The Senior Specialist is responsible for providing support to manage and maintain MUFG‘s obligations related to compliance. This will include the tracking of compliance requirements and the review and preparation of management reports, in a clear and accurate manner, on various compliance topics such as Regulatory Compliance management, Bank Act, Privacy, etc.
Principal duties and responsibilities of this job classification
Regulatory Compliance Management:
- Works closely with the Compliance teams to identify, assess and track key regulatory changes and to monitor business unit implementation of changes;
- Participates in executing well-defined risk-based compliance transaction testing under the leadership of the VP of, Compliance or the Chief Compliance officer to validate business line adherence to applicable laws and regulations;
- Provides assistance to the Chief Compliance officer and/or Compliance team to resolve escalated regulatory compliance issue in a timely manner;
- Co-ordinates review of complaints related to Privacy and conducts initial assessment to identify gaps within the Bank’s operational procedures due to a potential privacy issue;
- Researches and summarizes complex legislation, emerging regulations, and industry guidelines;
- Helps with operationalization of compliance policies and procedures;
- Helps create, maintain, and record supporting evidence and documentation;
- Updates policies and procedure documents;
- Helps with review and preparation of management reports.
- Participates in compliance projects to support the overall efforts of the compliance Team.
- Reviews alerts from the transaction monitoring system to identify unusual/suspicious transactions and potential instances of money-laundering or terrorist financing;
- Reports and recommends courses of action including preparing Suspicious Transaction Reports to be submitted to FINTRAC within specified timelines;
- Conducts investigations using various internal and external data systems and processes to gather supporting evidence relating to reasonable suspicion of money laundering, organized crime or terrorist financing activities involving the Bank customers;
- Analyzes and successfully responds to various management requests for information;
- Updates and maintains appropriate records of reviews in the transaction monitoring system.
Enhanced Due Diligence:
- Conducts enhanced due diligence reviews on identified high risk clients;
- Reviews and updates high risk client reports.
- Creates, maintains, and records supporting documentation relating enhanced due diligence reviews.
Watch list Screening:
- Reviews and analyzes potential watch list matches to PEPs (Politically Exposed Persons) or persons or entities on other regulatory lists. Conducts ongoing monitoring/reviews on confirmed true matches;
- Creates, maintains, and records supporting evidence of monitoring/reviews;
- Recommends course of action including de-marketing, if required.
Recommends course of action including preparing Suspicious transaction Reports for submission to FINTRAC
Monitoring, Assessment, Reporting & Documentation:
- Compiles reports, documents procedures, and maintains the files that are required to comply with the annual regulatory compliance management requirements;
- Provides support in updating policies, procedures and manuals in order to comply with regulatory requirements, industry practice and general risk management;
- Ensures that compliance review/monitoring procedures are conducted in a high quality, risk-based manner and appropriate follow-up actions are taken.
Type of prior related experience:
Minimum of 4 years of progressive experience in regulatory compliance, risk management, privacy-related role, audit, governance, legal or other relevant experience in the financial services industry.
Special skills/abilities/competencies required:
- Fundamental understanding of Anti-money laundering and Anti-terrorist financing framework with knowledge of regulatory requirements and sanction applications;
- Ability to gather, organize, and interpret data and/or information, and formulate preliminary conclusions;
- Strong interpersonal skills and the ability to communicate and influence assertively, clearly and concisely, both in writing and verbally;
- Ability to prioritize, work on various projects simultaneously and work under tight deadlines;
- Strong problem solving and analytical skills;
- Ability to maintain confidentiality and adhere to security procedures;
- Strong initiative and self-managing skills to be able to work independently with little direction;
- Ability to respond effectively to issues as well as potential issues that may arise.
University degree or equivalent work experience within the financial services industry.
Major field of study:
Preferably in Business or Finance , Economics, Criminology
Certifications or special training needed:
Completion of industry courses and/or designations such as Certified Anti-Money Laundering Specialist (CAMS) an asset.