Compliance Officer

Location:
Sydney, close to Wynyard railway station

Position:
Compliance Officer, Full-Time role

Department:
Line 2 Risk and Compliance

Reporting to:
Compliance Manager, SBIA

Position Overview:
We are seeking a dedicated and detail-oriented Compliance Officer to join our team at State Bank of India Australia (SBIA). State Bank of India (SBI) is a Fortune 500 company and the largest banking and financial services organization in India. SBI opened its representative office as a branch in Sydney with the objectives of fostering trade between India and Australia through trade finance products and helping Indian corporates access and contribute to the Australian economy.

The Compliance Officer will play a crucial role in ensuring that the bank adheres to all regulatory requirements, internal policies and manage and mitigate compliance risk within the organizations tolerance. This position requires an understanding of the Australian financial regulatory environment, knowledge in risk management framework and a proactive approach to maintaining compliance standards.

Key Responsibilities:

A. Compliance Excellence

1. Retail & Consumer Banking Compliance:

2. Responsible for Retail (e-remit & deposit customer) & Consumer Banking Compliance, creating and maintaining a compliance culture within the bank.

3. Facilitate implementation and review of training and competency requirements within the organization.
4. Ensure thorough up-to-date conversance with relevant APRA/ASIC/AUSTRAC/other regulatory bodies, particularly concerning financial promotions.
5. Support the retail team in coordinating compliance issues, ensuring business operations align with bank policies and local regulatory authorities.

B. KYC/AML

1. Policy and Culture Development:

2. Review policies and schedule pertinent training in a timely manner.

3. Facilitate effective and constructive sharing of compliance knowledge and experiences across the Group.
4. Maintain, review, and update relevant records, including Management Information.
5. Conduct training to new staff and an ongoing annual training to all staff on AML/CTF requirements.

C. Financial Accountability Regime (FAR)

• Support Compliance Manager to oversee compliance with FAR governance requirements, ensuring accountability and transparency.

D. Compliance Risk Assessments and Testing

• Execute compliance risk assessments and testing.
• Review and report plans, results, and issues arising from these activities to the Compliance Manager.

Regulatory Compliance:

• Monitor and interpret regulatory changes and updates from bodies such as ASIC, APRA, AUSTRAC, and the RBA.
• Ensure the bank's policies and procedures comply with applicable laws and regulations.
• review regulatory reports and filings for accuracy and on time.
• Reporting to Head Office in India, Sydney branch position on risk and compliance matters.
• Support compliance manager to conduct compliance assessments for breach assessments.
• Involved in any Business as Usual (BAU) projects to ensure SBIA complies with any new regulations, by supporting internal departments,

Policy Development and Implementation:

• Contributing to risk and compliance policies and procedures updates and implementation.
• Conduct regular reviews and audits to ensure adherence to policies and regulatory requirements.
• Provide guidance and training to staff on compliance policies and regulatory requirements.

Training and Awareness:

• Raise awareness of compliance issues and promote a culture of compliance within the bank.
• Ensure all staff are informed about regulatory changes and their implications, where applicable.

Monitoring and Reporting:

• Conduct regular compliance monitoring and testing activities.
• Investigate and resolve compliance issues and incidents.
• Maintain accurate and up-to-date records of compliance activities and findings.
• Prepare reports for the Head Office and senior management on compliance matters.
• Assist risk management team in monitoring and reporting issues and incidents

Liaison and Communication:

• Act as the primary point of contact for all internal departments.
• Liaise with internal departments to ensure cohesive and comprehensive compliance efforts.
• Respond to compliance-related inquiries from employees.

Qualifications:

• Bachelor's degree in Finance, Law, Business, or a related field (desirable).
• Minimum of 3-5 years of experience in a risk and/or compliance role within the banking or financial services industry.
• Have knowledge of Australian banking regulations and compliance requirements.
• Sound analytical, problem-solving, and decision-making skills.
• Sound communication and interpersonal skills.
• Ability to work independently and as part of a team.
• Attention to detail and strong organizational skills.