Money Laundering Reporting Officer

Position Goal
National Banking Corporation has an ambitious growth strategy to become a full-service commercial bank. It is driving transformational change across its business with a strong focus on innovation and diversification. The bank aims to deliver a leading-edge customer service experience to more individual and smaller/medium business customers that will positively impact the financial services sector and help drive Papua New Guinea's economic prosperity.

The Money Laundering Reporting Officer, will play a critical role of:
•Oversighting and monitoring compliance to regulatory and prudential obligations;
•Provide regulatory reports to the AML regulator in accordance with the Anti-Money Laundering and Counter Terrorist Financing Act 2015 (AML/CTF Act);

•Develop business wide oversight and monitoring of AML/CTF and Sanctions compliance to the AML Programme and identify and remediate operational risks and incidents; and
•Provide advice, review and challenge of business processes and procedures to maintain an effective and efficient control environment for the business.

Key Result Areas
The Money Laundering Reporting Officer (MLRO) is responsible for the following Key Areas.

Financial Expense Management
•Ensure all staff training occurs per budget allocation.
•Ensure all staff attendance at work is monitored and staff absences are recorded as a genuine leave of absence per Human Resource Policy.
•Ensure all utilities or tools allocated to or used by the incumbent for work related purposes (i.e., telephone, printer, internet etc.) are used in a cost-efficient manner to meet annual budget allocation. Process

Monitoring

The AML/CTF Programe:
•Implement an effective AML/CTF programme using a risk-based monitoring approach.
•Ensure AML/CTF procedures, systems, and controls are current and effective.
•Manage and oversee the AML/CTF programme, including maintaining country obligation registers or compliance plans, setting risk assessment criteria, and ensuring proper control testing and documentation of policies and procedures.

Risk Assessment
•Implement and oversight of the risk assessment process ensuring that compliance risks are appropriately identified and assessed.

Reporting
•Timely and effective reporting to management and board ensuring all management and risk committee reports are delivered according to specified timeframes.
•Preparation of standard and ad-hoc information and data reports such as Executive Committee reporting, Monthly Management reporting, Quarterly Operational Risk & Compliance Committee reporting and Quarterly Board Audit and Risk Committee reporting, and when required IRS FATCA reporting.
•Escalate significant AML/CTF compliance breaches or risks and provide insight on trends and control effectiveness.

Policy and Procedure Development
•Regularly review AML/CTF and sanctions policies to ensure they meet legal and regulatory requirements.
•Review and oversee Business Unit procedures to ensure
they align with NBCL policies and standards.

Training and awareness
Assist in establishing, implementing and overseeing the management of general and role-based employee training in relation to effective management of risk and compliance. Training programmes will include understanding of internal policies and procedures, the application of standards and guidelines and, understanding relevant laws and regulatory requirements to promote and enhance a strong bank- wide compliance culture.
•Develop and deliver AML/CTF training programs for staff
•Promote a strong compliance culture across the organization
•Provide guidance to business units on AML/CTF obligations.

Customer
Values Proposition
•Collaborating with staff and Business Units and enhancing the whole-of-bank customer service culture by improving customer service standards through NBCL’s Values Proposition.

People

Oversight and Advisory
•Maintaining an understanding of relevant regulatory AML/CTF requirements, to provide advice and guidance to the HoCAML, Executive Committee and Senior Management enabling them to implement compliant policies and procedures.

Values Proposition
•Participate in leading and embedding NBC’s vision, purpose, and values within the Compliance Function.
•Responsible for understanding NBC vision, purpose and values and personally applying them into your work and social habits.

Accountability
•Oversight on the Anti Money Laudering & Counter-Terrorist Financing (AML/CTF) Programme.
•Timely and effective reporting to management and board.
•Ensure all management and risk committee reports are delivered according to specified timeframes.
•Ensure all governance documents are reviewed, updated, and approved by respective governance committees.

Key working relationships

Internal Relationships
•Business Units
•Executive Committee
•First Line Compliance Departments (Quality Control)
•Legal
•Internal Audit
•Operational Risk and Compliance Committee
•Board Audit and Risk Committee

External Relationships
•Bank of Papua New Guinea
•Papua New Guinea Financial Analysis and Supervision Unit
•Royal Papua New Guinea Constabulary – Fraud Squad
•Department of Justice and Attorney General
•Internal Revenue Commission
•Ombudsman Commission
•Investment Promotion Authority
•Papua New Guinea Customs Office
•Department of Labour and Industrial Relations
•Regulators / Rating Agencies: Demonstrate compliance with AML standards.
•Port Moresby Stock Exchange
•Papua New Guinea Registries Limited
•Securities Commission
•Board Members

Person specification
Qualifications and experience
Qualification
•Bachelor’s Degree or higher
Desirable: Tertiary qualifications in accounting, banking and finance or business management and/or similar.
Certification in risk management practices.
Experience
•Three (5) years’ experience in a risk management, at least two (3) of which have been spent in the banks and financial services industry.
•Desirable: Knowledge and experience of best practice AML/CTF compliance and governance frameworks, methodologies and emerging practice, compliance monitoring and risk assessments in the context of the financial services industry.
•Experience in communicating with regulators and assisting with regulatory enquiries and inspections.
•Proven track record of developing close partnerships with key stakeholders and key decision makers within the client organisation.

Skills and abilities
•Strong verbal and written communication skills
•Critical thinking and strong negotiation skills
•Sound knowledge of the regulatory environment and relevant industry standards.
•Proficient in Microsoft Applications.
•Strong presentation, communication, and people skills
Desirable
•Knowledge of banking products and services.
•Commercial Acumen
•Advanced knowledge of AML/CTF and Sanctions Risk Management and Management tools