Interim Head of Financial Compliance (Anti-Money Laundering)
The Interim Head of Financial Compliance is responsible for safeguarding the organisation from financial crime, with a particular emphasis on Anti-Money Laundering (AML), by assessing risks and implementing appropriate controls. Reporting to the Council, with oversight from the Audit and Risk Committee, this role ensures effective financial crime and AML management during the interim period.
As part of the Finance Department's Senior Management Team, the Interim Head of Financial Compliance will:
- Foster an inclusive culture, ensuring all team members understand their role in preventing financial crime, including AML efforts, within the broader organisational context.
- Translate strategic vision into clear objectives, set high standards, provide feedback, and manage performance through active involvement in decisions and planning, particularly in relation to AML compliance.
Documentation & Control Frameworks:
- Develop and maintain policies and frameworks to address risks related to money laundering, fraud, tax evasion, sanctions compliance, anti-bribery, and corruption, with a particular focus on AML controls.
- Ensure consistency by creating procedures that support compliance across the organisational, especially those related to AML, KYC (Know Your Customer), and Customer Due Diligence (CDD) requirements.
- Act as an AML subject matter expert, collaborating with departments to design and implement proportionate controls to prevent money laundering and mitigate related financial crime risks.
- Oversee processes for declaring gifts, hospitality, and conflicts of interest, ensuring that these processes align with AML and financial crime prevention strategies.
- Maintain risk assessments and documentation of financial crime controls, with a strong focus on AML risk management.
Training & Awareness:
- Lead mandatory AML and financial crime training to ensure all employees understand the organisation's policies, risks, and reporting requirements.
- Ensure enhanced training is delivered where needed, focusing on AML risks and emerging trends in money laundering techniques.
- Establish and chair a financial crime forum to share knowledge, raise awareness of AML compliance, and discuss ways to mitigate money laundering risks across the organisation.
Investigations:
- Act as delegate for the Nominated Officer, investigating suspicious activity related to money laundering and reporting to the National Crime Agency when necessary in compliance with AML regulations.
- Conduct fraud and AML investigations, liaising with the Fraud Assessment Panel as required, ensuring that the organisation responds swiftly and effectively to any suspected money laundering activity.
Management Information & Reporting:
- Present regular reports to stakeholders and committees on financial crime and AML matters, providing detailed insights into risks and controls related to money laundering.
- Author an annual report on the organisation's financial crime risk exposure, with a specific focus on the AML framework's effectiveness, to ensure continued alignment with legal requirements and best practices.
Continuous Improvement:
- Conduct horizon scanning for AML and financial crime risks, implementing necessary actions to address new or evolving risks related to money laundering and ensuring that the organisation's stays ahead of criminal trends.
- Continuously improve the organisation's AML compliance framework, ensuring processes evolve to meet the changing regulatory environment and financial crime landscape.
Team Management:
- Oversee the financial crime function, ensuring efficient processes and adequate resources are in place to manage AML risks effectively.
- Manage team performance and development, particularly in relation to their understanding of AML policies and their ability to identify and mitigate money laundering risks.
Qualifications:
- A relevant financial crime qualification (e.g. ICA, CIPFA, ACAMS, Cifas) is preferred, demonstrating a strong foundation in AML and financial crime management.
Knowledge & Experience:
Expertise in AML and financial crime risk management, policy development, and embedding AML controls in large organisations.
Practical experience designing and implementing risk-based controls, particularly in the context of AML compliance.
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