Deputy Director, AML/CFT

https://bvifsc.bamboohr.com/careers/213

The BVI Financial Services Commission (“the Commission”) is seeking a dynamic and experienced professional to lead its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Unit.

Working closely with supervisory and regulatory Divisions, the Deputy Director will develop and implement the Commission’s AML/CFT supervisory strategy to ensure effective operations that meet international standards. The role’s primary purpose is to strengthen the Commission’s position as the main AML/CFT supervisor for the financial services industry and enhance compliance across all sectors.

The ideal candidate will demonstrate strong leadership, technical expertise in AML/CFT regulation, and the ability to manage complex projects with professionalism and discretion. Recognised professional qualifications in AML/CFT, compliance, law, or financial regulation are required.

Applicants will be evaluated against the stated criteria and must complete an assessment as part of the selection process.

Duties and Responsibilities:

Oversight

• Work closely with the Compliance Inspection Unit and other regulatory and supervisory Divisions/Units to ensure compliance with the Commission’s AML/CFT/CPF framework and international standards;
• Prepare relevant reports for the Commission’s management team and the Board;

Data Analysis

Managing the collection, analysis and maintenance of relevant AML/CFT/CPF data to enable the Commission to:

• Actively monitor and assess trends that would better allow it to identify financial institutions’ ML/TF/PF risks and understand compliance history with AML/CFT/CPF requirements;
• Enhance the Commission’s understanding of the ML/TF/PF risks associated with regulated sectors and the Territory;
• Make recommendations to improve the AML/CFT/CPF compliance regime as necessary;
• Maintain AML/CFT/CPF-related statistics necessary for submission to internal stakeholders, local, regional and international bodies and standard setters for relevant purposes including conducting assessments/evaluations of the Virgin Islands;

Policy Making

• Develop and enhance AML/CFT/CPF related policies, procedures and guidance for both the Commission and regulated entities; Develop and enhance the Commission’s AML/CFT/CPF supervisory policy;
• Keep abreast of the evolving AML/CFT/CPF international standards, and participate in revising the AML/CFT strategies, legislation and supervisory regime as necessary;
• Engage with the private sector to enhance awareness of emerging ML/TF/PF risks, trends and patterns (by issuing guidance, conducting outreach and training);
• In coordination with other stakeholders, actively communicate and promote Virgin Islands’ AML/CFT approach vis-à-vis international standard setters, stakeholders and partners;
• Work closely with the Policy Development and External Relations Division(“PDERD”), and the supervisory and other regulatory divisions in developing the relevant AML/CFT/CPF policies, procedures, guidance and compiling and analysing statistics; 

Training

• Ensure the development, coordination and implementation of learning programs that deliver ongoing AML/CFT training to the Commission’s staff;

Personnel Management

• Plan, direct and undertake all projects and assignments of the AMLU to ensure that they are carried out effectively and efficiently in accordance with the policies, procedures, goals and objectives of the regulatory divisions and the Commission;
• Review, undertake and approve the probationary assessments, annual performance appraisals and individual learning and development plans, of the staff within the AMLU with an aim of improving their knowledge, skills and career progress and determining their development needs;
• Promptly address and appropriately report staff performance issues and bringing staff conflicts to a prompt resolution;
• Participate in the recruitment and selection process of staff within the AMLU;
• Coach and mentor the staff of the AMLU.

Sanctions Monitoring

• Ensure proper implementation of the Unit’s sanctions procedures and effective integration with the Commission’s wider sanctions policy and procedures.
• Ensure proper management of the Sanctions space on the Commission’s website including ensuring timely posting and dissemination of Sanctions Notices and industry notifications;
• Ensure proper notification of Commission staff of Sanctions Orders so they can guide themselves accordingly;
• Lead on developing industry communication on particular sanctions matters that may warrant special or immediate attention, including liaising with other Competent Authorities and Law Enforcement Agencies where necessary;
• Ensure proper coordination with Commission’s Corporate Communications team to facilitate timely publication of all relevant communication;

AML/CFT/CPF Committees

• Ensure proper and efficient management of the Unit’s AML/CFT Secretariat to facilitate the smooth running of the various Commission-led AML/CFT/CPF related Committees including CCA, IGC and JALTFAC;
• Serve as a resource person to the National Anti-money Laundering Coordinating Council when necessary;
• Serve as a resource person to the Council of Competent Authorities and any assigned sub-committees; Draft papers for Committees’ consideration on relevant matters arising from research conducted or direct requests from Committees on specific identified matters;
• Coordinate with external agencies and high-level government officials where needed to fulfil the mandates of each Committee;

Standards Monitoring

• Develop necessary Action Plans to ensure ongoing compliance with international AML/CFT/CPF standards within the Commission;
• Oversee the monitoring of Divisions/Units to ensure corrective actions outlined in Action Plans to address deficiencies identified in Risk Assessments and any other reviews are properly and fully addressed;
• Assist relevant Divisions/Units in implementing all recommendations emanating from external and internal reviews, including assisting with drafting manuals, providing training and assisting with outreach activities;

External Representation

• Serve as a positive ambassador at conferences, meetings and events;
• Present information gained from external exposure and make recommendations to the Commission on how to improve the regulatory regime and operations;
• Build positive, cooperative relationships with licensees and other international regulatory bodies or agencies;

General Duties

• Assist with the implementation of the Commission’s Risk Assessment Framework with respect to AML/CFT/CPF matters;
• Ensure and monitor submission of relevant AML/CFT data within Commission;
• Assess, analyse and report on relevant AML/CFT data;
• Ensure the implementation of the Commission’s AML/CFT Policy and Strategy through ensuring its implementation by other stakeholders in the Commission and outside where relevant;
• Identify in collaboration with other stakeholders within the Commission, relevant compliance, regulation and supervision practices by regulated entities which impacts AML/CFT risk;
• Ensure identified issues of contraventions relative to AML Returns are dealt with within established standards and procedures, where relevant;
• Sensitise and educate the public on matters relevant to AML/CFT, compliance, regulation and supervision in conjunction with other stakeholders such as Money Matters BVI and newsletter publishers;
• Prepare reports on AML/CFT/CPF matters for submission to the Director, Compliance;
• Collaborate with the Director, Compliance to ensure that relevant reports are sent to LSC, EC and the Board in relation to all AML/CFT activities; and
• Undertake ad-hoc projects and tasks as assigned.

 Qualifications/Knowledge and Experience Required:

• A Master’s degree from an accredited institution in Finance, Accounting, Economics, Business Management, or another relevant area of study; and
• Seven years’ relevant experience at a senior management position in the financial or other relevant industry, at least four years of which should include supervisory/regulatory, audit management experience and/or compliance with business standards related to consumers; or
• A Bachelor’s degree from an accredited institution in Finance, Accounting, Economics, Business Management or another relevant area of study; and
• Ten years’ relevant experience at a senior management position in the financial industry, at least six years of which should include supervisory/regulatory and/or audit management experience; and
• Accreditation related to Anti-Money Laundering and or Fraud Prevention & Detection or other related financial services field is required.
• Project management
• Significant experience in policy making specific to AML/CFT compliance strategies;
• Expert knowledge of relevant international standards with respect to AML/CFT compliance;
• Expert knowledge of Proliferation Financing (PF) and Counter Proliferation Financing (CPF);
• Extensive experience in assessing risk management and internal control compliance;
• Extensive knowledge of the Virgin Islands or similar Regulatory Framework; Legislation/Policies relating to the supervision of financial institutions for AML/CFT compliance;
• Proven ability to lead and manage multi-disciplined teams, delivering outputs in adherence to established timeframes;
• Excellent writing, communication and presentation skills; and
• Expert skills in using Office Suite applications or equivalent (i.e. Word, Excel, Powerpoint and Outlook).