AVP Chief Anti-Money Laundering Officer (CAMLO)

DUCA View all jobs

  • Toronto, ON
  • $113,128-141,410 per year
  • Permanent
  • Full-time
  • 6 days ago
Why DUCA?We're a vibrant, exciting credit union that lives its "profits with a purpose" philosophy in every financial transaction, product, interest rate, and community initiative we offer. Founded in 1954, DUCA has grown from a single branch credit union in Toronto to 19 branches across Southern Ontario with over 85,000 Members we are proud to serve.We exist to help People, Businesses and Communities Do More, Be More, and Achieve More™.DUCA ( ) is distinguished for the following:
  • Positive, un-big bank like service experience delivered through Member-facing staff in branch, on the phone (Member-Connect) and via our Mobile mortgage specialists, Wealth Management advisors and Commercial and Business Banking Account Managers.
  • Competitive rates.
  • Personalized financial solutions, guidance, and service with the lowest possible fees for both Personal and Business Members.
  • Profit sharing among Members.
  • Multiple ways to bank-online, mobile app, phone/full-service Member Connect Contact Centre, and, of course, in-branch-DUCA is accessible 24/7
  • A community philosophy of “profits with a purpose” culminating in the creation of the DUCA Impact Lab (www.ducaimpactlab.com), a charitable foundation committed to helping the credit challenged and underbanked. This led to DUCA's designation as a B-Corp certified organization, the first ever credit union to receive this global recognition.
A career with DUCA means you'll find endless opportunities to make a difference with your unique abilities and perspectives. Our people live their purpose while helping others Do more, Be more and Achieve more with their money and their lives. At DUCA, you'll be part of a vibrant and collaborative team where you'll be supported to excel and make an impact, no matter what role you play.AVP Chief Anti-Money Laundering Officer (CAMLO)DUCA is looking for a AVP Chief Anti-Money Laundering Officer (CAMLO) to join our growing team!Job Purpose & SummaryThe AVP CAMLO maintains the operating framework for the identification, management, monitoring, and reporting of Anti-Money Laundering/Anti-Terrorist Financing (AML/ATF) compliance. Reporting to the VP, Legal and Compliance of DUCA Financial Services Credit Union Ltd. (“Credit Union”) and dotted line reporting to senior leadership of subsidiaries, the AVP CAMLO oversees the Credit Union's and its subsidiaries Anti-Money Laundering and Anti-Terrorist Compliance Program (AML/ATF). The AVP CAMLO works with the Executive Leadership Team (ELT), business units, and other departments to ensure the Credit Union and its subsidiaries have an adequate system of internal controls that operate efficiently and promote AML/ATF compliance with all applicable laws and regulations across the entire enterprise. The AVP CAMLO drafts regular compliance reports for the VP, Legal and Compliance, and/or senior management, and the Board (or its delegate) and advises of emerging compliance issues while developing appropriate controls and processes to mitigate risk.In fulfilling these responsibilities, the AVP CAMLO follows the framework established by regulatory agencies, including but not limited to, FINTRAC and FSRA. In applying established frameworks, careful consideration is given to complexities within the Credit Union and its subsidiaries. Adherence to these frameworks is achieved through the development and implementation of timely, objective, quantifiable, and actionable risk assessments which are designed to identify, and measure risk associated with compliance with various laws and regulations.Key Accountabilities & Duties
  • Lead by example: consistently demonstrate DUCA's values of “Bringing out the best in others”, “Doing what's right even when it's difficult”, and “Making what's possible happen”
  • Lead, coach, and develop the Credit Union's and its subsidiaries' AML/ATF team creating a culture that fosters engagement, passion, and enthusiasm for the organization's vision, mission, and values. This includes hiring, training, coaching, and all other aspects of people management and development; manage deliverables and the annual workplan, identify and monitor leading indicators for high-volume periods and plan for associated resourcing needs.
  • Develop, implement, and administer all aspects the Credit Union and its subsidiaries AML/ATF program.
  • Act as a business partner to the Executive Leadership Team (ELT) and Business Units in managing AML/ATF compliance efforts at all levels of the organization through participation in various strategic initiatives and projects.
  • Identify, measure, monitor, and escalate AML/ATF compliance risks through the development of quantifiable risk assessments and oversight of consistent policies, procedures, and internal controls that align with the Credit Union and its subsidiaries Risk Appetite.
  • Create and maintain an appropriate AML/ATF compliance infrastructure, including the human resources necessary to support the Credit Union and its subsidiaries' products, services, Members, and various delivery channels, including online and broker channels.
  • Operate an effective and efficient second line of defense function for AML/ATF compliance risk that partners with Business Units while providing a credible challenge to their risk taking.
  • Oversee all aspects of AML/ATF regime including AML/ATF and Training.
  • Collaborate with Business Units and other areas such as Risk, Internal Audit, and IT to appropriately direct AML/ATF compliance issues.
  • Provide AML/ATF guidance and expertise across the organizations and ensure employees understand requirements.
  • Direct the review and amend existing AML/ATF policies and procedures or create and implement new policies and procedures as required.
  • Develop and implement appropriate testing methodologies designed to ensure compliance with all applicable laws and regulations. Evaluate new laws and regulations that may impact the Credit Union and its subsidiaries.
  • Act as the primary lead in organization wide projects and initiatives to advise lines of business on application of AML/ATF compliance requirements, relative to such areas as: new products, new vendors, new channels of delivery, process development, development of controls and monitoring, changes in law or regulations.
  • Support the Credit Union and its subsidiaries strategic planning initiatives by leading from an AML/ATF perspective special projects as necessary or as requested by the Board or ELT. These include, but are not limited to, due diligence reviews, consulting activities over a broad range of topics corporate-wide, various research and analysis projects, and other senior and executive management advisory roles as necessary.
  • Report key risk issues to the VP, Legal and Compliance, and/or to senior leadership of subsidiaries. Develop AML/ATF compliance action plans to mitigate known risks to manageable levels and assign responsibility for remediation consistent with the three lines of defence
  • Respond to alleged violations of laws, rules, regulations, policies, and procedures with remediation action plans for the three lines of defence and oversee the ongoing monitoring and reporting of action plan progress. Monitor non-compliance and escalate any issues where non-compliance is not addressed.
  • Act as the primary lead on Internal Audit exams, including bi-annual reviews, FINTRAC regulatory examinations, and external audit reviews. Coordinate and work closely with regulatory agencies during all examinations, providing a point of contact for information and explanation of AML/ATF compliance, policy, and procedures throughout the Credit Union and its subsidiaries. Maintain strong, professional relationships with regulatory agencies, in particular FINTRAC.
  • Prepare responses to the findings identified in the reviews and examinations and drive remedial action to resolve gaps identified in audits and regulatory examinations, in keeping with three lines of defence.
  • As requested, attend senior leadership team meetings to report on AML/ATF compliance related topics.
  • Advise the VP, Legal and Compliance of emerging AML/ATF compliance issues and guide the Credit Union and/or its subsidiaries in the establishment of controls to mitigate risks. Collaborate with VP, Legal and Compliance and/or subsidiary senior leadership on recommendations of significant or complex AML/ATF compliance events.
  • Plan AML/ATF Compliance program strategy and activities to promote efficiencies, including outsourcing of certain AML/ATF functions and employment of Artificial Intelligence, where warranted.
  • Maintain high standards of ethics and integrity; adhere to DUCA's Code of Conduct and any associated legal, compliance, or information security requirements.
Occupational Experience & Education Requirements
  • University degree in business, finance, or other relevant area
  • 10+ years' experience in financial services, preferably in an audit, compliance, or regulatory relations position
  • 5+ years' people management experience
  • CAMS or CFCS designation
Knowledge, Skills & Attributes
  • Clear understanding of applicable regulatory compliance and risk management practices within the financial services industry
  • Subject matter expertise of PCMLTFA legislation, related regulations, and guidelines, and Production Orders
  • Critical thinking with strong analytical, risk assessment, and research skills
  • Exceptional organization skills with very strong attention to detail
  • Excellent oral and written communication skills with the ability to convert complex discussions into actionable items in a clear and succinct manner
  • Ability to provide guidance, make decisions, and interact with all stakeholders with tact, strong judgment, discretion, and confidence
  • Collaborative and results-driven approach
  • Demonstrated ability to work efficiently and effectively to meet challenging, conflicting, and tight deadlines
  • Ability to build strong internal and external relationships
  • Ability to maintain discretion with confidential or sensitive information
  • Strong proficiency with all MS Office software and experience with information sharing technology
  • Demonstrated strategic leadership, team management, and people development experience
  • Demonstrated ability to manage multiple, competing tasks and priorities
  • information High level of integrity, ethics and professionalism; proven ability to maintain sensitive and highly confidential information
Working ConditionsRegular office environmentDepartment: CompliancePrimary Location: Corportate OfficeEmployment Status: Full-timeHours per Week: 38Salary: The annual salary range for this position is $113,128 - $141,410. Actual annual base salaries will vary depending on relevant job-related factors such as experience, knowledge, skills, qualifications, and education/training. This position may be eligible for discretionary bonuses.Number of Existing Vacancies: 1DUCA is committed to employment equity and encourages applications from all qualified candidates. Recruitment related accommodations will be provided upon request.Our hiring process includes AI screening for keywords and minimum qualifications. Talent Acquisition Partners review all results.Qualified applicants are encouraged to submit their application. Applications must include a resume.We thank all applicants but only those considered for an interview will be contacted.

DUCA