Chief AML Officer Job Description
The chief AML officer of a financial firm is responsible for managing, coordinating, and monitoring the day-to-day Anti-Money Laundering (AML) Compliance Program.
He or she manages all aspects of the firm’s AML KYC compliance including adherence to applicable AML and the Bank Secrecy Act (BSA), USA PATRIOT Act laws, and regulations as pertaining to anti-money laundering.
The chief AML officer’s job also includes providing status updates and reporting on the status of the firm’s KYC, AML, and sanctions program to senior management, the firm’s chief compliance officer, the board of directors, and other executive committees, as required by the firm’s policies and procedures.
- Developing a Well-Defined Customer Identification Program (CIP)
- AML KYC Onboarding Lifecycle Process Flow
- AML Periodic Reviews for Low, Medium, and High-Risk Clients
- KYC vs. CIP vs. CDD | Know Your Customer Rules and Guidelines
Chief AML Officer Job Responsibilities
- Policy updates to reflect changes in the Bank Secrecy Act and other applicable laws, regulatory requirements, and State Street’s product/service offerings
- Oversee the firm’s global KYC, AML, and sanctions screening policies and related frameworks
- Coordinate suspicious activity reporting to regulatory authorities
- Establish and maintain the firm’s corporate-wide AML compliance training program
- Manage very large and sometimes complex cross-function projects
- Work with senior executives to build a common vision of the impact and urgency of AML regulatory mandates
Reports to Whom
Generally, the chief AML compliance officer reports to the chief compliance officer or the global chief AML officer.
Image Source: BigStock
Chief AML Officer Qualifications (Desired Skills and Experience)
- 15+ years of experience in AML, compliance or risk management is desirable, preferably in the banking and financial sector
- Bachelor’s degree is required
- Experience with larger, globally operating financial institutions is a plus
- Possesses project management and people management skills
- Has excellent written and oral communication skills
- Has strong experience in bank financial reporting and regulatory
- Possesses strong organizational skills
- Is able to multi-task and prioritize
- Has a strong attention to detail
- Is able to work in a dynamic environment
- Is able to drive compliance programs with very little guidance and short turnaround times
- Has excellent written and verbal communication skills
- Has experience with MS Office tools (Excel, Word, Project, and PowerPoint)
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