Head, AML/CFT/CPF Examination Department I, Financial Institutions Supervisory Division

Summary

Reporting to the Deputy Division Chief, AML/CFT and Market Conduct, Financial Institutions Supervisory Division, the successful candidate will be responsible for:

Responsibilities

Reporting to the Division Chief, Examinations Sub-Division, Financial Institutions Supervisory Division, the successful candidate will be responsible for:

• • Leading the process for formulating the overarching strategic priorities for the AML/CFT/CPF Examination portfolios and developing operational plans and measurable objectives for the department ensuring alignment with the strategic priorities of the Financial Institutions Supervisory Division.
• • Overseeing the strategic planning, direction and coordination of the AML/CFT/CPF Examination Department operation to ensure the effective execution of its objectives. This includes assessing and addressing resourcing requirements; identifying knowledge and competency gaps, and implementing targeted strategies to enhance departmental effectiveness and regulatory compliance.
• • Overseeing the effective coordination, management, and execution of ongoing assessments of supervised licensees’ AML/CFT/CPF frameworks to ensure their effectiveness. This This includes evaluating frameworks that address broader money laundering predicate offenses such as fraud, tax evasion, bribery, corruption, insider trading, and market manipulation. The role requires leveraging the Bank’s risk-based approach supervisory methodology to assess compliance with POCA, Proceeds of Crime Money Laundering Prevention Regulations (POC-MLPR), TPA, BOJ Guidance Notes, FATF Standards, and other relevant legislation and supervisory directives, ensuring a comprehensive approach to mitigating financial crimes and preserving financial system integrity.
• • Leading the execution and ongoing monitoring of licensed consolidated financial groups to ensure compliance with the POCA, POC-MLPR, TPA, and FATF Standards. This includes ensuring adherence to rules and regulations governing relationships between parent companies, subsidiaries, and other related entities, and assessing risks and their management on a consolidated basis to meet the requirements of AML/CFT/CPF frameworks and international best practices.
• • Reviewing and approving the sector level and entity level Supervisory AML/CFT/CPF risk assessment documents, for each DTI and DTI group and presenting the supervisory strategy and multi-year supervisory plan, for each DTI and DTI group to the Deputy Division Chief, AML/CFT Sub-Division for sign-off.
• • Overseeing the review, and where applicable, approval of timely, incisive and analytically robust management letters, management reports and routine surveillance reports on the overall assessment of the risk profile of assigned licensees, highlighting any AML/CFT/CPF risk concerns and required ameliorative actions for submission to the senior management and board of assigned licensees.
• • Ensuring the preparation and finalisation, and in some instances sign off, on correspondence to the board and management of licensees and local and regional supervisory authorities on matters relating to examination findings, offsite surveillance, emerging developments, queries and/or request for information and recommendations for supervisory actions.
• • Reviewing and approving the required actions to be implemented by the deposit taking institutions or financial conglomerates to address examination findings and proposing matters to be escalated to the Enforcement and Legal teams, in accordance with POCA, POC-MLPR, TPA, BOJ Guidance Notes.
• • Collaborating with the legal and enforcement teams to facilitate the seamless execution of recommended sanctions and enforcement actions for assigned licensees. This includes ensuring the tiemly provision of relevant information, supporting legal and regulatory proceedings and reinforcing compliance measures to uphold financial system integrity and regulatory effectiveness.
• • Facilitating collaboration and co-operation with local and regional supervisors including the Financial Investigative Unit (FIUs) by liaising with senior officers of local and regional regulators on any material AML/CFT/CPF developments that impacts the financial groups and DTISs for which Bank of Jamaica is the Home/Host regulator.
• • Leading the collaboration with the Policy and Legal Departments as the key AML/CFT/CPF subject matter expert, identifying and referring the need for new or revised regulatory positions, guidance, and legislative amendments based on emerging risks, evolving practices, and operational insights gleaned from ongoing supervisory work.
• • Leading the collaboration with the Licensing & Approvals department in their assessment of licensees' applications for non-objection to undertake the introduction or implementation of new products, services, and delivery channels. This involves approval of comprehensive AML/CFT/CPF risk evaluations to identify potential vulnerabilities, ensuring alignment with the POCA, POC-MLPR, TPA, and FATF Standards. The support includes reviewing the adequacy of licensees' risk mitigation measures, advising on compliance with regulatory requirements, and providing technical input to enhance the robustness of supervisory decisions in the approval process.
• • Liaising with the senior management of licensees on an on-going basis in relation to supervisory matters, queries and emerging issues of supervisory concern.
• • Continuously monitoring and analysing emerging international standards and market developments in the financial and commercial environment, both locally and globally to inform meaningful dialogue and enhancements to supervisory policy, procedures and methodologies to maintain regulatory effectiveness
• • Participating in internal meetings with FISD and the Bank’s senior management.
• • Leading the execution and reporting of AML/CFT/CPF Supervision accountabilities to the NAMLC. This includes spearheading the development and periodic updates of the financial sector’s AML/CFT/CPF Context, Understanding of Risks and Effectiveness of Remediating Actions as part of FATF Standards Recommendation 1. Additionally, demonstrating supervisory efforts in achieving Immediate Outcome 3 (Supervision) and Immediate Outcome 4 (Preventive Measures) under the FATF Standards, ensuring robust risk mitigation and compliance with international best practices
• • Leading the Bank’s role in collaborating with Prime Contact Secretariat (“PCS”) to execute the National Risk NRA, including collecting, analysing, and drafting the comprehensive NRA report.
• • Overseeing the preparation of high-quality documentation, data, and analytical reports to effectively substantiate BOJ’s robust supervisory framework during the Mutual Evaluation process.
• • Leading the development and implementation of corrective actions to address and remediate supervisory deficiencies identified during Mutual Evaluations. This includes establishing robust tracking mechanisms, ensuring timely resolution of gaps and enhancing supervisory frameworks.

Required Skills

• • In-depth knowledge of the Proceeds of Crime Act (POCA), the Proceeds of Crime (Money Laundering Prevention Regulations) (POCMLPR), the Terrorism Prevention Act (TPA), and the United Nations Security Council Resolutions Implementation Act (UNSCRIA), as well as the Bank of Jamaica Act, Banking Services Act, and any other relevant legislation, BOJ directives, and regulations.
• • Sound knowledge of Financial Action Task Force (FATF) standards inclusive of the new methodologies for assessing effectiveness and technical compliance of Supervision of AML/CFT/CPF.
• • Sound knowledge of compliance, auditing and risk management.
• • Sound understanding of the securities, insurance and other non-deposit financial sectors and related governing legislation.
• • Sound knowledge of risk based supervisory (RBS) methodology
• • Understanding of IT systems and the use of such technologies in the financial services industry.
• • Sound knowledge of economics, business and finance practices.
• • Sound knowledge of banking operations and practices.
• • Thorough knowledge of banking and commerce sub-sectors.
• • Knowledge of the developments in the financial sector.
• • Basic understanding of the banking systems of overseas jurisdictions including Canada, USA, Britain and the CARICOM area to inform cross border supervision issues.
• • Thorough knowledge of the work of the Basel Committee on bank supervision including the Basel Core Principles and other international supervisory standards.
• • Managerial and supervisory skills.
• • Excellent analytical, conceptual and interpretative skills.
• • Good written and oral communication skills.
• • Good interpersonal skills.
• • Report writing skills.
• • Ability to perform under pressure.
• • Ability to work well as part of and effectively lead a team.
• • Ability to interpret and analyse financial statements and economic indicators.

Qualifications

• • Postgraduate degree in Accounting, Finance or related discipline or professional certification(s) such as CAMS, CAMS-Audit, CAMS-FCI, CAMS-Risk, CPA, CFA, FRM, or equivalent qualification with seven (7) years’ experience and three (3) years at the management level.
OR
• • Undergraduate degree in Accounting, Finance or related discipline with eight years’ experience and four (4) years at the management level.
• • Exposure to and participation in specific Bank Supervision related training, seminars or conferences would be an asset.

Additional Information and Instructions

• Specific Conditions Associated With The Job:

  • • Regularly handles highly confidential and sensitive information, requiring strict adherence to data protection and professional discretion.
  • • Navigate unpredictable and time-sensitive issues, exercising sound judgement in prioritising and addressing urgent matters effectively.
  • • Demonstrate the highest levels of integrity, ethical conduct, and professionalism in executing regulatory and supervisory responsibilities.
  • • Required to travel extensively within the corporate area, to rural Jamaica, and, where necessary, to overseas branches of supervised institutions.
  • • Must maintain prolonged concentration on complex regulatory matters, ensuring precision in analysis and reporting.
  • • Regularly operates in a stressful work-related environment, balancing competing priorities.
  • • Often encounters delays in the timely submission of critical data from supervised financial institutions, requiring persistent follow-ups.

Interested persons who meet the above requirements should complete the application form with cover letter and full resume no later than Friday, 28 February 2025. NB. Only short-listed candidates will be able to access the panel interview.

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