Deputy Money Laundering Reporting Officer (DMLRO)

A DMLRO at AstroPay ensures compliance with AML regulations, monitors transactions for suspicious activity, manages KYC processes, and liaises with regulatory authorities. They support audits, deliver AML training, and conduct risk assessments, focusing on adherence to Isle of Man laws and mitigating financial crime risks.

Primary Responsibilities & Expectations:

• Monitoring and Reporting: Assist the MLRO in monitoring and analyzing transactions for suspicious activity. Conduct transaction monitoring, ensuring timely review and investigation of alerts. Prepare and submit Suspicious Activity Reports (SARs) to the relevant authorities promptly. Maintain accurate records of all reported suspicious activities and the outcomes of investigations.
• PEP, Sanction, and Adverse Media Reviews: Conduct thorough reviews of alerts related to Politically Exposed Persons (PEPs), sanctions, and adverse media. Ensure proper documentation and escalation of any identified risks or issues.
• Compliance Management: Ensure compliance with the Isle of Man’s AML regulations and internal AML policies. Keep up-to-date with changes in AML laws and regulations and update the company’s policies accordingly. Conduct periodic reviews of AML policies and procedures to ensure their effectiveness.
• Training and Awareness: Develop and deliver AML training programs for staff to ensure awareness and understanding of AML requirements. Provide guidance and support to staff on AML-related issues.
• Risk Assessment and Management: Assist in conducting AML risk assessments for new and existing clients. Implement risk mitigation strategies and ensure they are effectively communicated to relevant stakeholders.
• Audit and Reporting: Assist in internal and external audits related to AML compliance. Prepare and present reports on AML activities and compliance status to senior management and the board.
• Client Onboarding: Oversee the client onboarding process to ensure compliance with KYC and CDD requirements. Conduct enhanced due diligence (EDD) for high-risk clients, including PEPs.
• General Compliance Duties: Ensure adherence to the Isle of Man Code by finding customer-centric solutions to comply with regulations. Assist with the Compliance Monitoring Program to ensure ongoing compliance. Provide guidance and feedback to the Global Onboarding team.
• Customer Support: Respond to customer support requests centered around compliance questions and issues. Ensure timely and accurate communication with customers regarding compliance matters.
• Coordination with Regulatory Bodies: Liaise with regulatory bodies and law enforcement agencies regarding AML issues and investigations. Ensure timely and accurate responses to regulatory inquiries and requests.

Core Competencies and Skills:

• Knowledge and Expertise: Strong understanding of AML regulations, particularly those relevant to the Isle of Man. Familiarity with global AML standards and best practices. In-depth knowledge of KYC and CDD processes.
• Analytical and Critical Thinking: Excellent analytical skills to identify and assess potential AML risks. Ability to interpret complex data and make informed decisions. Strong problem-solving skills and attention to detail.
• Communication Skills: Excellent written and verbal communication skills. Ability to effectively communicate AML requirements and procedures to staff and stakeholders. Strong presentation skills for training and reporting purposes.
• Leadership and Collaboration: Strong leadership skills to guide and mentor staff in AML compliance. Ability to work collaboratively with other departments and teams. Experience in managing and coordinating AML-related projects.
• Organizational Skills: Strong organizational and time management skills to handle multiple tasks and priorities. Ability to maintain accurate and detailed records for compliance purposes.
• Technical Skills: Proficiency in using AML software and tools for monitoring and reporting. Familiarity with data analysis tools and techniques.
• Ethical Conduct: High level of integrity and ethical conduct. Commitment to maintaining confidentiality and protecting sensitive information.

Qualifications:

• Bachelor’s degree in Finance, Law, Business, or a related field. A Master’s degree or professional certification (e.g., CAMS) is a plus.
• Minimum of 5 years of experience in AML, compliance, or a related field within the financial services industry. Proven track record of successfully managing AML compliance in a similar role.