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Job Title: AML DIRECTOR
Job Location: NY: New York
Pay Rate: Open
Job Length: full time
Start Date: 2008-09-10

Company Name: RBC Financial Group
Contact: Recruiter
Phone: email only please
Fax: email only please

Description: AML DIRECTOR

Posting Start Date: February 19 2008 Job Category: Audit/Compliance/Legal

Job Type: Full-Time

Employment Type: Regular - U.S.

Pay Type: Salaried /tr Exempt/ Non-Exempt: N/A

Work Schedule:

Work Hours/ Week: na

People Manager: Yes

Posting End Date:

Legal Entity: RB-Canada

Work Environment: Office

Location: New York

City: New York Office/ Branch Address: 1 Liberty Plaza Relocation Provided: No

Travel Percentage: 0

Fluent In: English

Req ID#: 85903

Position Purpose: PURPOSE . Lead RBC One Broker/Dealer (RBCOBD) (RBC Capital Markets, RBC Dain Rauscher and Hill Thompson) AML/BSA compliance and ensure OBD strategy is aligned with the RBC Global AML compliance strategy; . Tailor global AML strategies to meet the needs of RBCOBD and local regulators, and ensure RBC Capital Markets and RBC Dain Rauscher are equipped to meet global AML regulatory requirements as they apply to local industry/regulatory requirements; . Oversee the AML Program for RBC Capital Markets and RBC Dain Rauscher; . Ensure effective oversight over products offered through Canadian branches but settled/cleared through NY Branch; . Provide central corporate level point of contact and coordination relating to AML issues, and lead maintenance of constructive working relationship with federal and state regulators and FinCEN; . Ensure internal and external audit and regulatory AML issues are resolved in a timely manner; . Ensure AML compliance and compliance management firmly embedded in the culture of RBC Capital Markets and RBC Dain Rauscher; . Manage AML, OFAC and BSA risks to an acceptable level and maintain a robust AML compliance program in relation to industry; . Ensure quality and consistency of AML compliance standards and performance across the One Broker/Dealer organization; . Ensure compliance oversight process are aligned with business strategies, operations and processes and that identified gaps or weaknesses are escalated to senior management; . Act as subject matter expert on AML, AT, ES and OFAC issues as they related to covered businesses and ensure that businesses understand requirements and corresponding impact on their business; . Ensure new products and initiatives are reviewed from an AML perspective prior to distribution; . Participate and work with USA AML Working Group and industry bodies and regulators to develop AML requirements and share best practices. . Ensure that AML requirements from a business and systems perspective Key Accountabilities: PRIMARY RESPONSIBILITIES . Responsible for BSA, Patriot Act, OFAC compliance for the One Broker/Dealer in the US-RBC Capital Markets and RBC Dain Rauscher . Lead integrated, risk-based and AML compliance Program for the One Broker/Dealer organization, to satisfy regulatory expectations and to ensure quality and consistency of compliance performance . Ensure compliance with all aspects of the BSA, OFAC and USA PATRIOT Act including monitoring transactions, filing SARs with FinCEN and supporting OFAC sanctions. . Maintain infrastructure to support OFAC sanctions and other regulatory control lists by provide guidance, as required, in decision making process, ie. release, reject or freeze funds; . Manage regulatory relationships as they relate to AML, BSA, and OFAC . Coordinate all AML aspects of regulatory examinations for the RBC OLP New York branch, RBC Representative offices, Capital Markets Corp, and RBC Dain Rauscher . Follow-up issues/violations identified by the examiners and Internal Audit Services (IAS) and implement corrective action and training where appropriate . Provide regular updates to One Broker/Dealer to the Chief Compliance Officer, and to the Global Head of Anti-Money Laundering and senior management, escalating significant issues when needed; . Ensure effective oversight over PAR cross cheques (USA and Canada), working with the CPB AMLO and GTO to ensure effective oversight; . Develop overall AML policies for the One Broker/Dealer, as required, in order to address AML / AT / ES risks, including AML, CIP, CDD, regulatory reporting . Approve all exceptions to AML related policies; . Interpret regulatory requirements, liaising with RBC Law Group as required, as they impact the covered businesses; . Direct substantive communication requirements for businesses in respect of AML / AT / ES obligations; . Establish Risk-based enterprise-wide AML compliance management models and controls . Ensure oversight of the AML Program through the implementation of Compliance Testing within the One Broker/Dealer . Provide ongoing supervision, guidance and assistance with the AML Transaction Monitoring program to ensure RBC Capital Markets and RBC Dain Rauscher meets regulatory requirements . Provide oversight and guidance for AML Detection system rules for covered businesses to ensure rules capture unusual transactions and that suspicious activity is reported to FinCEN as required; . Coordinate and administer AML training for the One Broker/Dealer and monitor effectiveness of the training program Job Requirements: (Knowledge/ Experience): AUTHORITIES, IMPACT, RISK Authorities to approve, recommend, etc. (and to who) . Organization, mission, structure and staffing for One Broker/Dealer AML Compliance . AML, ATES and CDD Compliance policy approvals and exceptions . Approval of AML/ATF suspicious transactions/activity . Approval with respect to handling of high risk clients from an AML/ATES perspective . Approval with respect to accessing AML systems and changes to AML systems . Approval with respect to procedural/system changes with respect to managing AML risk . Approval with respect to introducing new initiatives, products, services and joint ventures . Authority to mandate employee training initiatives for organization Specific impact or potential consequences of approvals/recommendations (e.g. actual dollar cost/savings; reputational risk, etc.) . Significant regulatory, reputational and financial impact including cease and desist orders, loss of licence and financial penalties in $mm Position scope . One Broker/Dealer-RBC Capital Markets, RBC Dain Rauscher and Hill Thompson Actual approval amounts, budgets portfolio sizes, revenue streams, etc. . TBD Scope, complexity, risk associated with projects . Anti-money laundering compliance is a high-risk, high-profile aspect of regulatory compliance Required Skills/ Competencies/ Attributes: Education: Masters Required Accreditation(s): Special Conditions: NA Diversity: Diversity in the workplace, one of our shared values, lies at the heart of our rewarding, open, supportive and inclusive work environment. We respect and respond to the many competing and evolving priorities in our lives so you can focus on what you can do best - put clients first. EOE/M/F/D/V About RBC: Interested in finding out more? Clickhere.

Please refer to Job code rbc-221775 when responding to this ad.

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