Compliance Manager & MLRO

Sovereign Group
12 Jan 2018
14 Feb 2018
Contract Type
Full Time

Job Title: Compliance Manager & Money Laundering Reporting Officer (MLRO)

Duration: Full Time ? Permanent

Location: Guernsey GY1 4LQ

Salary: Negotiable (starting salary) + excellent benefits

The Company

Sovereign has since grown into what is now one of the largest independent financial services providers in the world. We currently manage over 20,000 structures for a wide variety of clients ? companies, entrepreneurs, private investors or high net worth individuals (HNWIs) and their families ? and have assets under administration in excess of US $10 billion.


  • To manage compliance and regulatory risk in the business and to ensure a robust up to date framework is in place.
  • To ensure that an adequate internal control framework is maintained to identify the risk of noncompliance within the regulatory environment, and to develop and maintain policies, procedures and controls, to manage and report on that risk.
  • The role also includes managing a small dedicated team of compliance personnel. As a Department Head, the Compliance Manager will contribute to management discussions and developments and reports directly to the Managing Director.
  • The post holder will undertake the role of MLRO for the company after successful completion of probation.

Duties of our Compliance Manager & Money Laundering Reporting Officer

  • Reviewing new legislation, conduct of gap analysis and enhancement of existing processes and procedures to ensure that the company is compliant with the regulatory framework
  • Provides oversight of the Business Risk Assessment (BRA) and conducts regular reviews in relation to the identification and management of risks to which the company is exposed
  • Acts as the company Money Laundering and Reporting Officer (MLRO) and undertakes all duties that this official reporting role requires
  • Responds appropriately to alleged breaches, violations of rules, regulations, policies, procedures, and Standards of Conduct
  • Embedding a compliance culture, ethics and integrity within the company through close engagement with the board and employees
  • Development of the existing risk management strategy to strengthen the mitigation of risk within the business; Responsibility for the production of the annual compliance review and report to the board
  • Maintenance of the compliance and regulatory risks registers
  • First point of contact for the GFSC, with oversight of regulatory visits, new applications, reporting and statistical returns, remedial work and enforcement actions
  • Conducts the internal investigation of compliance and risk related issues
  • Conducts risk assessments and reports on new products and services, identifying any operational risks
  • Develops, initiates, maintains, and revises all relevant policies and procedures together with those for the general operation of the Compliance Monitoring Plan (CMP), the Standards of Conduct and all related activities to prevent illegal, unethical, or improper conduct and provide guidance to management and employees
  • In addition to the Directors, acts as an independent review and evaluation body to ensure that compliance issues/concerns within the company are being appropriately evaluated, investigated and resolved
  • Monitors, and as necessary, coordinates compliance activities of other departments to remain abreast of the status of all compliance activities and to identify trends
  • Identifies potential areas of compliance vulnerability and risk; develops/implements corrective action plans for resolution of problematic issues, and provides general guidance on how to avoid or deal with similar situations in the future
  • Provides compliance reports on a regular basis, and as directed or requested by the Directors, to keep the Board and senior management informed of the operation and progress of compliance efforts
  • Ensures proper reporting of breaches/violations or potential breaches /violations to the GFSC, or other agencies, as appropriate
  • Works with HR, and others as appropriate, to develop an effective compliance training and communication programme, including appropriate Compliance Induction training for new employees as well as on-going and update training for all employees and managers
  • Liaison with Systems Analyst to run reports and check data entry records on Viewpoint
  • Liaising with internal contacts regarding the production of compliance reports
  • As line manager dealing with all day to day personnel issues and providing motivational guidance, training, coaching support, and bi-annual performance reviews, as required
  • Taking responsibility for own personal development, in line with agreed annual performance appraisal objectives
  • Is a role model for the values of the company and encourages their use and adherence in order to create a culture which has benefits for employees, clients and the Group as a whole
  • Identify and investigate issues or trends which may adversely affect business compliance and propose any necessary action to promote business improvement.
  • Carrying out risk assessments and file reviews for client structures

Person Specification

Essential criteria includes:

  • Minimum 5 GCSE qualifications (Grade C or above) including English and Maths
  • Compliance and or/ AML professional qualification
  • Minimum 5 years? experience at Compliance Officer/Manager level
  • Trust & Company administration experience
  • Well-developed supervisory and management experience, backed by suitable training
  • Presentations and/or training experience
  • Excellent knowledge of regulatory requirements, local Codes and policy matters
  • Good knowledge of Trust & Company Administration
  • Excellent analytical skills
  • Must be able to keep client matters strictly confidential
  • Strong report writing skills
  • Ability to develop and follow detailed policies and procedures
  • Excellent client and customer focus with ability to build effective relationships and establish trust, respect, and confidence
  • Good people manager, able to deal with day to day people issues, including performance management

Desirable criteria includes:

  • 2 A Levels (Grade C or above) and /or Degree Level qualifications
  • STEP/ ICSA qualified
  • Management qualification / training, or willingness to undertake the same
  • Pensions or Funds administration experience
  • Good knowledge of Pension Administration

If you wish to apply for the vacancy of Compliance Manager & MLRO, please click apply and upload your up to date CV.

This job was originally posted as