Group Risk AML Specialist

Job Purpose

The Board’s risk management mandate is executed through transparency, free sharing of information, consultation, challenge, oversight, monitoring, and assurance activities conducted by the three lines of defense. The interaction of these three lines is referred to as our combined assurance model.

The AML Specialist is responsible for supporting the AML compliance framework within Hollard. This role involves monitoring, oversight, risk identification, reporting, training, and collaboration to ensure compliance with AML regulations. The AML Specialist plays a critical role in safeguarding the organisation against money laundering and terrorist financing risks by implementing robust controls, conducting thorough investigations, and ensuring adherence to regulatory requirements.

Key Responsibilities

The Group Risk AML Specialist role will continuously evolve to keep pace with the changing business environment and internal control needs.

At a Minimum, These Responsibilities Include

• Risk Identification: the AML Specialist is responsible for identifying residual money laundering (ML), terrorist financing (TF), and proliferation financing (TF) implementation risks throughout the Business Units. This involves evaluating the effectiveness of existing controls and identifying any gaps or weaknesses that may expose Hollard to regulatory scrutiny and censure. The Specialist must continuously monitor and assess these risks, ensuring that effective remedial actions are undertaken by the relevant Business Unit in order to mitigate these risks.
• Oversight and Monitoring: The Specialist plays a key role in the oversight and monitoring of AML/CFT/CPF compliance. This includes tracking remedial actions, escalating issues to senior management, and ensuring ongoing compliance with regulatory obligations. The Specialist utilizes automated tools and data analytics to perform to provide oversight and manage residual risks associated with historical policies and new business onboarding processes.
• Risk Management and Compliance Programme (RMCP): The Specialist is responsible for implementing and overseeing the Group Risk Management and Compliance Programme (RMCP) across various business units. This involves ensuring that each business unit has Standard Operating Procedures (SOPs) and processes that are aligned with the RMCP to mitigate ML, TF, and PF risks.
• Risk Rating Models: The Specialist oversees the development and maintenance of risk rating models for different product channels, products, and customer risks, by the relevant Business Units.
• Integration of Risk Assessment Outcomes: The Specialist ensures that the outcomes of integrated risk assessments are directly fed into the AML Risk Management framework, ensuring that any identified control deficiencies are addressed promptly, allowing for dynamic and proactive risk mitigation strategies that are aligned with regulatory requirements.
• Collaboration and Coordination: The Specialist works closely with the Senior Manager; the AML CO and Head of Group Compliance to ensure that AML policies and procedures are consistently applied across all Business Units. This involves providing guidance on AML-related queries, facilitating the implementation of the Risk Management and Compliance Programme (RMCP), and ensuring that all business units adhere to updated AML Due Diligence requirements. The Specialist also collaborates with other departments to gather necessary information and ensure comprehensive reporting processes are in place.
• Training: The Specialist provides specialized training to staff, ensuring they are equipped to identify, report and manage ongoing ML/TF/PF risks. This training is monitored and reported on according to an internal Training Programme. The AML Specialist also ensures that records of Business Unit training, including induction and refresher training, are maintained in a centralised repository and reported to the Senior Manager and AMLCO.
• Policy Development and Review: The Specialist contributes to the development and review of AML policies and procedures, ensuring they are up to date with legislative changes and industry leading practices. This involves collaborating with the Senior Manager; AML CO and Head of Group Compliance to review internal reports and undertaking research related to industry best practice.