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BMO
BMO

Manager, Wealth Management Canada AML

Posted 3 days ago

Job Description

Application Deadline:

06/14/2024

Address:
100 King Street West

Job Family Group:

Business Management

Job Description

The Advisor, Wealth Management AML, with guidance from the Senior Manager and AMLRO, is responsible for directing, leading and operating the AML Program across the Wealth Management Line of Business (LOB) / Legal Entities (LE). Utilizing an understanding of both AML / ATF regulatory requirements and AML risk management requirements, the role is accountable to ensure the assessment of their impact from 'end-to-end' (i.e. from product origination through fulfillment) to processes, as assigned, throughout the OG. The role builds and maintains a network of relationships with business partners across the bank and the AML Reporting Officer (AMLRO) for the OG to monitor the end-to-end AML regulatory and risk management profile and provide regular reports on the status of the AML program in the OG. The Manager is a designed subject matter expert for 1st line AML compliance supporting the business.

With support from the Senior Manager, Wealth Management AML, the Manager provides AML advice and guidance for projects and initiatives which mitigate AML risk posed by the customers, products and operating geographies within Wealth Management. The Manager must possess knowledge of Wealth Management products and activities. As required by the Senior Manager and Head of AML, the Manager liaises with various corporate functions and LOB/LE Senior Management highlighting AML risks in the LOB/LE including regulatory exposure, material initiatives and systems issues or weaknesses in the control infrastructure. The individual acts as a key driver for change by reviewing and assessing AML legislation and risk management expectations. The role works closely with the Senior Manager, Wealth Management AML and leads projects which provide direction to develop, execute and monitor controls to ensure AML compliance and risk management requirements are managed. The Senior Manager also assists in the identification and management of AML risk typologies for the LEs/LOBs.

The Manager supports the regular reporting on the state of AML compliance for LOBs / LEs and the OG as a whole. This role also serves as an interface for investigative units throughout the Bank to conduct their accountabilities. The role identifies emerging AML risks within industry which may impact the investigations conducted by groups across Bank and raises these concerns on a proactive basis to train and improve the knowledge possessed by these groups.

Within the mandate of this role and BMO's three lines of defense model, the Manager, with support from the Senior Manager and AMLRO, ensures business decisions and activities fall within the risk appetite of the Bank, and that internal controls are in place and functioning effectively to support management decision-making that protects our assets and adheres to applicable corporate policies, operating directives, laws and regulations (including risk, compliance, and AML).

Key Accountabilities

Business Delivery and Operational Effectiveness

  • Provide advice to the LEs/LOBs, including advice respecting changes to the AML Program and AML regulations that affect the LEs/LOBs.
  • Manage the operation of AML Regulatory Compliance Management Framework (RCM) as it pertains to the LEs/LOBs. Maintain RCM regulatory/guidance inventory up to date.
  • Communicate to the LEs/LOBs AML issues raised through the operation of the business, including issues relating to customers, transactions and processes.
  • Design and manage an effective program to assess initiatives of the LEs/LOBs for AML implications: review new initiatives, including changes in products, delivery channels, supplier relationships, acquisitions, legal entity and regulatory status, customer base, jurisdiction and other changes proposed by the LEs/LOBs and advise the AML compliance issues and action plans raised thereby.
Relationship Management

  • Establish and manage working relationships with key managers within the LEs/LOBs and provide proactive advice and communications to the LEs/LOBs to ensure that AML issues are identified, understood and addressed.
  • Build and support strong relationships with other AML functions and support, including AML Financial Intelligence Unit, AML Risk, AML Governance and AML Officer functions in the Enterprise AML Office.
  • Monitor and govern AML risk management activities, providing LE/LOB decision-makers with AML risk management information, advice and counsel.
  • Develop and maintain an understanding of the business, ensuring that support being provided meets needs, and keeping informed of changes or initiatives that have AML risk implications.
  • Provide support to the LEs/LOBs in their review of project requirement documents to ensure the AML effectiveness of the requirements.
Risk Management and Control

  • Advise the LEs/LOBs on AML developments and emerging issues to ensure they are well understood and expected impacts are fully considered.
  • Provide communication and education initiatives to raise awareness across the LEs/LOBs.
Change and Innovation

  • Maintain awareness of changes to AML legislation, regulations, guidelines, and policies and assess the impacts of these changes; provide guidance to the LEs/LOBs to make amendments to policies, processes and programs as required.
  • Review initiatives subject to the New Product Approval Process to assess the incremental inherent risk and recommend mitigants to the LEs/LOBs to reduce their residual risk.
Knowledge

  • University Degree or equivalent with 3 years+ experience in an AML compliance or compliance related function, regulatory body, or equivalent business experience
  • Knowledge of Wealth Management products, services, processes, and organization
  • Knowledge of AML regulations, formal guidance, and regulatory expectations, CAMS designation preferred
  • Knowledge of risk management practices
Skills

  • In-depth research and analytical skills
  • Proven communication and relationship building skills
  • Planning and organizing skills and ability to manage multiple priorities
  • Ability to influence and perform a challenge function
  • Strong logic and data integration skills
Compensation and Benefits:

$68,000.00 - $126,000.00

Pay Type:

Salaried

The above represents BMO Financial Group's pay range and type.

Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group's expected target for the first year in this position.

BMO Financial Group's total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards

We're here to help

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one - for yourself and our customers. We'll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we'll help you gain valuable experience, and broaden your skillset.

To find out more visit us at https://jobs.bmo.com/ca/en .

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other's differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.

About BMO

THERE’S NEVER BEEN A BETTER TIME TO BE PART OF BMO. We’ve set our sights on being the bank that defines great customer experience. Our customers’ needs are changing and so are we. Everyone who works here has a role to play in making a difference for our customers. Every day. It’s an amazing feeling when you know you’re making a customer’s life better, and you can do it at BMO – whether you’re imagining a new product, designing a customer experience, streamlining an application, launching a marketing campaign or just being there in a very human way with the right answer.

Industry

Banking & Finance

Company Size

10,000+ employees

Application closing date is 2024-07-13

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