Compliance Officer for Compliance Testing

Company description

Netbank is a start-up fintech-focused bank, focused on the under-served. Its model is to:

• Partner with Fintechs, banks, and non-bank lenders, who have existing client networks
• Allow these partners to sign-up clients, for an origination fee, booked on Netbanks balance sheet. Netbank would provide:
• Loans to clients, so the partners can grow without raising additional capital
• Deposit accounts for clients, serviced by the partner (on a white-label basis)
• Technology services to the partners, allowing them more efficient processing and better client satisfaction
• Provide payment services to domestic and international partners
• Provide complete banking solutions for Neobanks to launch, using our system.

Netbank will initially operate in the Philippines, but the business model is applicable across multiple geographies. Netbank launched in Q1 2020 and raised external funding in Q1 2023.

ROLE:

The Compliance Officer for Compliance Testing is responsible for assessing the compliance risks and adequacy of controls implemented by the first line of defense; performing assurance activities through testing and on-going monitoring to assess the design and operating effectiveness of key controls in addressing compliance risks; reporting and escalation control issues and any violations of laws or breaches of internal policy; and validating adequacy of remediation taken to address and mitigate reported issues and to provide reasonable assurance that the compliance system is effectively implemented by the Bank.

MAJOR RESPONSIBILITIES

1. Conducts testing and on-going monitoring to assess the design and operating effectiveness of key controls in addressing compliance risks;
2. Initiates discussion of compliance issues/observations with the concerned officers including recommendations to ensure immediate correction of compliance breaches and improvement in existing processes;
3. Escalates to the Chief Compliance Officer sensitive and/or major issues that require immediate action and/or referral to Senior Management, Audit Committee, and/or the Board of Directors;
4. Prepares and/or recommends implementation of additional policies/procedures to augment or strengthen regulatory controls on reviewed activities/processes;
5. Monitors the timely resolution of compliance issues including identification of root causes by the concerned branches;
6. Identifies and monitors unresolved Anti-Money Laundering issues and/or findings outstanding for more than 90 days for the preparation of Notice to Explain to the concerned Branches/ Business Units in compliance with the AML Sanction policy;
7. Provides and facilitates prompt submission of information, documents or reports by the requested regulators during their on-site and off-site examinations. If no due date provided, the requested information, documents or reports shall be submitted within the three (3) days turn-around time observed by the bank;
8. Keeps abreast of updates on BSP policies as stipulated in the Manual of Regulations for Banks (MORB) and Bank policies as specified in the Money Laundering and Terrorist Financing Prevention Program (MTPP) through circulars, required seminars/programs and adheres to said policies; and

Performs other job-related duties as assigned by the Chief Compliance Officer.