaluation body to ensure that compliance Issues/concerns within the organisation are being appropriately evaluated, investigated and resolved;
• Identify potential areas of compliance vulnerability and risk; develop/implement corrective action plans for resolution of problematic issues, and provide general guidance on how to avoid or deal with similar situations in the future;
• Provide reports on a regular basis, and as directed or requested, to keep the Board and senior management informed of the operation and progress of compliance efforts;
• Ensure proper reporting of violations or potential violations to duly authorised enforcement agencies as appropriate and/or required;
• Work with the Human Resources Department and others as appropriate to develop an effective compliance training program, including appropriate introductory training for new employees as well as on-going training for all employees;
• Assist in the coordination for internal audits and responding to requests from the regulator;
• Oversee Licensee and staff compliance with internal policies, processes and procedures and regulatory issues;
• Routinely responding to staff and management queries concerning compliance issues, including but not limited to client onboarding, due diligence process and suspicious activity reporting;
• Conduct routine compliance testing and monitoring to ensure that management and staff are adhering to established procedures;
• Ensure that all regulatory filings are submitted on time and preparing and submitting to the Board of Directors and to the regulator, the licensee’s annual compliance report;
• Coordinate requests for AML documentation from natural and legal persons and ensuring that customer information and records are kept updated;
• Ensuring that timelines are established for executing periodic file reviews and updates in keeping with customer risk and monitoring the process to ensure that files are complete and kept updated to align with legislative requirements;  
• Maintaining registers of (i) politically exposed persons; (ii) requests/queries from the FIA (iii) SARs filed with the FIA; (iv) compliance breaches (v) training; or other registers required to be maintained under the BVI laws;
• Monitor the performance of the Compliance Program and related activities on a continuing basis, taking appropriate steps to improve its effectiveness;
• Oversee the Complaint Handling Process (including investigating and making recommendations to management for remediation);
• Other compliance related duties assigned from time-to-time by the Board of Directors, or the Managing Director as applicable.

Qualifications and Experience:

• Relevant qualifications which demonstrates an ability to fully understand the regulatory regime;
• Relevant experience gained from acting in a compliance role or at a senior level connected with the financial services business, having at least 5 years relevant experience;
• The Compliance Officer should be fit and proper.

The successful candidate:

• Must be highly organized and self-driven
• Must be able to work under own initiative as you will be running your own department
• Have the ability to professionally and effectively communicate via oral and written communication with all levels internally and externally

Successful applicant will be subject to the approval of BVI Financial Services Commission.