Job Description

Overview

This position is responsible for supporting the Head of Canada Compliance in discharging day-to-day Corporate Compliance responsibilities. This position is critical to support the growth of SMBC Canada Branch\xe2\x80\x99s business and is the deputy in compliance policy development and Canada compliance strategies execution across the branch.

The incumbent will act as the right-hand to the Canada Local Compliance Officer (LCO), who will

have the level of authority, independence and support to properly carry out their responsibilities in connection with all SMBC Corporate Compliance Programs. This role will require ability/leadership to work across several Compliance areas, manage multiple deadlines and interact with internal and external stakeholders.

Responsibilities

The incumbent shall be a strong problem solver, who has hands-on experience with regulatory exam process in financial institutions. The incumbent must be a highly motivated and tenacious individual, with a proven ability to take initiative, working both independently and within a team, who is comfortable working in a fast-paced environment under high pressure. This role will demand high-level of energy, an entrepreneurial spirit and the comfort to work in a changing environment.

• Follow regulatory developments in the industry and conduct an annual (or more frequently, as required) review and revision of all policies and procedures to ensure that they remain current. Advise employees of applicable changes in regulation & reporting emerging regulatory developments to the Head of Compliance Canada.

• Evaluate business objectives, regulatory developments and propose customized compliance solutions within the firm\xe2\x80\x99s risk tolerance and regulatory requirements; Keep abreast of and anticipate changes in regulatory regimes and implement appropriate changes to compliance practices and policies.

• Provide subject matter expert compliance advisory to key stakeholders in the business, operations, risk, technology and finance teams. Manage & implement the local compliance monitoring & surveillance program in collaboration with the New York - based CPAD monitoring team.

• Timely implementation of AD Compliance Policies. Development, supervision and enforcement of policies and procedures to ensure compliance under Canadian laws and regulatory requirements. Advise and maintains local privacy program.

• Coordinates periodic in-office compliance committee (IOCC) meetings and represents Canada Branch at the regional compliance committee meetings; Responsible for reporting to the members of branch senior management on compliance status of Canada Branch, and any issues requires management attention.

• Responsible for maintaining a reasonable Regulatory Compliance Management Framework (RCM) according to OSFI guideline E-13, which is fit for the size and business complexity of SMBC Canada.

• Update Canada Branch\xe2\x80\x99s corporate / business Registration with federal and provincial authorities as required under applicable government requirements. Reporting changes and terminations promptly through Regulatory Reporting System (RRS) or one of SMBC\xe2\x80\x99s provincial legal agencies.

• Review and approve outside business activities (\xe2\x80\x9cOBAs\xe2\x80\x9d) and/or conflicts of interest (including disclosure to direct clients where applicable).

• Review and approve marketing materials including presentations, website, publications and other marketing collateral. for compliance with continuous disclosure rules, local regulations.

• The incumbent will also provide support to the new business where necessary regarding the launch of products to ensure regulatory requirements are met, as appropriate. Collaborating with internal teams (such as Risk, planning, financing, tax, etc.) to identify clear steps necessary to mitigate those regulatory risks.

• Jointly responsible for drafting and updating the AML/AFT and sanctions policies and procedures, to ensure SMBC Canada Branch stays in compliance with all applicable Canadian legislative requirements, and SMBC internal policy requirements. Working closely with the Canada Leadership team and other senior managers across the business to identify, assess, update and mitigate the AML/AFT and Sanctions risks posed to SMBC Canada and determining the priorities and resources required to effectively control them

• Drive compliance innovation initiatives with a focus on greater automation and increased efficiency. Continuously developing, enhancing the Corporate Compliance and Financial Crime Compliance framework, ensuring that all processes are fit for purpose

• Assists the Head of Compliance to complete special tasks/projects as assigned;

Interpersonal/Communications:

Internal:

Senior Management of Canada Branch, Head Office & Americas Divisional supervisory departments such as Compliance Dept., Governance Planning Dept., Global Banking Unit, and Internal Audit Dept. Various working groups with CPAD, all employees of Canada Branch.

External:

Regulatory authorities \xe2\x80\x93 including but not limited to the following:

Office of the Superintendent of Financial Institutions (OSFI)

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

Office of Privacy Commissioner (OPC)

Responsibility for Supervision:

Supervises and manage performance of the relevant Branch staff (1 \xe2\x80\x93 3 employees).

Ability to lead & manage a team.

Responsibility for Resources:

Responsible for accurate and timely reporting to internal and external parties.

Responsible for onboarding of new compliance vendors and interfaces.

Responsible for maintaining proper working papers and electronic files in support of all reports.

Responsible for developing and maintaining proper controls.

Decision Making Responsibility:

Makes recommendations to the Chief Compliance Officer Canada on reporting changes,Compliance committees, audits and other process improvements.

Makes recommendations to Chief Compliance Officer Canada and Management on improving the departments operational effectiveness.

Qualifications

Education:

Bachelor\xe2\x80\x99s degree in business, accounting or law is required. (LLB preferred). One professional designation is required from a recognized body, i.e. CFA, lawyer, CPA, etc. additional compliance related certification would be an asset.

Experience:

1. Minimum 3 years of experience in managing people or practicing law in a leading Canadian law firm.

2. Minimum 5 years of progressive experience in a corporate compliance and AML Compliance function role, preferably both, from a federally regulated financial institution (bank) or regulators.

Skills:

Knowledge and experience in the operation of a Schedule III foreign bank branch. Knowledge of the legislation, regulations and guidelines governing banking in Canada.

Good communicator with a high level of written and oral communication skills.

Excellent organizational skills and an ability to manage multiple projects at once, making sure you meet the quality, resources and time constraints. Enthusiasm and drive for delivering results.

Working Conditions:

Time pressure/deadlines -- Significant

Stress of multiple demands -- Significant

Attention to details -- Significant

Environment -- Open office floorplan / Hybrid Work Model

Employees participate in a hybrid workforce model (1 \xe2\x80\x93 2 on-site working days /week) that provides them with an opportunity to work from home as well as Canada Branch\xe2\x80\x99s Toronto downtown office. SMBC requires that employees live within a reasonable commuting distance of their office location.

Sumitomo Mitsui Banking Corporation