Head of Transaction Monitoring

See yourself in our team?

Our Regulatory & Control Operations Team (RACO or Financial Crime Operations) are accountable for leading a complex and diverse shared service for Financial Crime Operations across CBA. Spanning multiple Business Units, multiple global locations and multiple financial crime disciplines such as Anti-money laundering/Transaction Monitoring, Payments Sanctions Screening, Customer Sanctions Screening, Pep Screening, Enhanced Customer Due Diligence of High Risk customers, on-boarding, on-going due diligence and maintenance and Law Enforcement Agency Notices.

The AML/CTF Transaction Monitoring team is responsible for the detection, prevention, assessment and escalation of the Groups AML/CTF risk across the CBA DBG.

RACO is a team of dedicated professionals and we collaborate closely with financial crime compliance and Business Aligned Risk teams across the group. It is a scale, growing operation that has extensive Transformation plans and focus within the organisation. Our external stakeholders are AUSTRAC, ASO and Law Enforcement. We work together to detect, deter and disrupt financial crime.

DO WORK THAT MATTERS

Reporting directly into the General Manager Group Regulatory Control Operations, your role as Head of Transaction Monitoring will be to provide leadership for the functions within RACO and support key stakeholders across the Group in a highly regulated and fast paced environment to effectively and efficiently manage its financial crime obligations in relation to the Group’s High risk customers, supporting strategy, organising, developing and maintaining Financial Crime Operational teams and related supporting functions.

We are responsible for supporting significant financial crime transformation across the Group. You'll be expected to contribute to the development of, embedding of and executing the RACO strategy to help deliver and meet the Group and Regulatory expectations of Financial Crime, along with the daily operations of the Transaction Monitoring team. You'll be a process / control owner and design, develop, standardise and ensure appropriate processes are operating in line with Group Policy and regulations to appropriately address financial crime risks.

You'll be forging strong relationships with internal and external stakeholder group, particularly the Group’s Financial Crime Compliance community and Business Unit Financial Crime Teams. With a Continuous Improvement mindset you'll drive culture within the team, and consistently look for new opportunities to further improve and optimise existing processes and work closely with our Capability teams to deliver “best in class” training.

You will be responsible for driving and overseeing day to day management and oversight of volumes, rosters, systems and workflow to ensure our overall service offering is consistently achieved, including strategies to reduce speed to case, this includes talking to variance

You will develop and grow your direct reports, through leadership which inspires and engenders passionate people by displaying the Groups values.

It's a role where no two days will ever be the same and you will be providing thought leadership and contribute to the RACO Leadership Team as we drive our strategy to develop into a world class Financial Crime Operations function.

KEY RESPONSIBILITIES FOR THIS ROLE INCLUDES- Develop, standardise and ensure appropriate processes are documented according to policy and to address financial crime risks.- Embed and execute a financial year strategy with all direct reports to help deliver and meet the Groups Key Performance Indicators.- Application of commercial acumen to financial crime obligations to assist in the identification of relevant financial crime risks and mitigating controls to the Group’s businesses.- Detailed understanding of the Group’s various businesses acquired through review of Standard Operating Procedures and walkthroughs.- Develops and maintains strong relationships with Line 1 risk and business stakeholders, as well as Line 2 Operational Risk and Compliance and Line 3 Audit colleagues.- Complete MI and other relevant reports and scorecards.- Establish and maintain relationships with AML / CTF & Sanctions stakeholders - internal and external - to support FCO’s AML / CTF & Sanctions program.- Ensure appropriate training is designed and delivered for your function.-
- Escalate deficiencies and risks in the Group’s Financial Crime program and, where appropriate, develop and implement plans to mitigate the identified deficiencies and risks.- Lead and implement a strong culture of quality, productivity, continuous improvement and one where employees are engaged.- Proactively participate in industry forums driving in the Group’s best interests, and maintain an up to date focus on Financial Crime Operations trends and emerging issues to support informed decision making.- Provide leadership across your function and direct management of you