1st Line Risk - Financial Crime Specialist

Overview

Function:

1st Line Risk Team

The objective of the First Line Risk team is to execute effective risk and compliance management using the tools set out in the Risk Management Framework that enable the business to identify, assess, control and monitor compliance risk. The First Line Risk and Control team should aim to manage risk within the appetite of the business, our clients, and regulators.

Role Description

The Financial Crime Specialist undertakes anti-Financial Crime activities that assists FNZ (UK) Ltd and its clients to remain compliant with UK regulations related to Financial Crime. The specialist will assist the manager with the 1LOD team ensuring that FNZ (UK) Ltd carries out its Financial Crime obligations under Financial Crime legislation and FCA guidance with due skill, care and diligence and engaging as appropriate with 2LOD Regulatory Financial Crime Oversight.

Team Responsibilities

Providing Financial Crime expertise in relation to the Financial Crime legislation and risks, carrying out Financial Crime 1LOD activities and supporting the AML administration undertaken by FNZ (UK) Ltd (‘FNZ UK’).

Specific Role Responsibilities

Specific role responsibilities will include

1LOD Financial Crime Team:

• Assist the business in managing any Financial Crime risks/controls providing review and challenge to business units/teams on their RCSAs.
• Assist with new client/material propositions to assess Financial Crime risks and assisting the business to manage/mitigate and reflect as required in their RCSAs.
• Track and report on any KRMs/KPIs as requested by Financial Crime Manager
• Draft waivers, exceptions and breaches including reporting in relation to Financial Crime policy, standards and procedures as requested by Financial Crime Manager.
• Ensuring appropriate controls and checklists are on Axiom as required
• Producing appropriate MI and reporting
• Ensuring business continuity for Financial Crime team activities in place

Financial Crime Risk Assessment

• Produce the Business Unit Risk Assessment (‘BURA’) Report by co-ordinating relevant risk assessments of business units.
• Manage the actions plans from the BURA report.
• Review the business unit/team Risk Control Self-Assessments (‘RCSA’) and provide challenge to those business units/teams in relation to Financial Crime risks and controls contained therein.
• Assess new client/material proposition Financial Crime risks and work with the business to ensure that these are managed/mitigated and the RCSA is considered and amended to reflect any new or increased risks.
• Assist the Head of Operational Risk & Control with recommending / assessing Financial Crime related KRMs and KPIs.
• Draft and request waivers, exceptions and breaches including reporting in relation to Financial Crime policy, standards and procedures.

Culture and Training

• Oversee and assist in the implementation of an Anti-Financial Crime culture within FNZ UK, providing recommendations on appropriate strategies to improve awareness of how Financial Crime may occur within 1LOD and the measures and oversight that require to be in place to prevent it occurring.
• Assist in drawing up and communicating an Anti-Financial Crime communications strategy and outputs.
• Assist in providing input and communicating the Financial Crime Policies and Procedures to the business.
• Provide induction training as required on Financial Crime.
• Provide role/specific Financial Crime training as required to Business Units carrying out Financial Crime/AML administration.
• Provide input and assistance to 2LOD Financial Crime as part of the FNZ Financial Crime Mandatory Training annual refresh.

Financial Crime Governance

• Assist in implementing and executing the Financial Crime Governance Structure.
• Assist in defining and maintaining Financial Crime reporting framework (minimum reporting requirements).

Financial Crime Activities

Provide oversight/carry out the following as required:

• Provide advisory services to 1LOD employees in relation to Financial Crime and AML administration.
• Investigate and respond on any referrals sent to the 1LOD Financial Crime team in relation to activities such as AML, PEP, Sanctions, Transaction Monitoring and fraud checks carried out by the 1LOD administrators.
• Complete Financial Crime questions in RFPs for new business or propositions that relate to the Financial Crime administration carried out for clients by FNZ.
• Assist Projects in relation to new business / propositional engagement on Financial Crime administration including attending workshops as required.
• Assist 1LOD in relation to defining any new workflows/procedures relating to Financial Crime / AML administration.
• Host regular meetings with 2LOD Regulatory Financial Crime Oversight and 1LOD AML administrators within each FNZ business unit undertaking Financial Crime administration for clients.
• Build up working relationships with the Financial Crime teams of clients that FNZ UK carry out AML administration tasks for including attending regular meetings with them as required.
• Receive, investigate and respond to client queries in relation to potential fraud on their platforms relating to their customers.
• Escalate any external suspicious activities reports (i.e. relating to their customers) to clients.
• Complete Financial Crime sections of clients’ due diligence questionnaires and assist with any due diligence visits / any audits by clients related to Financial Crime.
• Assist with any regulatory changes connected to Financial Crime that impact AML administration carried out for clients.
• Undertake Financial Crime due diligence on new and existing third parties when notified by Procurement/Supplier Management team.
• Conduct Financial Crime screening of prospective candidates at onboarding and ongoing monitoring of certain high-risk roles.
• Develop relationships with key Financial Crime suppliers such as Experian and IMTF to strengthen products knowledge to assist FNZ employees and clients with challenges and change management.
• Provide consultancy and assist clients with the configuration, maintenance and set-up of clients’ rules and thresholds within third party Financial Crime systems as required.
• Work with clients to provide regular analytics and optimisation outputs in relation to the PEP and Sanctions checking carried out, where required.
• Complete AML comfort letters and other Financial Crime related documentation pertaining to fund manager account opening and ongoing due diligence.

Financial Crime Quality Assurance

• Provide oversight support for the people services team to ensure adequate Financial Crime controls are in place when recruiting new employees.
• Conduct regular quality assurance checks on the 1LOD operations teams that perform manual Financial Crime/AML administration.
• Review AML administration procedures across Business Units following their annual review and update of procedures, checking that that Business Unit review has been carried out.
• Carry out investigation on any internal monitoring alerts/red flags reports which are generated on FNZ staff to satisfy there are no Financial Crime concerns and if there are refer these to 2LOD Financial Crime
• Carry out additional assurance work on Financial Crime as required.

1LOD Financial Crime / 2LOD Regulatory Financial Crime Oversight (\”2LOD FC\”) Engagement

• Build working relationship with 2LOD FC ensuring communication is clear, open and timely.
• Escalate any suspicious activities reports / internal fraud alerts immediately to 2LOD FC.
• Engage with 2LOD FC in relation to the Financial Crime RCSA risks as agreed with 2LOD FC.
• Assist 2LOD Regulatory Financial Crime Oversight and, as applicable, other Business Units in FNZ UK with the review and refresh of Financial Crime risk assessments such as AML, Bribery and Corruption, Tax Evasion and Financial Crime.
• Assist with the organisation and content of the Financial Crime User Forum.

Performance Assessment

• Meeting regulatory requirements in connection with Financial Crime.
• Building awareness of Financial Crime within FNZ UK.
• Positive interaction with and feedback from clients in relation to Financial Crime.
• Bringing new ideas and initiatives to FNZ UK in relation to Financial Crime.
• Ability to work both individually and as part of a team to achieve FNZ UK Financial Crime objectives.
• Proactively manage Financial Crime projects and tasks.
• Effectively manages workloads, prioritising key deliverables and proactively escalates delivery challenges.

Experience required

• Strong experience identifying and investigating potential customer fraud.
• Strong knowledge of Financial Crime systems (preferably AML, PEPs and Sanctions) and experience in understanding the set up and configuration of rules and parameters.
• Analytical thinking
• Strong experience of CDD & EDD.
• Strong experience of financial crime investigations such as transaction monitoring, and PEP & Sanctions screening.
• Strong attention to detail
• Excellent working knowledge gained within financial services industry of identifying Financial Crime risks and implementing/overseeing suitable controls to mitigate those risks
• Good knowledge of UK Money Laundering Regulations
• Knowledge of Anti Bribery Act 2010.
• Awareness and knowledge on other Financial Crime typologies such as fraud (internal and external), market abuse/insider dealing and Tax evasion.
• Desirable to have experience and knowledge of Financial Crime products/tools such as Experian, Siron, Dow Jones, Cybersource and other industry Financial Crime solutions.
• Desirable to hold an industry known Financial Crime qualification such as an ICA Diploma or Certificate, but this is not essential.
• Written and verbal communication should be of a high standard, along with the ability to influence and challenge.
• Ability to communicate effectively at a variety of levels within a regulated environment, both internally and externally, written and oral.
• An ability to work within tight time constraints
• Conducting meetings and presentations skilfully
• Strong negotiation skills
• Professionalism and diplomacy

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About FNZ

FNZ is committed to opening up wealth so that everyone, everywhere can invest in their future on their terms. We know the foundation to do that already exists in the wealth management industry, but complexity holds firms back.

We created wealth’s growth platform to help. We provide a global, end-to-end wealth management platform that integrates modern technology with business and investment operations. All in a regulated financial institution.

We partner with over 650 financial institutions and 12,000 wealth managers, with US$1.7 trillion in assets under administration (AUA).

Together with our customers, we help over 26 million people from all wealth segments to invest in their future.