Deputy AML Officer

SUMITOMO MITSUI TRUST BANK, LIMITED•New York, NY

10h•$140,000 - $180,000•Hybrid

About The Position

This role is for Vice President level candidates. SUMITOMO MITSUI TRUST BANK, LIMITED WAS ESTABLISHED THROUGH THE MERGER OF THE SUMITOMO TRUST AND BANKING CO., LTD WITH CHUO MITSUI TRUST AND BANKING, LTD. ON APRIL 1, 2012. WE ARE ONE OF THE LARGEST ASSET MANAGERS IN ASIA AND NUMBER ONE AMONG JAPANESE FINANCIAL INSTITUTIONS BY AUM, WITH APPROXIMATELY $850 BILLION USD IN AUM. THE BANK PROVIDES AN ASSORTMENT OF FINANCIAL SOLUTIONS AND MANAGES A BROAD SPECTRUM OF FINANCIAL PRODUCTS ACROSS ITS GLOBAL BRANCHES. DEPARTMENT OVERVIEW: The Americas Division (“AD”) was established in the Sumitomo Mitsui Trust Bank, Limited, New York Branch) (“SMTBNY”) to perform corporate functions and supervise U.S. entities. Established under the AD are the “Global Banking Unit (“GBU”), Americas Division” and “Global Markets Unit (“GMU”), Americas Division” which performs business functions. The Regulatory Compliance Department (“RCD”) provides support to all departments of the New York Branch for regulatory compliance related advice, monitoring, self-testing, and reporting in order to reduce regulatory risk of Sumitomo Mitsui Trust Bank, Limited (“SMTB”). YOUR ROLE OVERVIEW: Deputy AML Officer The Deputy AML Officer will assist the Chief Ethics and Compliance Officer in overseeing the day-to-day functioning of the BSA/AML/OFAC program of the Branch. This individual will report directly to the Chief Ethics and Compliance Officer and serves both independently and objectively in reviewing and evaluating compliance issues and concerns within the Branch. The Deputy AML Officer coordinates with other departments, including legal, internal audit, risk management-related departments and human resources, to help to ensure that both the management and the employees of the Branch remain in compliance with regulatory requirements. Focus on proactive strategic management. Assistant Manager of Regulatory Compliance Department The Assistant Manager of RCD is expected to direct staff, develop strategy and control execution of the departmental functions and plans. Recommend objectives, policies, and plans for the department. Develop ways to improve efficiency, effectiveness, and productivity and serve as a backup to the Head of RCD.

Requirements

Bachelor’s Degree in Finance or Business Administration or equivalent.
3 years of experience in a Deputy AML Officer or comparable Role

Nice To Haves

Experience in AML Transaction Monitoring System implementation and User Acceptance Testing is a plus.

Responsibilities

Oversees the day-to-day functioning of the BSA/AML/OFAC program of the Branch.
Serves both independently and objectively in reviewing and evaluating compliance issues and concerns within the Branch.
Coordinates with other departments, including legal, internal audit, risk management-related departments and human resources, to help to ensure that both the management and the employees of the Branch remain in compliance with regulatory requirements. Serve as a liaison for AML projects including AML audits.
Maintains appropriate knowledge of business activities, client profile and business processes within the Branch
Performs other duties and responsibilities as assigned by management, consistent with the requirement that compliance is an independent function.
Effectively leads and manages the AML teams.
Is responsible for the day-to-day components and adherence to the BSA/AML/OFAC program including KYC, Risk Assessment, Monitoring, and Training.
Assists the Head of RCD in reporting to various local and HO committees on Compliance matters.
Be fully knowledgeable of compliance matters (BSA/AML/OFAC) and related policies, procedures, and controls.
Conducts BSA/AML/OFAC Risk Assessments on a periodic basis.
Based on the results of Risk Assessment, determine the scope of compliance monitoring and provide input in relation to the Compliance Testing Program.
Maintain strong awareness and understanding of all AML related Systems to ensure proper operation and maintenance. Maintain strong understanding of NYSDFS Part 504 Requirements while overseeing daily operations and periodic model validations.
Keeps abreast of overall compliance developments and supports the Head of RCD in advising the Branch and HO management of updated information.
Has a sufficient level of authority and responsibility.
Reports to and regularly advises the Branch Regulatory Compliance Committee and various local and HO management and committees for oversight of ongoing compliance with all relevant regulations (BSA/AML/OFAC).
Stays apprised of all existing, new and proposed regulations by applicable bank regulatory agencies that are relevant to the activities of the New York Branch; facilitating the discussions at New Requirements Working Group meetings and monitoring the status of any research or related implementations.
Assists the Head of RCD in serving as a liaison to regulatory authorities on behalf of the Branch and Bank.
Assists the Head of RCD in managing annual FRBNY/ NYSDFS examinations from First day letter responses all the way to Exam Report responses and tracking.
Serves as a backup to the Head of RCD. Exposure to the Corporate Compliance Program and general awareness are also expected.
Performs other duties and responsibilities as assigned by management consistent with the requirement that compliance is an independent function.