Senior Vice President, Compliance, New York
Our client; A Global Bank seeks a Senior Compliance officer for their NYC branch. Currently; the role is Work From Home (WFH) however there is the option to go in every other week. Must be open to going to the NYC office eventually.
Senior Vice President, Compliance
As a leading financial markets and commodities bank we connect our clients to opportunities in both developed and emerging economies and use our distinct competitive advantage to help our clients achieve their objectives.
The Bank is driven to deliver the right outcomes for our stakeholders, clients, counterparties and the markets in which we operate. We deliver products in an environment which considers the appropriate needs of our clients, whilst providing guidance and expertise to ensure our employees understand our business and uphold the highest levels of conduct. We want passionate and talented individuals who are motivated by high growth potential being achieved in doing business the right way.
- To support the Head of Legal and Compliance, Americas, who is also the Chief Compliance Officer (CCO) for the Bank’s New York entities in fulfilling the New York Compliance Department’s responsibilities to:
- Develop and enforce the supervisory framework for the US office
- Develop and manage the monitoring framework for the US office
- Assist with regulatory compliance of all local and relevant international laws, rules and regulation of the US legal entities
- Maintain effective controls to address financial crime risk, including controls on the prevention and monitoring and investigation of money laundering, terrorist financing, bribery and corruption, sanctions breaches and fraud
- Provide advice and ownership of all US regulatory issues
- Ensure pro-active alignment with Bank's international compliance methodology as far as possible
- Implement compliance/global markets best practice framework
- Develop, administer and enforce the Compliance Policies and Procedures of the us Firms, which are currently registered with the SEC/FINRA and CFTC/NFA
- Address regulatory enquiries and assisting in all regulatory audits, assisting with US regulatory investigations; assist in all internal investigations
- To provide Compliance and regulatory advice and guidance to the Commodities business and other relevant functions globally
- To deputize for the CCO and or step into the CCO role in the CCO’s absence, including sufficient gravitas to carry out the role
- Provide advice, guidance and support to the US Business in complying with prevailing regulations and managing regulatory risk, global compliance standards and internal compliance policies and procedures as well as providing advice for activities in new jurisdictions, as needed.
- To monitor changing regulatory standard and business initiatives to ensure the effectiveness of the control framework.
- Provide advice on the implementation of new control frameworks and the enhancement of existing controls.
Assess and determine the effectiveness of the Compliance control framework.
Assist the Front Office in devising and operating effective ‘first line of defence’ controls.
New Products and Activities
Advise on Compliance implications of new products/activities and document these within the New Product Paper. Assist in the development of additional Compliance controls for new products/activities where necessary. Product scope includes physical and derivatives transactions in commodities (FX, precious and base metals, energy products) fixed income securities, repos, commodity financing, corporate financing and DCM business.
Training and Competency
Provide face-to-face training to the Company’s employees on both an ad hoc and thematic basis in order to introduce and manage regulatory risk.
Surveillance and Monitoring
Assist the Surveillance Team investigating any transactions flagged as a result of trade surveillance for occurrences of potentially abusive behavior.
Assist the Compliance Monitoring team in business unit reviews and in the remediation and resolution of any matters raised as a consequence.
Assist the business in understanding and complying with the Conflicts of Interest policy, advising on matters requiring clearance from the Control Room.
Where a conflict of interest is identified assist the business in managing this appropriately.
Ensure engagement with business staff at all levels enabling open discussion in handling compliance issues and managing regulatory risk.
Keep up to date with business developments, the Compliance risk profile, and the risk appetite of the business.
Operational and transactional matters
Attend business meetings where appropriate. Be aware of significant upcoming transactions and ensure material Compliance issues are identified and addressed (including market conduct and financial crime matters)
Communication and Interaction
Assist the Head of Legal and Compliance, Americas with regulatory interactions.
Investigate and respond to queries from relevant exchanges or other self-regulatory agencies on regulatory matters.
Work with the Regulatory Developments Compliance team to ensure that Regulatory Change is managed effectively across role coverage area.
Attend appropriate industry conferences/ seminars/ meetings as appropriate. Participate in focused and thematic forums/ working groups affecting coverage
To undertake additional activities as directed by the Head of Legal and Compliance Americas from time to time.
The ideal candidate will have experience/exposure to relevant regulatory standards including SEC, FINRA rules and regulations, including the Securities Act 1933 and the Securities Exchange Act 1934, the Commodity Exchange Act rules and regulation and the CFTC/NFA, CME and other self- regulatory organizations, New York State Department of Financial Services, Federal Reserve, AML requirements under the Banking Secrecy Act of 1970 and the US Patriot Act, US Treasury including Fincen and OFAC and the Foreign Corrupt Practices Act 1977. Experience with these additional specific regulatory provisions is highly preferred: BHCA provision as it relates to permitted bank activities; SEC Rule 15a-6 and requirements for monitoring such activities; Canadian IDE rules and requirements; Volker requirements; rules generally governing B-Ds, IBs and SDs; and Block trading and EFP rules for CME traded products.
- Degree qualified/professional qualification
- At least 10 years’ experience as a Compliance Officer or in-house attorney in a bank, broker-dealer, regulatory organization or other financial institution
- Series 7, 24 FINRA examinations at a minimum, or the ability to obtain such licenses
- CFTC/NFA/derivatives exchange compliance experience
- Familiarity with precious and base metals, FX, and energy physical and derivative business as well as fixed income securities and repo activities
- Experience of interaction with regulators, exchanges and industry bodies.
Knowledge, technical skills and expertise:
- Prior experience of working in a compliance advisory capacity within commodities and securities sales and trading environment
- Solid understanding of commodities and security products and markets, and the associated regulatory frameworks
- Ability to analyse and interpret regulations and knowledge of upcoming regulatory developments impacting the commodities sector
- Ability to identify and manage the regulatory risks associated with specific transactions and the business as a whole
- An understanding of IT systems (e.g. electronic trading systems, BO systems) and processes employed in a front to back-office environment
- Strong communicator at all levels (internal and external), must be able to prepare clear and understandable documents and modify global policies to meet local regulatory requirements
- Sustained commitment to engagement and ownership
- Ability to deliver work under pressure
- High level of integrity
- Ability to work independently
- Ability to navigate complexity and ambiguity
- Flexible, adaptable, pro-active.
The role would suit someone who has:
- Strong stakeholder management skills
- Decision-making skills
- Presentation, communication and consultation skills
- Investigatory skills and analytical ability
- Change management skills
- Drafting and report writing skills