Senior Manager, AML Investigations (Transaction Monitoring Case Investigations)

Scotiabank • Mississauga, ON

4d • Hybrid

About The Position

The Senior Manager, Anti Money Laundering Investigations leads and oversees the Anti Money Laundering Unit (AMLI), ensuring AML related regulatory obligations, business strategies, plans, and initiatives are executed/delivered in compliance with governing regulations, as well as internal policies and procedures. In this role, the Senior Manager will lead and drive a client-focused culture, provide tactical and strategic support to the AMLI, lead and manage the investigation of complex cases, support the implementation of new AML methodologies and monitoring tools, oversee centralized, group-wide information sharing, and collaborate with key Transaction Monitoring stakeholders. The role also involves coordinating the investigation of unusual transactions, managing the development of the investigative team, reporting suspicious transactions, resolving quality issues, evaluating potential risks, overseeing risk-mitigation activities, and coordinating activities in response to requests from law enforcement agencies. The Senior Manager will also understand the Bank’s Risk Appetite Statement, create an environment for effective and efficient operations, acquire extensive knowledge of AML laws and regulations, develop expertise with applicable systems, review management information reports, employ AML systems and process expertise, and build a high-performance environment by implementing a human resource strategy.

Requirements

• Bachelor’s degree (University Degree) with a minimum of 5 years of experience in an AML, Compliance, and/or Audit capacity in a major financial institution; or equivalent in education and years of experience.
• Ability to build strong cross-functional business relationships.
• Ability to identify and implement continuous improvement initiatives to drive operational efficiency without compromising compliance requirements.
• Advanced problem-solving skills to deal with complex operational issues, across functions.
• Demonstrates integrity when working with colleagues and leads others by setting an example of required behaviors.
• Excellent written and verbal communication skills, able to manage difficult conversations.
• High Client focus and high-risk management focus.
• Practical knowledge of Scotiabank branch operations and culture.
• Results oriented, highly motivated with a keen ability to influence others.
• Self-reliant and proactive approach to work.
• Solid knowledge of Canadian AML regulations and regulatory reporting framework.
• Strong analytical, problem-solving, and critical thinking skills.
• Strong organization and time management skills.
• Supervisory experience of large diverse teams and coaching skills.

Nice To Haves

• Certified Anti-Money Laundering Specialist designation is an asset.
• Previous experience in an AML, audit, or compliance role is an asset.

Responsibilities

• Lead and drive a client-focused culture throughout your team to deepen Client relationships and leverage broader Bank relationships, systems, and knowledge.
• Provide tactical and strategic support to the AMLI relative to the investigation and management of AML Automated Monitoring System (AMS) Alerts, Unusual Transaction Reports (UTRs) and Referrals, as assigned, including high-profile cases, ensuring operational and reputational risks are duly managed.
• Lead and manage the investigation of complex cases and serve as an escalation and resolution point on higher-risk cases that pose material risk exposure to the Bank.
• Support the implementation of new AML methodologies and monitoring tools to mitigate new and emerging money laundering (ML)/terrorist financing (TF) risks, while conducting ongoing analysis of core operational processes to identify potential procedural gaps and foster an environment of continuous improvement.
• Oversee centralized, group-wide information sharing in accordance with policy. Foster communication with Canadian branches and subsidiaries to acquire necessary information and timely responses to requests for information (RFIs) from the AMLI. This information applies to managing reputational and regulatory AML related risks.
• Collaborate and lead where appropriate with key Transaction Monitoring (TM) stakeholders, including, but not limited to, AML Operations, on audit/issue management and closure, reporting, communications & change management, process/procedure enhancements, resource planning, and special projects.
• Coordinate the investigation of unusual transactions and potential high-risk Clients and manage the development of the investigative team to acquire an expert-level knowledge of regulatory requirements and money laundering typologies. Where Clients pose unacceptable risk to the Bank, prepare the necessary documentation, and follow established procedures to recommend Client exits to business line management.
• Manage/direct the team to report suspicious transactions to the appropriate regulatory authority in a timely manner and in accordance with regulations.
• Resolve quality issues and disputes escalated by AMLI Managers.
• Evaluate the potential risk posed by activity reported by business units and, where applicable, assess the Bank’s exposure to a given Client. Participate in formulating appropriate risk mitigation strategies including exiting relationships that pose unacceptable risks to the Bank. Maintain accurate and complete records of investigations including the rationale for concluding whether activities are suspicious and whether or not Clients represent higher or unacceptable levels of risk.
• Oversee risk-mitigation activities, including, but not limited to, recommending enhanced due diligence, enhanced monitoring, and management of Client relations with the business line relationship owners.
• Coordinate activities in response to requests from law enforcement agencies, FINTRAC, and/or other Bank FIUs under the auspices of BCPIF and other Law Enforcement related items.
• Understand how the Bank’s Risk Appetite Statement (RAS) and risk culture should be considered in day-to-day activities and decisions.
• Create an environment in which the team pursues effective and efficient operations, while ensuring the adequacy, adherence to, and effectiveness of business controls to meet obligations with respect to operational risk, regulatory compliance risk, and conduct risk. Responsibilities include, but are not limited to, those defined under the Enterprise-wide AML & ATF and Sanctions Handbook, Scotiabank Code of Conduct, the Anti-Corruption Policy, Scotiabank Information Security Policy, and the Enterprise-Wide Risk Management Framework.
• Acquire extensive knowledge of local and significant and relevant international AML laws and regulations.
• Develop expertise with the applicable case management systems, bank information systems, and analytics reporting tools and share insights, as appropriate.
• Review relevant Management Information Reports and other analytics tools provided and where risk related or productivity concerns or anomalies are identified, escalate to the AMLI Director, as appropriate.
• Employ AML related systems and process expertise and experience, identify and implement process enhancements, and oversee the resolution of systems and/or process deficiencies.
• Build a high-performance environment by implementing a human resource strategy that retains, develops, and motivates your team, fostering an inclusive work environment; communicating Scotiabank’s and the Global AML Department’s visions, values, and business strategy.
• Strategically anticipate and identify the need for additional resources, lead the hiring and human resource development process, manage succession and development planning for the team, and identify and promote high-performing individuals.

Benefits

• A competitive compensation and comprehensive benefits plan.
• The opportunity to join a forward-thinking organization where you are surrounded by a collaborative team of innovative thinkers.
• An organization committed to making a difference in our communities - for you and our customers.
• You can expect to be recognized and rewarded for high-performance; you will be supported by leadership through meaningful development conversations that enable faster advancement and internal training to support your growth and development.

What This Job Offers

• Job Type: Full-time
• Career Level: Manager