The financial services industry is undergoing significant disruption driven by consumer demand for new and innovative products and services, more robust security and an enhanced, seamless user experience.
As one of Canada’s fastest growing digital banks, WealthONE opened in 2016 to provide unique financial solutions to help Canadians achieve their financial goals.
Position Summary
Reporting to the Chief Compliance Officer, the Chief Anti-Money Laundering Officer (CAMLO) is responsible for developing, implementing, maintaining, and administering all aspects of the Bank’s enterprise-wide Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) and Sanctions Programs. The CAMLO is responsible and accountable for the AML/ATF and Sanction programs content, design, and enterprise-wide implementation with the objective of ensuring the Bank’s compliance with Governing Legislation, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, and its related regulations, Canada’s legislative measures against terrorists, terrorist groups and other listed and sanctioned individuals and entities, the related guidelines issued by the Financial Transactions and Reports Analysts Centre of Canada (FINTRAC) and the Office of the Superintendent of Financial Institutions (OSFI).
Key Responsibilities
- Provide advisory AML/ATF support to the Bank:
- • Provide business areas guidance on AML/ATF and sanctions related legislation and regulations which govern them and provide ongoing support and advice
- Act as the Bank’s primary subject matter expert on interpretation of AML/ATF and sanctions matters
- Keep up to date on emerging risks related to AML/ATF and sanctions and regulatory changes
- Ensure that Internal Audit is aware of the requirement for effectiveness testing of the AML/ATF program at least every two years
- Review and approve the AML/ATF Risk Assessment:
- • Develop, implement and maintain a company-wide assessment of inherent AML/ATF and sanctions risks
- Verify that the risk assessment properly identifies inherent risks
- Develop, implement and maintain an assessment of controls
- Develop, implement and optimize Transaction Monitoring systems (e.g., rules)
- Review and compile the results of the annual risk assessment
- Provide annual reporting to Senior Management and the Board
- Training:
- • Develop, and implement and maintain written ongoing AML/ATF and sanctions training programs for the Board, Senior Management, employees, agents, and other persons authorized to act on behalf of the Bank
- Institute and document a training plan and provide training on a company-wide basis, including any specialty training where necessary
- Keep AML staff up to date through relevant and ongoing information sharing
- Unusual and Suspicious Transaction Monitoring:
- • Supervise the groups responsible for tracking, investigating, and reporting unusual and suspected ML/TF or sanctions evasion activity to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and/or other applicable regulators or law enforcement agencies
- Review and approve non-reportable UTRs
- Be satisfied that reporting is accurate and timely
- Recommend the Bank terminate a relationship due to AML/ATF or sanctions risks
- Review and approve filing of STRs
- Compliance Testing:
- • Perform independent risk-based monitoring and testing to identify control gaps, determine action items, and confirm residual regulatory and legal risk levels
- Identify and track weaknesses noted during testing and provide reporting
- Oversee and manage remediation efforts and corrective actions related to internal testing, AML/ATF Risk Assessment, Regulatory Compliance Management testing and Internal Audit findings
- People Management and Resources Assessment:
- • Provide coaching, mentoring to staff for development purposes
- Encourage ongoing learning to staff
- Conduct periodic and annual performance evaluations for staff
- Assess the AML Compliance Department’s resources to determine whether sufficient staffing and systems are in place to properly manage the AML/ATF and Sanction Programs and their related components
- Work closely with Human Resources and Senior Management to address any identified resource gaps in a timely fashion
- Reporting:
- • Provide regular reports to Senior Management and the Board regarding the AML/ATF and Sanctions programs
- Bachelor’s degree in Law, Finance, Business, Criminology, or related field (Master’s degree or JD an asset)
- Professional AML certification (e.g., CAMS, CFCS) strongly preferred
- Minimum 7 years of progressive compliance, AML, or financial crime experience in banking or a regulated financial institution, with at least 5 years in a leadership role
- In-depth knowledge of the PCMLTFA and its associated regulations, Canada’s sanctions legislative measures, OSFI Guidelines, FINTRAC guidance, and global AML/ATF standards
- Strong understanding of banking products, services, delivery channels, and related money laundering/terrorist financing and sanctions risks
- Direct experience with AML/ATF and Sanctions case management systems e.g Verafin
- Excellent leadership and people management skills
- Strong analytical and investigative abilities
- Excellent written, communication, and presentation skills, with the ability to brief senior executives and regulators
- Strategic thinker with sound judgement and decision-making abilities with a strong attention to detail
- Self-motivated with the ability to work independently and operate in a high-pressure, confidential, and complex regulatory environment
At WealthONE, our people are our greatest asset. You’ll become part of a diverse and growing team that acknowledges everyone’s unique talents to do what’s right for the client, and to do it well. As part of our team, you will:
- Thrive: Benefit from an open and approachable culture that provides the flexibility and support you need to integrate your life at work and at home.
- Connect: Work in a place that fosters creativity and collaboration.
- Develop: Apply your skills and grow your career in a young, fast-growing environment.
- Prosper: Share in our collective success with a competitive salary, incentive pay, and excellent health benefits program.
While we are based in Toronto, however this role can be conducted from any location across Canada. Our preference is for the incumbent to be Toronto based as work in the Toronto Head Office may be required. You also need to be legally eligible to work in Canada.
To learn more, please visit us at Wealth One Bank of Canada - About Us (https://www.wealthonebankofcanada.com/Personal/AboutUs/)