Job Description

The Financial Crime Officer is a key role within a financial institution or organization responsible for managing and mitigating risks associated with financial crimes, including money laundering, terrorist financing, fraud, and other illicit activities. The Financial Crime Officer plays a critical role in ensuring compliance with applicable laws and regulations, protecting the organization’s reputation, and safeguarding against financial losses and reputational damage.

Responsibilities:

• Compliance Oversight: Monitor and enforce compliance with relevant laws, regulations, and industry best practices related to financial crimes, including anti-money laundering (AML), counter-terrorist financing (CTF), and fraud prevention.
• Risk Assessment: Conduct periodic risk assessments to identify and evaluate potential financial crime risks within the organization, its customers, products, and services.
• Policies and Procedures: Develop, review, and enhance policies, procedures, and internal controls to effectively manage financial crime risks and ensure compliance with regulatory requirements.
• Due Diligence: Implement and oversee customer due diligence (CDD) and enhanced due diligence (EDD) processes to identify and verify the identity of customers, assess their risk profiles, and monitor their transactions for suspicious activities.
• Transaction Monitoring: Implement and manage transaction monitoring systems and processes to detect and investigate unusual or suspicious transactions that may indicate potential financial crimes.
• Investigations: Conduct thorough investigations of suspected financial crimes, including money laundering, fraud, and other illicit activities, by gathering and analyzing relevant data and evidence.
• Suspicious Activity Reporting: Prepare and submit timely and accurate suspicious activity reports (SARs) to regulatory authorities when suspicious transactions or activities are detected.
• Training and Awareness: Provide training and education to employees on financial crime prevention, AML, CTF, fraud detection, and reporting obligations to promote awareness and compliance.
• Regulatory Compliance: Stay updated with changes in financial crime laws, regulations, and industry trends, and ensure the organization’s compliance with applicable requirements.
• Internal Collaboration: Collaborate with internal stakeholders, such as compliance officers, legal teams, risk management, and senior management, to address financial crime-related issues, implement effective controls, and enhance the organization’s overall financial crime prevention program.
• External Engagement: Serve as the primary point of contact for financial crime-related inquiries from regulatory authorities, auditors, and law enforcement agencies, and facilitate their requests for information or documentation.
• Audits and Reviews: Coordinate and participate in internal and external audits and reviews of the organization’s financial crime prevention program, ensuring compliance and identifying areas for improvement.

Qualifications:

• Bachelor’s degree in finance, accounting, business administration, or a related field (a relevant master’s degree is a plus).
• In-depth knowledge of financial crime laws, regulations, and best practices, including AML, CTF, and fraud prevention.
• Professional certifications such as Certified Anti-Money Laundering Specialist (CAMS), Certified Fraud Examiner (CFE), or equivalent, are highly desirable.
• Strong analytical and investigative skills to identify and assess financial crime risks and conduct thorough investigations.
• Excellent communication and interpersonal skills to effectively collaborate with stakeholders at all levels.
• Attention to detail and ability to maintain accurate records and documentation.
• Strong ethical standards and the ability to maintain confidentiality.
• Experience in a similar role within the financial industry or a regulatory body is preferred.
• Familiarity with financial crime detection and monitoring systems and software is a plus.