Associate – CM AML Third Party Risk

Associate – CM AML Third Party Risk

Requirements

• An undergraduate degree, graduate degree or professional designations would be beneficial.
• 5+ years AML and/or compliance related experience.
• Knowledge of Capital Markets and the complex financial instruments this industry employs.
• Working knowledge of applicable Bank systems and Microsoft Office Suite.
• CAMS designation preferred.
• Additional languages an asset.

Responsibilities

• Support effective utilization of AML systems, tools, and reports to detect and manage AML risk by participating in ongoing international communications and training to develop and maintain knowledge, skills and capability.
• Maintain detailed knowledge of applicable legislative and regulatory requirements and ensure any developments related to AML and Anti-Terrorist Financing are addressed through appropriate risk management and controls.
• Delivery and implementation of enhanced due diligence control measures and frameworks mitigate/manage risk and in adherence with emerging regulatory requirements.
• Consult with the Enterprise AML Office on the interpretation of legislative and regulatory requirements and the requirements of the Enterprise AML Program.
• Perform extensive research into customers with particular consideration of their business activities, escalations from internal stakeholders, previous engagements and relevant customer records, and any other AML risk drivers and comparing these risks to BMO approved AML Risk Appetite.
• Prepare materials that identify the primary AML risk drivers and develop pertinent discussion questions to address the identified AML risks associated with selected entities.
• Assist in the quarterly generation of eligible engagement candidates, protocols, and completion of the necessary reporting to support recommendations to maintain, maintain with conditions (risk mitigation), or to exit a relationship.
• Monitor the ongoing implementation and effectiveness of approved risk-mitigating conditions as delivered through KYC due diligence processes, FIU monitoring of accounts, or any other stakeholder involvement to ensure compliance with AML requirements and best practices.
• Regular communication with internal stakeholders such as BMO’s FIUs, Second Line, and LOB personnel to identify primary risk drivers and interface points for AML information for each customer.
• Contribute to problem and event management efforts as required, working with the AMLRO Office to ensure resolution is completed as quickly and efficiently as possible.
• Communicate as appropriate with relevant stakeholders to advise on the outcomes of any completed customer engagements and any impact to ongoing operations.
• Troubleshoot and resolve data and governance issues as appropriate. Make recommendations to improve governance and client data management team processes, and to improve governance and data management processes and controls.
• Investigate and resolve or make recommendations on issues related to regulatory items as it has an impact on the respective LOBs.

Preferred Qualifications

• CAMS designation preferred.
• Additional languages an asset.