Job Description
Position Overview
The AML and Anti-Fraud Compliance Director assist the AML Officer (AMLO) with the design, implementation and monitoring of the Anti-Money Laundering and Anti-Fraud compliance program. The purpose of our Compliance Program is to comply with laws and regulations, as well as our internal policies and procedures designed to prevent, detect, and correct any violation of laws, regulations, or policies. Our Compliance Program is dynamic, and we periodically review the Compliance Program to provide assurance that it remains current with applicable laws and regulations and relevant to our advisory business model.
The Compliance Director will assist in ensuring the Company is in compliance with Bank Secrecy Act (BSA), Anti-Money Laundering (AML)/Terrorist Financing, Customer Due Diligence (CDD), Enhance Due Diligence (EDD), Customer Identification Program (CIP), Know Your Customer (KYC), Office of Foreign Asset Control (OFAC) regulatory and program requirements.
We’ve embraced a flexible, hybrid approach to work. Based on your role and personal preference, we empower you to choose where you work best. This model allows you to balance your life and bring your whole self to work.
Responsibilities
- This position will lead managers and/or program leaders responsible for the implementation and monitoring of the compliance program. Core responsibilities include:
- Assist the AMLO in the administration of the Ethics & Compliance program
- Manage managers or other compliance professionals
- Understanding of all components of Ethics & Compliance program framework
- Manage monitoring and testing, including the maintenance of the risk assessment and
- Coordinate regulatory examination/inquiries
- Create Board Reporting materials
- Create education materials
- Specific responsibilities include:
- Responsibility for ensuring the AML and Anti-Fraud program is operating and compliant with regulatory requirements
- Enhance and maintain the AML and Anti-Fraud strategies, policies, and procedures for minimizing loss and reducing risk from fraud and other illegal acts
- Enhance and maintain AML and Anti-Fraud risk assessments including evaluating inherent risk and exposure as well as applicable control environment or control augmentations needed for new and existing products and services
- Leads critical projects to improve BSA/AML sanctions, transaction monitoring, KYC, CIP, fraud and model review
- Responsible for a functional areas with respect to suspicious activity investigations involving fraud, money movement related transactions. This includes oversight of instances that are potentially reportable to governmental agencies and/or states
- Ensure adequacy of AML and Anti-Fraud program monitoring and reporting system parameters, rules, risk scoring and data segmentation, including updating, testing and monitoring
- Proactively monitors, analyzes, reports on and leads implementation of regulatory changes necessary to maintain compliance; advises stakeholders of emerging risks, agency guidance and recommendations to address same and mitigate attendant risks
- Reports to the AVP-AMLO on key components of the program’s activities and effectiveness, including risks, incidents, and initiatives related to the AML and Anti-Fraud program
- Responsible for creation of and delivery of compliance training and education to maintain proficiency with laws and regulations affecting the Company
- Maintain strong relationships with business partners such as Service, Underwriting, Operations, Information Management & Technology, Legal, Internal Audit, Human Resources, among others
- Provide management and coaching to AML and Anti-Fraud team members
- Monitors regulatory changes, including identifying applicability and enhancement opportunities
- Responsible for creating regulatory exam and internal audit responses as well as compliance related questions and inquiries
- Assist with projects as needed
- Specific day-day activities include:
- o Maintain compliance policies and procedures
- o Develop compliance education for employees and financial professionals
- o Provide compliance assistance and guidance to business areas
- o Partner with business areas to review and enhance existing internal controls
- o Review required filings for submission
- o Lead audit and regulatory inquiries/exams
- o Monitor the service of third party service providers consultants or other function staffs supporting the AML and Anti-Fraud program
- o Remain current with regulatory requirements and the life insurance, annuities, broker dealer, institutional asset management and registered investment advisor industry
Skills And Abilities
- Ability to lead people and program leaders
- Relationship management and problem solving skills
- Ability to develop staff
- Strong knowledge of regulatory environment, including examination/inquiry handling
- Strong verbal and written communication skills
- Ability to work independently
- Project management
- Exceptional organizational and prioritization skills with demonstrated ability to manage competing priorities and complete tasks within or prior to deadline
- Excellent analytical and problem-solving skills, including the ability to disaggregate issues, identify root causes, and recommend solutions
- Proven capability to influence and build consensus among peers and senior leadership leveraging sound logic and analysis
- Ability to work effectively independently and in a collaborative, team-oriented, and fast-paced environment
Education
- Bachelor's Degree in Business, Finance, Accounting Legal Studies, or an related field Required
- Master's Degree Preferred
Experience
- Minimum of 7 years of related work experience in Compliance, or Legal or Audit
- Minimum of 5 years of experience in life insurance, annuities, broker dealer, institutional asset management and registered investment advisor industry
- Minimum of 5 years of technical experience
- Prior experience in a leadership role
Licenses
- FINRA SIE , Series 7, 24, 66/65
- Professional designations (ex: CPA, CAMS, CFE)
Base Salary Range - $125,000 - $160,000
For over 175 years, Penn Mutual has empowered individuals, families and businesses on the journey to achieve their financial goals. Through our partnership with Financial Professionals across the U.S., we help instill the confidence and reliability that comes from a stronger financial future. Penn Mutual and its affiliates offer a comprehensive suite of competitive products and services to meet the unique needs of Financial Professionals and their clients, including life insurance, annuities, wealth management and institutional asset management. To learn more, including current financial strength ratings, visit www.pennmutual.com.
Penn Mutual is committed to Equal Employment Opportunity (EEO). We provide employment and advancement opportunities to all qualified applicants and associates, according to applicable laws. This is reflected in our practices for hiring, placement, promotion, transfer, demotion, layoff, termination, recruitment, compensation, selection or training, and all other terms and conditions of employment. All employment-related decisions and practices are free from unlawful discrimination. This includes: race, creed, color, national origin, ancestry, citizenship age, gender (including pregnancy), sexual orientation, gender identity or expression, domestic partnership or civil union status, marital status, genetic information, disability, religious observance or practice, liability, veteran status or any other classification protected under applicable law.
