Compliance Officer

Manages the compliance function, addressing money-laundering, terrorist financing, FATCA, CRS and similar regulatory risk within the St. Vincent Agency of Sagicor Life (Eastern Caribbean) Inc. (SLECI) in accordance with the laws and jurisdictions of this country.

SAGICOR LIFE (EASTERN CARIBBEAN) INC. 

JOB DESCRIPTION & SPECIFICATION

JOB Title: Compliance Officer 

GRADE: 4                                                                                                                

DEPARTMENT: Compliance

REPORTS TO: Senior Compliance Officer, EC Southern Hub

NUMBER OF REPORTING POSITIONS: Nil

                                   GEOGRAPHIC LOCATION: St. Vincent (Must reside in St. Vincent)

JOB SUMMARY

Manages the compliance function, addressing money-laundering, terrorist financing, FATCA, CRS and similar regulatory risk within the St. Vincent Agency of Sagicor Life (Eastern Caribbean) Inc. (SLECI) in accordance with the laws and jurisdictions of this country.  

ESSENTIAL DUTIES AND RESPONSIBILITIES

Execution of AML, CFT & PF Compliance Function:

1. Implements the AML, CFT & PF compliance programme for the operations of Sagicor Life (Eastern Caribbean) Inc.
2. Responsible for the updating of local country addendum and other procedural documents guiding the AML, CFT & PF compliance function.
3. Conducts annual AML, CFT & PF compliance Business Risk Assessment.
4. Provides Senior Compliance Officer with assessment results and initiates corrective action for compliance deficiencies.
5. Reviews compliance with the Sagicor AML, CFT & PF Programme, other policies and procedures, country addendum and regulatory requirements in countries of operation.
6. Develops and conducts AML, CFT & PF training for SLECI staff and advisors on key compliance issues and regulatory updates as appropriate.
7. Provides guidance to employees and Agency staff regarding Compliance related issues and regulatory updates, appropriate to the company operations.
8. Oversees Know Your Customer/customer due diligence process for new and existing customers.
9. Creates profiles, queries and conditions for Anti-Money Laundering detection, utilizing in-house systems, external resources and other reports.
10. Reviews activity on a monthly basis for suspicious activity.
11. Initiates investigation with customer and internal departments to obtain additional supporting information regarding transactions or activity identified.
12. Reviews data from in-house databases for evidence of customer policy/account variance.
13. Analyzes compliance monitoring reports and data in order to identify suspicious activity.
14. Maintains a log of new, pending and closed investigations relating to AML, CFT & PF review.
15. Reviews departmental logs and data for compliance with KYC and other AML, CFT & PF record keeping and currency transactions requirements.
16. Submits periodic reports to Senior Compliance Officer on compliance related matters.
17. Consults with Legal counsel as needed on internal and external reports of unusual or suspicious transactions to facilitate determination of the necessary action in a timely manner.
18. Prepares and files unusual or suspicious activity reports, terrorist property reports or other regulatory reports on possible violations of money laundering laws, terrorist financing activity and regulations and other illegal activity to applicable regulatory and/or law enforcement agencies.
19. Maintains records of internal and external reported unusual or suspicious transactions.
20. Remains up to date on local and international developments on money laundering and terrorist financing and make suggestions to management for improvements in the company's anti-money laundering and anti-terrorism policies and procedures.

Execution of Automatic Exchange of Information Tax Compliance Function:

1. Implements the tax compliance process for the operations of SLECI reporting business lines.
2. Implements other processes to address automatic exchange of tax information legislation requirements.
3. Responsible for the updating of local country addendum and other procedural documents guiding the FATCA, CRS and any other tax compliance function
4. Conducts annual FATCA and CRS Reviews.
5. Provides the Senior Compliance Officer with the results of the annual FATCA and CRS Review and initiates corrective action(s) to address the deficiencies identified.
6. Conducts FATCA, CRS and any other tax compliance training for the staff on key issues and updates as appropriate.
7. Provides guidance to employees regarding related issues and regulatory updates, appropriate to the company’s operations.
8. Prepares annual reports for filing with the relevant tax authority.
9. Files copies of the annual reports with the Senior Compliance Officer – EC Southern Hub.
10. Remains up to date on local and international developments on FATCA, CRS and similar initiatives/legislation to facilitate the making of suggestions to management for improvements in the company's FATCA, CRS and other similar policies and procedures.

Other Duties:

1. Relief Compliance Officer for other jurisdictions within SLECI.
2. Performs any other duties as assigned.

EDUCATION/EXPERIENCE:

• A Bachelor's degree in a business-related discipline
• Certified Anti-Money Laundering Specialist (CAMS) designation
• Minimum of 3 years’ related work experience in an internal audit/compliance environment.
• Knowledge of local and industry related requirements including anti-money laundering guidelines.
• Highly proficient in the use of Microsoft Office software.
• Good interpersonal skills.
• Excellent oral and written communication skills.
• Good organizational and time management skills.
• Detailed oriented.
• Ability to work effectively across functions and organisational levels and within a team environment.
• Ethical and trustworthy.
• Previous experience in the Financial Services environment or the Insurance Industry would be an asset.