Summary
ITA International Financial Services Corp is an international financial entity under the ITA group. The ITA Group is an international group of insurance companies that sell life insurance to the global market.
www.investors-trust.com
Job Description: Compliance Officer (Puerto Rico)
The Compliance Officer is responsible for overseeing and administering the organization’s AML/CFT & Sanction Compliance Program to ensure adherence to applicable federal laws, Puerto Rico laws and regulations, industry standards, regulatory requirements, and internal policies. The Compliance Officer serves as an independent compliance resource and advisor to management and the Board of Directors, promoting a strong culture of ethics, integrity, risk management, and regulatory compliance.
Essential Duties and Responsibilities
AML Compliance Program Management
· Develop, implement, and maintain the AML/CFT Compliance Program.
· Ensure the program complies with the Bank Secrecy Act (BSA), USA PATRIOT Act, FinCEN regulations, OFAC requirements, and other applicable laws.
· Periodically review and update AML policies and procedures.
· Monitor the overall effectiveness of the AML program.
Regulatory Compliance
- Monitor changes in laws, regulations, administrative orders, and regulatory guidance affecting the organization.
- Analyze regulatory developments and advise management regarding compliance obligations.
- Coordinate responses to regulatory inquiries, examinations, audits, and investigations.
- Serve as the primary liaison with regulatory agencies.
Risk Assessment and Monitoring
- Conduct periodic compliance risk assessments.
- Identify, assess, and monitor emerging compliance risks.
- Recommend corrective actions and process improvements to mitigate compliance risks.
- Track and report compliance issues and remediation efforts.
Suspicious Activity Reporting (SAR)
- Review investigations to determine whether a Suspicious Activity Report (SAR) filing is warranted.
- Ensure timely and accurate filing of SARs with FinCEN.
- Maintain confidentiality of SAR-related information.
- Monitor ongoing activity related to reported subjects.
Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)
- Oversee customer identification and verification processes.
- Ensure compliance with Customer Identification Program (CIP) requirements.
- Review high-risk customer relationships.
- Approve or oversee Enhanced Due Diligence reviews.
- Ensure Beneficial Ownership information is collected and maintained.
OFAC and Sanctions Compliance
- Oversee sanctions screening processes.
- Ensure compliance with OFAC regulations and sanctions programs.
- Review and investigate potential sanctions matches.
- Coordinate blocking or rejecting transactions when required.
Compliance Audits and Reviews
- Perform compliance monitoring and testing activities.
- Coordinate with internal and external auditors regarding compliance-related matters.
- Assist in implementing corrective action plans arising from audits and examinations.
Training and Awareness
- Develop and administer compliance training programs for employees, management, and directors.
- Maintain records documenting employee participation in compliance training.
Investigations and Reporting
- Investigate alleged compliance violations and unethical conduct.
- Maintain confidential reporting mechanisms and whistleblower processes.
- Prepare compliance reports for executive management and the Board of Directors.
Recordkeeping and Documentation
- Maintain compliance records, policies, procedures, risk assessments, training records, and monitoring reports.
- Ensure compliance documentation is complete, accurate, and readily available for regulatory review.
Required Qualifications
Education
- Bachelor’s degree from an accredited institution in:
- Business Administration
- Finance
- Accounting
- Law
- Risk Management
- Public Administration
- Criminal Justice
- Related field
Experience
- Minimum three (3) to five (5) years of experience in:
- Compliance
- Regulatory affairs
- Risk management
- Legal or regulatory compliance
- Experience in regulated industries preferred, including:
- Banking
- Financial Services
Preferred Certifications
- Certified Anti-Money Laundering Specialist (CAMS)
Knowledge, Skills, and Abilities
Regulatory Knowledge
Knowledge of applicable federal and Puerto Rico laws and regulations, including:
- Bank Secrecy Act (BSA)
- Anti-Money Laundering (AML) regulations
- USA PATRIOT Act
- OFAC requirements
- Corporate governance and ethics requirements
Technical Skills
- Risk assessment methodologies
- Regulatory research and analysis
- Report preparation and presentation
- Fraud Detection & Investigation
Professional Skills
- Strong analytical and problem-solving abilities
- Excellent written and verbal communication skills in English and Spanish
- Sound judgment and ethical decision-making
- Ability to build collaborative relationships with regulators, management, and staff
Job Type: Full-time
Benefits:
- 401(k)
- Dental insurance
- Health insurance
- Paid time off
Work Location: In person