Associate Director – Compliance

Associate Director – Compliance
Region: Luxembourg
Required experience: 7 years
Environment: Company
Contract: Permanent position (Full-time)

Company description

Our vision is to be the very best independent provider of institutional and private client services across multiple jurisdictions. We have built on this vision to create a business that is different from the competition and provides all of our staff with the opportunity to benefit from its success.


Purpose of job

The purpose of this Associate Director Compliance role is to lead the Compliance function in undertaking the above activities and fulfil the “Commission de Surveillance du Secteur Financier” (CSSF) roles of Associate Director Compliance for JTCL. In performing these roles, the role holder will have regard to all relevant Laws, Orders, Circulars, JTC Group policies, procedures and practices and act to support and protect all JTC business undertaken in Luxembourg. The role holder is responsible for managing all aspects of the compliance function within JTCL including money laundering and countering the financing of terrorism / proliferation and will support the Board of Directors of JTCL and the JTCL Management Team in ensuring that regulatory requirements are upheld.

Main responsibilities and duties

  • Act as the JTCL RC, with direct access to the JTCL Board and Management Team, providing leadership and people management of the JTCL Compliance team.
  • In fulfilling the role described above, and having regard to JTC Group, policies and practices, the role holder will have the following responsibilities and duties for JTCL:

IDENTIFY

  • Establish and maintain appropriate frameworks for the effective identification of compliance risk, staying abreast of regulatory and legislative changes and identifying industry compliance patterns and trends.
  • Ensure the development and timely maintenance of an Obligations Register of applicable Luxembourg Laws, Orders and Circulars mapped to associated controls, policies and procedures to assess residual risks and mitigating actions including compliance monitoring actions.
  • Support the respective Boards and Management Team in the development and maintenance of JTCL’s Compliance Policy and the periodic assessment (at least annually) as to the effectiveness to which compliance risk is managed.

MANAGE

  • Ensure that proportionate controls, systems, policies and procedures are established and maintained for the effective mitigation and management of identified compliance risks.
  • Ensure appropriate analysis of new or changing regulation/legislation and work with all necessary stakeholders to ensure effective and timely implementation of any consequential changes.
  • After consultation with Group Compliance and appropriate governance approvals, supplement and/or adapt Group controls, policies, procedures and/or practices as necessary to ensure continued compliance with local standards and/or regulatory expectations.
  • Maintain all necessary regulatory records, schedules and registers ensuring that there is awareness with all stakeholders for the timely upkeep of all such records.
  • Ensure an appropriate mix of skills and expertise within the Compliance team to fulfil on the department’s objectives – organising the team in a manner that ensures effective delivery of those objectives.
  • Leads, inspires and motivates the team members to ensure an effective, efficient and harmonious working environment, promoting JTC values and supporting the unique stakeholder culture.
  • Leads in relation to suspicious or unusual transaction reporting and risk-escalated and contentious matters, including complaints and legal disputes.

MONITOR & DETECT

  • Having regard to the output of the Obligations Register, ensure an effective Compliance Monitoring Programme of ongoing and periodic ‘second line of defence’ assessments to provide assurance on the adherence to (and effectiveness of) operational performance, controls, policies, procedures and systems designed to mitigate and manage identified risks.
  • Remain aware of the obligations for the reporting of unusual transactions and act as a guide to the division in this respect.
  • Ensure the timely production and provision of monitoring reports, emerging risks, patterns and/or trends and make recommendations for management responses and/or corrective actions to ensure continued compliance, appropriate risk mitigation and/or alignment to JTC’s risk appetite.
  • Ensure the Board and Management Team receive regular written reports in respect of JTCL’s compliance with all relevant Laws, Orders and Circulars.

RESOLVE

  • Ensure engagement with all Risk Escalations, providing expert regulatory advice, assessing timely escalation, appropriate consideration of the compliance risks and actions arising, and assisting as appropriate with the resolution or de-escalation of such compliance risks.
  • Ensure the prompt appropriate treatments of all identified or reported regulatory breaches, complaints or deficiencies.

ADVISE

  • Ensure that effective mechanisms exist for the effective provision of timely advice on regulatory matters and associated controls, policies, procedures and systems.
  • Proactively publicise, train or otherwise raise awareness of relevant regulatory obligations that are considered worthy of specific attention e.g. new regulations, commonly misunderstood areas, issues arising from compliance monitoring, lessons learnt etc.
  • Provide education and training to staff on compliance matters (including KYC/AML) and to strengthen compliance awareness and develop a compliance-based culture.

REGULATORY RELATIONSHIP

  • Act as the principal point of contact for JTC employees on day-to-day regulatory matters.
  • Act as the supplemental point of contact to the "responsable du respect des obligations" ("RR") for liaising with the CSSF ensuring an open and cooperative regulatory relationship and positive engagement with all regulatory bodies.
  • Oversee and manage regulatory supervision examinations to ensure timely and accurate responses, and appropriate escalations and remediations.
  • Ensure that all regulatory reporting (e.g. AML survey and RC report) is compiled as accurately as possible and submitted within regulatory deadlines.

Essential requirements

  • Master's degree in law, finance or economics.
  • Proven experience of minimum 7 years in a PFS or in the funds industry in a Risk & Compliance function including a deep knowledge of AML/KYC laws and regulations.
  • Demonstrate a clear understanding of the client strategies, including risk awareness, relationship management, including compliance and statutory obligations related to Luxembourg regulated and non-regulated investment funds.
  • Demonstrate an understanding of the balance between regulatory requirements and the business requirements and an understanding how the compliance function fits within the broader goals and objectives of the organization.
  • Able to take responsibility, prioritise, use initiative to manage a team.
  • Demonstrate autonomy, motivation, enthusiastic and positive approach, good organisational capabilities, excellent client service attitude and proactivity.
  • Fluency in English, other language knowledge will be an asset.

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