Compliance Officer

Island Finance LLC•San Juan, PR

41d

About The Position

Island Finance is the largest financial institution in Puerto Rico with over 66 years of service, serving over 70,000 clients with consumer loans and a variety of financial products and services. It has an extensive distribution network with 46 branches, a call center, and advanced internet banking services. Island Finance is committed to Puerto Rico's future, providing high-quality service and support to clients in need, while fostering a positive and dynamic work environment with a dedicated team. The company aims to be the Financial Institution of the 21st century, helping clients achieve their dreams for over six decades. The Compliance Officer's role is to protect the company's assets by analyzing and evaluating compliance levels across all operational phases. This involves validating that business product activities adhere to federal and local consumer protection laws, anti-money laundering regulations, and company policies and procedures. The officer will assess the adequacy of internal controls and procedures, providing recommendations for corrective or preventive measures. They will also review and assist management in operational audits, examine branch compliance with documentation, policies, and processes for personal loans, financing, and complementary services, and participate in evaluating operational functions, policies, and procedures. Additionally, the role assists in implementing and administering regulatory amendments and policies, develops training materials, and conducts staff training sessions. The officer will organize and assist external examiners or auditors during their reviews and coordinate corrective actions for observations. Key responsibilities include conducting regulatory reviews of branches and departments (Federal, Local, BSA/OFAC regulations, etc.), reviewing the quality and compliance of loans granted by branches and financing, and following up on action plans. The role involves discussing exceptions with management, preparing and issuing final results reports, monitoring BSA/AML/OAFC, and submitting regulatory reports (SAR, CTR, OFAC). It also includes researching and analyzing laws or regulatory amendments, assisting in the preparation or implementation of circulars, policies, forms, marketing materials, and risk procedures, and conducting training seminars for staff. The officer will handle and assist external regulators or auditors during examinations, develop, review, or approve review reports or presentations for committees and senior management, and execute and issue compliance investigation reports.

Requirements

Bachelor's degree in Business Administration and/or Management.
Three (3) years of experience in Compliance, Operations in Banking, and/or financial institutions.
In-depth knowledge of local and international laws and regulations, along with analytical and risk management skills to assess and mitigate threats.
Experience in policy development, report writing, and strong communication skills for staff training and ensuring organizational compliance.
MS Office proficiency (Outlook, PowerPoint, Excel).
Knowledge of federal and local financial regulations related to the business (BSA, FACRA, ECOA, TILA).
Computer literacy, including proficiency in electronic programs and applications.
Ability to handle a high volume of work.
Good oral and written communication skills.
Good interpersonal skills, customer service orientation.
Ability to communicate in English and Spanish.
Ability to work in a team.
Organized with the ability to establish priorities.
Ability to work under pressure.
Confidentiality in processes.

Responsibilities

Conduct regulatory reviews of branches and departments (Federal, Local, BSA/OFAC regulations, etc.).
Review the quality and compliance of loans granted by branches and financing.
Follow up on established action plans and validate their execution.
Discuss exceptions found in the unit with management, prepare and issue final results reports.
Monitor BSA/AML/OAFC and submit regulatory reports (SAR, CTR, OFAC).
Conduct research, analysis, or reports on laws or regulatory amendments.
Assist in the review, preparation, or implementation of circulars, policies, forms, marketing materials, and risk procedures in accordance with policies.
Conduct training seminars for supervisors, managers, assistant managers, and employees.
Address, investigate, and respond to inquiries from branches, departments, and senior management.
Handle and assist external regulators or auditors during examinations.
Develop, review, or approve review reports or presentations for committees and senior management.
Execute and issue compliance investigation reports.