The Regulatory Compliance Officer is responsible for ensuring the bank's adherence to regulatory requirements by implementing and executing the compliance monitoring plan, managing FATCA/CRS reporting, maintaining the regulatory obligations repository, and assessing regulatory compliance risks. This role requires strong regulatory knowledge, analytical skills, and the ability to work cross-functionally with various business units.
Key Responsibilities:
Compliance Monitoring & Oversight
Develop and execute the compliance monitoring plan to assess adherence to regulatory requirements and internal policies.
Conduct regular compliance reviews, thematic assessments, and testing of key controls to identify potential non-compliance.
Prepare monitoring reports with findings and recommendations for corrective action.
Track and ensure timely resolution of compliance issues identified through monitoring activities.
Regulatory Obligations Management
Maintain and update the regulatory obligations repository, ensuring all applicable laws, regulations, and guidelines are captured and mapped to relevant business functions.
Monitor regulatory developments and assess their impact on the bank’s operations.
Collaborate with stakeholders to implement necessary changes in policies, procedures, and controls to comply with new or revised regulations.
FATCA & CRS Compliance
Ensure the bank meets all Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting obligations.
Conduct due diligence on reportable accounts and oversee the submission of regulatory reports to tax authorities.
Provide guidance to business units on FATCA/CRS classification and customer due diligence requirements.
Regulatory Compliance Risk Assessment
Conduct periodic risk assessments to identify regulatory compliance risks across different business units.
Work with business teams to develop and implement risk mitigation measures.
Support the preparation of compliance risk reports for senior management and regulators.
Regulatory Engagement & Reporting
Assist in preparing responses to regulatory inquiries, audits, and inspections.
Ensure timely submission of regulatory filings and compliance reports.
Act as a point of contact for regulatory compliance matters and liaise with regulators as needed.
Training & Advisory
Provide guidance and training to employees on regulatory requirements and compliance best practices.
Support the development and enhancement of the compliance culture within the bank.
Qualifications & Experience:
Bachelor's degree in Law, Finance, Business, or a related field. A relevant compliance certification (e.g., CAMS, CRCM, ICA, or equivalent) is a plus.
5+ years of experience in regulatory compliance, preferably within a commercial bank.
Strong knowledge of financial regulations, including FATCA/CRS, AML/CFT, and key regulatory frameworks.
Experience in compliance monitoring, regulatory reporting, and risk assessment.
Excellent analytical, problem-solving, and communication skills.
Ability to work independently and collaboratively in a fast-paced environment.
Preferred Skills:
Experience working with regulatory technology (RegTech) solutions for compliance monitoring and reporting.
Familiarity with regulatory developments across multiple jurisdictions.
Strong attention to detail and ability to manage multiple priorities effectively.