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Vice President, HK Money Laundering Reporting Officer (MLRO) – CIB / CB

Job Description

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity.

Purpose of Position :

The Asia GFCC Head in conjunction with the country Compliance Executive have designated the HK MLRO - CIB/CB as the CO for JPMorgan Hong Kong.
  • Overall coordination responsibility for country AML risk through oversight of firm's AML/CFT Program ("the Program") in Hong Kong
  • To work closely with the Lines of Business (LOBs) other HK MLROs, wider business and LOB Compliance to ensure that the businesses comply with the Firm's policies and standards, as well as local laws and regulations of Hong Kong
  • The role constitutes a strategic coordination role within the Regional GFCC APAC Management team
HK-specific Responsibilities :

The principal function of the HK MLRO - CIB/CB is to act as the focal coordination point for JPMC Hong Kong for the oversight of all activities relating to the prevention and detection of ML/TF and providing support to the other LOB MLROs and guidance to the senior management to ensure that ML/TF risks are adequately managed.

In particular, the HK MLRO - CIB/CB should assume coordination responsibility (in conjunction with the other LOB MLROs and LOB Compliance) for:
  1. developing and/or continuously reviewing the AML/CFT systems for JPMC Hong Kong to ensure they remain up-to-date and meet current statutory and regulatory requirements
  2. oversight of all aspects of JPMC Hong Kong AML/CFT systems which include monitoring the effectiveness and enhancing the controls and procedures where necessary.
In order to effectively discharge these responsibilities, the general duties of the HK MLRO - CIB/CB will include coordinating with the other LOB MLROs to ensure:
  1. the means by which the AML/CFT systems are managed and tested
  2. the identification and rectification of deficiencies in the AML/CFT systems
  3. the mitigation of ML/TF risks arising from business relationships and transactions with persons from countries which do not or insufficiently apply the FATF Recommendations
  4. the communication of key AML/CFT issues in conjunction with the other LOB MLROs, with senior management, including, where appropriate, significant compliance deficiencies
  5. changes made or proposed in respect of new legislation, regulatory requirements or guidance
  6. compliance with any requirement under Part 2 or 3 of Schedule 2 of the HK AMLO in overseas branches and subsidiary undertakings and any guidance issued by the HKMA or SFC in this respect
  7. AML/CFT staff training
Generic Responsibilities :

Responsible for coordinating GFCC program execution within the country with particular attention to:
  • Ensuring that the Program is fully implemented, embedded and kept up to date;
  • Evaluate, monitor andassure the quality of existing procedures and develop new procedures, systems and controls to ensure compliance with current local AML requirements and the firms’ minimum standards;
  • Monitor and risk assess new and upcoming laws, regulations, policies, procedures and products affecting country as and when they arise;
  • Provide guidance, advice and risk based solutions to the business on their responsibility to comply with all relevant AML laws, regulations and related policies of the firm;
  • Manage jointly with the LOBs any internal/external audits & reviews on the local AML Compliance program;
  • Deliver and progress monitor in-country AML training and testing programs to closure;
  • Oversee New Business Initiatives, Products and Services;
  • Oversee identification, risk determination and on-boarding/ongoing due diligence of high risk clients;
  • Active involvement in the identification, investigation and potentially reporting of suspicious activity;
  • Primary oversight on AML monitoring of customers and customer transactions;
  • Work alongside the regional team on global and regional initiatives, including risk assessments, training and ongoing awareness
  • Develop and maintain appropriate reporting channels and mechanisms to ensure LOB MLROs and Senior Compliance management are made aware of and appropriately consulted in a timely fashion on significant issues or developments related to the execution of in-country MLRO duties, and updated on a periodic basis to the status and effectiveness of in-country AML program;
  • Partner with the other LOB MLROs, LOBs and location Compliance Officers to ensure they understand the AML obligations for the business/location they support
  • Participate in the local management committee meetings and maintain all the AML-related information/documents that are tabled and/or submitted to the committees;
  • Review new business initiatives, products and services and address any emerging AML risks;
  • Work with local government agencies and law enforcement to evolve policies, standards and practices;
  • Keep up to date with supervisory and enforcement actions relating to Bank Secrecy Act (BSA)/AML issues;
  • Produce, review and act on any AML related management information at a country level as required from the firm’s MIS reporting framework;
  • Assist senior management to enhance and strengthen an AML compliance culture
Experience :
  • Law / Accounting / Business / Finance Degree
  • Minimum 7-8yrs (VP level) / 10yrs (ED level) of relevant AML experience preferably with a global financial institution
  • Expert on both implementation and advisory in country AML/CFT requirements
  • Experience in regulatory investigations, exam and audit management
Competencies :
  • Ability to develop and maintain productive relationships with key internal clients across all levels but particularly with senior management
  • A solution driven approach, with exemplary problem solving skills
  • Able to work individually but with exemplary teamwork and coordination skills
  • Able to drive and manage productive and professional regulatory relationships
  • Able to deliver results/meet deadlines under pressure and deal with motivated and driven bankers
  • Ability to prioritize
  • Strong analytical ability
  • Excellent written, verbal and interpersonal communication skills
Req #: 160020941
Location: Hong Kong, HK
Job Category: Compliance
Employment Type: Full Time
Potential Referral Amount: 40000 Hong Kong Dollar (HKD)

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