Job Description

The Money Laundering Reporting Officer (MLRO) is responsible for assessing, setting and documenting the risk-based approach to the management and control of financial crime risks across all UHIOML businesses and communicating this to key business stakeholders.

The role holder will act as the designated MLRO for the Isle of Man regulated entities.

Whilst carrying out 2nd line financial crime activities, the role holder’s responsibilities will extend to supporting the Head of Compliance and Chief Risk Officer in providing 2nd line oversight and advice in relation to financial crime matters. This will include assisting UHIOML’s management in the identification and understanding of risk drivers, thereby enabling management to take effective action and appropriate decision-making to ensure the financial crime controls remain robust.

The role holder will ensure that UHIOML’s risk appetite to financial crime risk is met whilst ensuring positive outcomes for their customers

Key Responsibilities

• Act as designated MLRO.
• Ultimate responsibility for the receipt and review of internal disclosures, making external disclosures and liaison with relevant competent authorities.
• Provide support and assistance to the Chief Risk Officer and Head of Compliance as required and ensure the provision of effective 2nd line guidance and support to the 1st line.
• Responsible for designing appropriate financial crime frameworks which  are compliant with relevant Group Policies in the context of local legal and regulatory requirements and aligned to supporting the business strategy.
• Primary liaison point for matters relating to enquiries by law enforcement and other authorities into policyholder affairs, including matters relating to potential criminal activity.
• Manages and oversees the delivery of forensic financial crime investigation and customer due diligence standards.
• Delivers effective and compliant mechanisms and tools to screen customers, business partners and outsourced supplies.
• Responsible for assessing anti-bribery and corruption, sanctions, money laundering fraud risks, setting appetite and monitoring threats and Intelligence
• Provides guidance and support to Senior Management, and legal entity boards relating to the management of financial crime based on correct technical and legal interpretation. Produces and where appropriate delivers reports to relevant forums, including Board reports, Risk & Compliance Committee, Risk Assessments and MI relating to management and governance of financial crime risks.
• In addition to specific 2nd line activity, review exposure to Financial Crime risk and work with Senior Management to ensure that Financial Crime risk is being identified, monitored and managed by 1st line to an appropriate appetite within each entity. Work with the International businesses to define actions that will address shortcomings in 1st line management of financial crime risks. Proactively develop and maintain knowledge of industry themes and best practice in risk assessment and forensics relating to all aspects of Financial Crime including, money laundering, terrorist financing, sanctions compliance, fraud, tax evasion and bribery & corruption. 
• Provide the correct technical and commercial interpretation of applicable regulatory requirements.
• Manages a Team of up to 5 staff

Key Performance Indicators

• Level of regulatory compliance and no surprises
• Risk Team Audit results
• Stakeholder feedback
• Department goals
• Achieved

Essential Criteria

• Strong understanding of the financial crime field across industry, the comoany and the appropriate implementation of the same across the International businesses will be a key competency
• Commercial acumen – evidence of good understanding of business strategy through programmes of work over both short and long term cycles; and an understanding of distribution channels.
• Stakeholder management – good influencing skills and an ability to coach, facilitate and 
• Personal drive – delivery focused, with high energy & drive, and ability to deliver through others
• Ability to manage and coach others. 
• Commitment to organisational excellence.
• Displays independence, honesty, integrity, and a strong sense of ethics in all decisions and actions.
• Strong operational management skills, with excellent analytical skills.
• Able to work on own initiative, as well as diverse groups
• Good communicator, able to coach, present and influence audiences at all organisational levels
• Ability to deliver to tight deadlines, in particular in instances where the law and regulations dictate timeframes for responsiveness.
• Capable of maintaining the secrecy and confidentiality of professional matters where it is supported by law

This role will be subject to regulatory approval, as you will be required to hold MLRO positions. You will be expected to adhere to the

Following Conduct Rules and Standards:

• You must act with integrity
• You must act with due skill, care and diligence
• You must be open and co-operative with the applicable regulators
• You must pay due regard to the interests of customers and treat them fairly
• You must observe proper standards of market conduct

Qualifications

• Preferably a graduate with numerate, business related or analytical based degree. Should hold formal qualification in Compliance and/or Financial Crime.
• Strong analytical and organisational skills.
• Experience in a 2LOD financial crime role within the finance sector having previously held an MLRO role in a regulated entity.
• Good technical knowledge of Compliance, Regulatory, and Legislative requirements, predominantly from Isle of Man, UK, EU & Singapore perspectives. 
• Working knowledge of financial products, industry practice and regulatory requirements/legislation
• Experience in defining and delivering MI and reporting