Head of Compliance (S 72B Manager) - Well-established Private Bank

Our client, a stable and well-established private bank in Hong Kong, is looking for a Head of Compliance to strengthen their local compliance function. This position reports to the top management team in Hong Kong & HQ. You will be leading & managing a small team of compliance & AML professionals.

Responsibilities

1. Lead the compliance function to ensure the overall compliance of the Company and its staff with all applicable rules and regulations promulgated by the relevant authorities as well as internal Compliance policies and procedures.
2. Take on the role of Section 72B manager for Compliance (per Hong Kong Banking Ordinance) and ensure that compliance governance and risks are appropriately managed and in accordance with the standards required by the Hong Kong Monetary Authority (“HKMA”) and other relevant regulatory authorities.
3. Formulate an effective Compliance framework and arrangement, taking into consideration all relevant jurisdictions applicable to the Company including establishing, reviewing and revising as necessary all compliance related policies and procedures.
4. Review and update internal Compliance policies and procedures in accordance with regulatory and internal requirements.
5. Develop and implement remediation programs and perform ongoing monitoring on compliance related matters.
6. Advise the Board, management and staff of the Company on all compliance related matters.
7. Monitor the Company’s businesses and ensure that the Company complies with all relevant rules and regulations as well as internal Compliance policies and procedures at all times, including designing and conducting regular and adequate compliance checks.
8. Act as the contact point with regulatory and law enforcement bodies. Communicate and liaise with regulatory bodies and external advisors.
9. Liaise and communicate with the regulators on a regular basis to ensure that any compliance concerns are immediately addressed.
10. Design and conduct regular and adequate training to all staff on applicable rules and regulations as well as internal Compliance policies and procedures and ensure that they are promptly updated if there are any changes.
11. Conduct compliance testing and monitoring to ensure that the bank is operating in compliance with all relevant laws, regulations, and internal policies.
12. Ensure accurate and timely submission of the required regulatory reports, surveys, self-assessments and notifications to the relevant authorities.
13. Coordinate and respond to all compliance related queries from the internal and external auditors as well as the regulators in a timely manner.
14. In case of regulatory breaches, inform the HKMA/SFC/other relevant regulatory bodies in a timely manner and report to the Chief Executive, the Alternate Chief Executive(s), the Risk Management Committee and the Board promptly of such violations and recommend the appropriate corrective actions.
15. Prepare compliance related materials for the periodic and ad hoc meetings of the Risk Management Committee, the board level Risk Committee, the Audit Committee and the Board.
16. Keep abreast of new regulations, any industry developments and upcoming items that may have a direct or indirect impact on the Company’s compliance related matters.
17. Evaluate, supervise and guide the control on AML & regulatory related policies and procedures.
18. Supervise and work closely with the Company’s Money Laundering Reporting Officer (“MLRO”) on anti- money laundering/counter terrorist financing (“AML/CTF”) issues and liaise with head office where necessary.
19. Work closely with other relevant departments, to ensure that all compliance issues are addressed in a timely and effective manner.
20. Obtain and maintain regulatory registrations in all relevant jurisdictions as may be required from time to time.

Requirements

1. Degree or above
2. 15 years + hands on experience in banking & financial services compliance function with excellent knowledge & experience in private banking & wealth management business
3. Strong leadership skills & experience
4. Prior experience with regulator bodies would be an advantage
5. Good experience in interacting with both local and overseas regulators including the HKMA and the SFC.
6. Good knowledge in Hong Kong securities law and banking regulations, risk management processes, investment products and services.

To apply online please click the 'Apply' button or send your profile to [email protected] . For a confidential discussion about this role & other banking openings please contact Alex Cheung at +852 2121 1418