Manager, Compliance

3 weeks ago

Melbourne, Australia Northern Trust Corp. Full time

About Northern Trust:
Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.

Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

ABOUT THE ROLE:
This senior Financial Crime Compliance leadership role will discharge the statutory and regulatory obligations as Laundering Reporting Officer (MLRO) for the Northern Trust legal entities (‘the firms’) in Australia, namely:
1.Northern Trust Company Melbourne Branch

2.Northern Trust Asset Management Australia

3.Northern Trust Securities Australia

In addition, this role shall oversee, coordinate and direct all Australian AML activity including that within the fund administration business.

Reporting to the International Head of Financial Crime Compliance and working within the second line of defense, the MLRO has primary responsibility for ensuring a comprehensive AML and Economic Sanctions framework is in place for the firms through the provision of advice, assurance and assessment of controls. Additionally supporting all financial crime compliance activity.

PRINCIPAL RESPONSIBILITIES

AML Framework
- Develop a strong understanding of the firms’ operations, products/services, systems and associated risks/controls.
- Be fully conversant in financial crime regulatory change and represent the organization on, and participate in, industry working groups and forums.
- Develop, review and enhance AML policies and standards to ensure continued compliance with Irish and international requirements arising from multi-jurisdictional activities.
- Provide technical expertise to senior management to manage their relevant regulatory and legal requirements. Interact directly with other key risk functions including Legal, Operations and Fraud teams as well as with NT Global AML compliance colleagues based in EMEA, APAC and the US.
- As the key member of the AML leadership function in Australia, work with Regional and Global AML compliance colleagues in other geographical locations to enable the development of global standards, knowledge transfer and best practice.
- Provide appropriate reporting at various governance approval committees, including the firms’ Board and Risk Committee. Deliver annual AML Director Compliance training to the Board of Directors.
- Establish and maintain profile with the Australia Executive Management Group as a leading AML Subject Matter Expert (SME) in Ireland, promoting a culture of AML compliance and risk awareness.
- AML Monitoring
- Full oversight of unusual activity investigations and suspicious activity reporting, including the timely investigation and escalation of potential money laundering, terror financing, fraud or other criminal activities to relevant stakeholders.
- Develop a program of oversight in relation to activities performed as part of the global AML shared services model, including creation and maintenance of Service Level Descriptions and KPIs.
- Develop and implement a risk-based monitoring plan to provide assurance over the firms’ AML, CTF and Sanctions compliance framework.
- Review new business activities to ensure they are assessed for compliance and potential risks.
- Participate directly in projects ensuring Irish business and AML regulatory needs are being met and deputize for/represent the Head of Compliance at various forums where required.
- Regulator Coordination
- Investigate and submit suspicious transactions reports to the Financial Intelligence Unit (FIU) and Revenue Commissioners.
- Act as the primary contact for all AML regulatory reviews and inspections conducted by regulators, including AUSTRAC.
- Team Management
- Manage and lead a team of AML SMEs with a focus on the delivering of timely support, efficiency of process and the effectiveness of controls. The role will also be responsible for performance management, prioritizing, guidance and training for the team.
- SKILLS / EXPERIENCE REQUIRED:

- Sufficient experience and seniority and proven fitness and probity to satisfy the requirements of regulators.
- Comprehensive knowledge and experience in applicable AML laws, regulations, and industry trends that impact their assigned line of business.
- Ability to maintain independence from management and front line while having the ability to work well with all levels of the organization.
- An influencer who engenders trust and builds relationships at all levels whilst acting with integrity.
- Strong analytical skills and a clear thinker with the ability to analyze, communicate and report in a clear, concise and effective manner to all levels of manage

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