Job Description

Requisition ID: 159257

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
Purpose
Leads and oversees the GBM AML Risk Product Advisory team whose mandate is to enhance the current AML/ATF framework across GBM. Identify inherent risk across business lines and maintain/enhance appropriate control structures. Work with first line partners in building an effective and efficient control framework that enables the Bank to make money safely.
Accountabilities
The GBM business units covered by the AML Risk Product Advisory function are:

• Capital Markets

o Global Equities
o Fixed Income, Currencies and Commodities
o Corporate and Investment Banking

• Global Business Payments (GBP)

o Correspondent banking
o Trade finance
o Cash management
o Payments and deposits specific to financial institutions and corporates / payment rail controls

• Treasury

Program Oversight

• 
  Governance, oversight and reporting on GBM AML Risk Product Advisory team responsibilities.
• Ensures the appropriate control framework is in place globally to manage and mitigate risk as it relates specifically to GBM products regardless of the client or jurisdiction;
• Works closely with regional AML Risk Heads to ensure local regulatory requirements are accounted for; and
• Partners with key stakeholders in other second line AML business lines.
• Policies, standards and procedures – ensures appropriately identify and mitigate AML Risk of GBM products.
• AML regulatory change – monitor AML regulatory change as it impacts GBM products and participate in projects to ensure compliance. Ensures the business is kept current of regulatory developments and best practices, and that business line processes and controls are updated accordingly.
• Resources and training – ensure the GBM AML Risk Product Advisory function is appropriately staffed and employees are engaged in ongoing programs of improvement and training.
• Monitoring and testing – conducts thematic monitoring and testing reviews of higher risk activities as necessary. Participates in monitoring, testing and audit reviews conducted by other groups.
• Regulatory controls mapping – establishes regulatory control mapping for AML Risk across GBM products and participates in relevant bank initiatives.
• Training – provides training to AML Risk employees on GBM products, ensuring bank wide training programs adequately address AML Risk for GBM products and are appropriate for GBM business lines. Ensure UTR training is adequate and provided to all relevant employees on a periodic basis.

Product Advisory

• 
  Provide advisory and support to all lines of defense across GBM in relation to AML product risk:
• Guides the business line in development of first line of defense AML/ATF controls for GBM products;
• Provides oversight and coordination of regional AML advisor activities in relation to the relevant Business Units;

• Understands how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions;
• Identifies unacceptable AML/ATF risk, collaborating with regional AML advisors and proactively managing and escalating these situations; and
• Approves new and revised products and services, and ensures controls are adequate to support launch.
• KYC/Due Diligence – second line AML Risk Officer for Correspondent Banking including reviews and approval of high-risk files.
• Issue management – owns second line issue management and resolution of product related issues. Acts as the issue coordinated for product related issues owned by the first line. Ensures timely resolution and reporting on issue remediation.

Key Initiatives

• 
  Risk assessment - participates in Business Line AML Risk self-assessment and oversees the remediation of controls as necessary:
• Provides input to the Business’ Self-Assessment of Inherent Risk and challenges the Business’ assessment of Control Effectiveness;
• Participates in enterprise led development and maintenance of the ML/TF risk assessment methodology; and
• Participates in enterprise led development and maintenance of the methodology and risk ratings for products, clients, geographies, occupations and industries.
• Audit & regulatory action points - develops responses and plans to remediate issues raised by AML Audits and examinations.
• Transaction monitoring roadmap and project implementation for GBM trade monitoring.

Transaction Monitoring/FIU

• 
  Maintain transaction monitoring coverage assessment for GBM products;
• Oversee implementation and ongoing operation of appropriate transaction monitoring for GBM product through trade monitoring;
• Develop and track relevant workstreams through GBM Transaction Monitoring Roadmap;
• Assist in development of appropriate models and complete testing and tuning process for GBM products;
• Establish operating model for trade monitoring and advise FIU on alert triage and resolution; and
• Conduct specialist investigations as required.

Performance Management

• 
  Creates an environment in which his/her team pursues effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to AML/ATF risk and conduct risk, including but not limited to responsibilities under the Regulatory Compliance Risk Management Framework, Enterprise-wide AML/ATF and Sanctions Handbook and the Scotiabank Code of Conduct.
• Builds a high-performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment; communicating vision/values/business strategy and managing succession and development planning for the team.

Education / Experience

• 
  Minimum of 5-7 years in financial services operations and AML/ATF compliance;
• Minimum Bachelor’s degree in business, related field or equivalent experience;
• ACAMS certified preferred;
• Strong managerial, communications, analytical, organizational, project management, and planning skills;
• Strong knowledge of businesses, products, operations, systems, and organization; and
• Expert knowledge of AML/ATF regulatory requirements and expectations.

Location(s): Canada : Ontario : Toronto

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.