Compliance Manager

Compliance Manager | Toronto

The Compliance Manager works closely with the Head of Compliance to build awareness of the firms’ regulatory obligations and Compliance Program; is responsible for maintaining MSB regulatory compliance by researching and communicating requirements; stays up-to-date on AML/CTF and sanctions regulations; resolves concerns and other issues that may arise as a result of financial crime obligations. They update and provide approvals on financial crime policies and procedures.

To oversee the performance of standard and enhanced due diligence checks on all clients, using a risk scoring matrix to identify and mitigate high risk factors. The collection, analysis and summarizing of information and informative reports.

To oversee the on-boarding and monitoring of clients and their payment activities in accordance to internal policies and procedures set out by Monex.

To ensure suitable training is provided to both the financial crime resources and all MCI employees. In places this can involve the head of compliance providing the training directly.

Key Responsibilities & Accountabilities

Assist the Compliance Officer with carrying out his responsibilities,

Deputize for Head of Compliance.

Financial Crime / AML / Compliance

• Review and maintenance compliance P&P to ensure they are up to date and meet regulatory requirements and current guidelines
• Support the Head of Compliance in all areas of Financial crime and AML
• Ensure the firm’s adherence with its financial crime and all AML regulations are adhered to
• Coordinate and formulate responses to internal and external regulatory enquiries, audits and queries.
• Day-to-day provision of assistance and advice, training and awareness to front office sales and trading departments and other business areas
• Liaise with external legal counsel and interpret advice
• Review and approve financial promotions
• Approve new products in line with new product approval process
• Advise on high risk accounts incl. money service businesses and sign off
• Taking a lead role in all financial crime external audits where appropriate
• To identify and investigate internal suspicious activity/transaction reports and report to relevant regulatory authorities.
• Responding to and/or coordinating responses to regulatory and FIU enquiries

Regulatory

• Strong understanding of Canada’s regulatory framework.
• Assists the Head of Compliance with the overall responsibility for the firm’s adherence with its financial crime and regulatory compliance obligations in line with local requirements and internal policies and procedures.
• The continuous review and improvement of Compliance Policies & Procedures, Advice and Training Documentation, to ensure they continue to be compliant with regulatory changes and best practice.
• Perform comprehensive assessments to identify discrepancies between current organizational practices and regulatory requirements. Develop and revise policies and procedures to bridge these gaps, ensuring ongoing compliance with relevant laws and standards.
• Ensuring risk-based procedures are in place for the review and escalation of due diligence /KYC documentation and information on all clients.
• Ensuring that an effectiveness review of the MCI’s AML/ATF program is conducted at least every two years by an external or internal auditor.
• Remaining aware of any directives that may be issued by the Minister of Finance under Part 1.1 of the PCMLTFA and ensuring that Monex Canada’s policy is updated, as necessary, to address the requirements of such directives; Following developments and best practices in AML/ATF and sanctions measures in Canada.

Compliance Culture

• Establish good working relationships with front office and all other departments so that Compliance is seen as an effective second line of defense providing a professional internal guidance and advisory service.

Training

• Delivering financial crime and AML training to support staff and new joiners;
• Ensuring that all employees understand the requirements in the PCMLTFA and Sanctions Legislation and are trained in accordance with Compliance policies & processes (e.g. AML, CTF/Financial Crime, Anti-Bribery, Conflicts of Interest etc.).

Risk Management:

• Arranging and overseeing regular Compliance Audits and Risk Assessments
• Ensuring any Audit or Risk findings are communicated to the Head of Compliance in order to discuss and agree suggested changes and assist with the implementation of these (where applicable)

Business & Compliance Strategy:

• Assist with the overall Compliance strategies whilst completing day-to-day operations.
• Helping to advise the Front office on risk appetite and current, country specific regulations and guidelines.