Director - Compliance Services

Job description

About Waystone Waystone is a leading asset-servicing solutions provider of institutional governance, administration, risk and compliance services to financial institutions. With over 25 years’ experience and a comprehensive range of specialist services to its name, Waystone helps our clients structure, operate and grow through our expertise, innovation and digitisation, backed by the operational scale to support global expansion. ROLE SUMMARY The Director - Compliance Services is a senior leader within Cayman Compliance Services and has strategic responsibility for a diverse portfolio of Cayman Islands investment funds, Securities Investment Business Act entities and other regulated clients. The Director serves in approved Anti-Money Laundering Compliance Officer (AMLCO), Money Laundering Reporting Officer (MLRO) and/or Deputy Money Laundering Reporting Officer (DMLRO) appointments and provides senior leadership over Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/CPF), financial sanctions governance, risk assessment, independent audit, regulatory engagement, Board reporting, remediation, service quality, team development and business growth. All Waystone employees are expected to demonstrate the organisation’s core competencies and values and to perform their responsibilities with professionalism, integrity, sound judgement, accountability and a commitment to continuous learning. ESSENTIAL DUTIES AND RESPONSIBILITIES AML OFFICER, CLIENT AND PORTFOLIO OVERSIGHT Accept approved appointments as AMLCO, MLRO and/or DMLRO for a diverse portfolio of Cayman Islands regulated entities; Oversee client AML/CFT/CPF and financial sanctions Compliance Programmes and assess whether systems and controls are developed, maintained and operating in line with applicable Cayman Islands requirements; Monitor Money Laundering Reporting functions and ensure confidential escalation, decision-making and reporting arrangements remain effective; File or oversee the filing of Suspicious Activity Reports and Compliance Reporting Forms with the relevant authorities where required; Report periodically to Governing Bodies on the adequacy and effectiveness of AML/CFT/CPF and sanctions systems and controls, material risks, findings, recommendations and remediation; Provide strategic advice to clients on complex AML/CFT/CPF, financial sanctions, targeted financial sanctions and proliferation financing matters; Act as a senior point of escalation for client issues, investigations, regulatory requests and material control concerns; and ensure supporting AML Officer activities are appropriately allocated, supervised, reviewed and documented. AML/CFT/CPF AND SANCTIONS GOVERNANCE LEADERSHIP Establish and maintain governance frameworks for investment funds, Securities Investment Business Act entities and other assigned financial service providers; Approve methodologies, policies, standards and governance arrangements relating to AML/CFT/CPF, financial sanctions, targeted financial sanctions and proliferation financing; Ensure governance frameworks demonstrate the linkage between risk assessment, independent audit planning, audit execution, findings, remediation, Board oversight and subsequent risk-assessment updates; Provide strategic guidance to Governing Bodies, senior management, AML Officers and clients on financial-crime risk and regulatory expectations; Monitor legislative, regulatory and industry developments and determine their impact on methodologies, services and client obligations; and sponsor implementation arising from new legislation, Cayman Islands Monetary Authority Rules and Guidance Notes, inspection findings and industry developments. RISK ASSESSMENT AND RISK-BASED APPROACH Approve and oversee entity-level AML/CFT/CPF and financial sanctions risk-assessment methodologies, including inherent risk, control effectiveness, residual risk, risk appetite, overrides, trigger events and risk acceptance; Review and challenge customer or investor, beneficial ownership, geographic, product, service, portfolio, transaction, distribution-channel, outsourcing, sanctions and proliferation financing risk assessments; Challenge the quality, sufficiency and currency of evidence supporting control-effectiveness and residual-risk conclusions; Review material risk acceptances, control weaknesses and remediation requirements and determine appropriate escalation; Approve risk-to-audit mappings and risk-based audit coverage decisions; and present risk-assessment conclusions and strategic recommendations to Governing Bodies and senior stakeholders. INDEPENDENT AML/CFT/CPF AND SANCTIONS AUDIT OVERSIGHT Provide strategic oversight of independent AML/CFT/CPF and financial sanctions audit programmes across Cayman Compliance Services; Approve audit methodologies, universes, plans, scopes, testing strategies, population requirements, sampling methodologies and quality-assurance standards; Confirm that auditors are suitably qualified, operationally independent and free from conflicts that could impair objective judgement; Oversee testing of governance, AML Officer arrangements, risk assessment, customer due diligence, beneficial ownership, enhanced due diligence, source of funds, source of wealth, ongoing monitoring, suspicious activity reporting, financial sanctions and targeted financial sanctions, proliferation financing, outsourcing, training, employee screening, recordkeeping and remediation controls; Review and challenge material findings, severity assessments, recommendations, management responses, section ratings and overall conclusions; Approve material audit conclusions and the final Compliance Programme opinion, subject to applicable independent quality-review arrangements; Oversee remediation validation, closure testing and escalation of overdue, repeat or inadequately remediated findings; and ensure audit engagements and reports are consistent, evidence-based, regulator-ready and aligned with applicable requirements. REGULATORY, GOVERNING BODY AND SENIOR STAKEHOLDER ENGAGEMENT Lead interactions with the Cayman Islands Monetary Authority (CIMA), other regulators and external authorities where required; Coordinate and oversee responses to CIMA inspections, thematic reviews, desk-based reviews, on-site inspections, regulatory examinations and information requests; Review inspection findings and oversee timely, sustainable corrective action; Present Annual AML/CFT/CPF and Sanctions Governance Packages, risk assessments, independent audit plans, audit reports and remediation updates to Governing Bodies; Act as the senior relationship lead for key clients, investment managers, administrators, delegates and professional advisers; Ensure Board and regulatory reporting is clear, balanced, evidence-based, internally consistent and distinguishes legal and regulatory requirements from guidance, good practice and internal policy; and represent Waystone at industry meetings, conferences, forums and professional working groups where appropriate. PEOPLE, QUALITY AND BUSINESS LEADERSHIP Lead, mentor and develop Associate Directors, Senior Associates and Associates and maintain clear accountability, performance expectations and succession plans; Oversee resource allocation, engagement portfolios, budgets, delivery timelines, quality review and escalation across the function; Approve standard templates, audit workbooks, risk libraries, sampling guidance, quality-control procedures and technical training materials; Sponsor continuing professional development and technical capability building in AML/CFT/CPF, financial sanctions, proliferation financing, audit, governance and regulatory inspection readiness; Contribute to the strategic growth of Cayman Compliance Services through service design, proposals, client presentations and market-development initiatives; Coordinate with Waystone internal Compliance and other business functions on strategic projects and transformation initiatives; and promote a culture of technical excellence, independence, accountability, collaboration and continuous improvement. REQUIREMENTS To perform this role successfully, an individual must be able to carry out each essential duty to the required standard. The requirements below are representative of the knowledge, experience, qualifications and competencies expected for the position. EDUCATION AND PROFESSIONAL QUALIFICATIONS A university degree in law, business, finance, accounting, governance, compliance, risk management or a related discipline is required; A recognised professional qualification in AML, compliance, audit, governance, risk management, accounting, law or financial services is required; Certified Anti-Money Laundering Specialist (CAMS) is strongly preferred, and International Compliance Association (ICA), Certified Internal Auditor (CIA), Association of Chartered Certified Accountants (ACCA), Certified Public Accountant (CPA), Chartered Accountant, legal or equivalent professional designations will be considered favourably; and ongoing continuing professional development in AML/CFT/CPF, targeted financial sanctions, proliferation financing, governance, audit and risk management is required. EXPERIENCE, KNOWLEDGE AND SKILLS A minimum of eight to twelve years of relevant experience in compliance, governance, audit, risk management, financial services, fund administration, consulting or another regulated environment is required; Significant experience serving in senior AML Officer appointments, including AMLCO, MLRO and/or DMLRO roles, is required; Extensive experience leading AML/CFT/CPF and financial sanctions governance programmes and risk assessments for regulated entities is required; Extensive experience leading independent AML audits, compliance reviews, governance reviews, internal audits or equivalent financial-crime control assessments is required; Experience approving audit methodologies, testing strategies, sampling methodologies, ratings, findings and remediation programmes is required; Strong knowledge of Cayman Islands AML/CFT/CPF legislation, CIMA Rules and Guidance Notes, targeted financial sanctions requirements, proliferation financing risks, outsourcing and regulatory governance expectations is required; Experience supporting, coordinating or responding to CIMA inspections, thematic reviews, desk-based reviews, on-site inspections, regulatory examinations and information requests is strongly preferred; Experience interacting directly with Governing Bodies, regulators, investment managers, administrators, delegates and other senior stakeholders is required; Experience overseeing outsourced and delegated AML/CFT/CPF activities and assessing third-party control environments is required; Experience developing governance frameworks, methodologies, audit programmes and quality-control standards is required; Excellent strategic leadership, independent judgement, stakeholder-management, Board communication and regulator-ready report-writing skills are required; Ability to lead multidisciplinary engagements, manage conflicts, develop senior staff and provide strategic direction on complex regulatory and financial-crime risks is required; and advanced proficiency in Microsoft Excel, Word, PowerPoint and information-management systems is required.