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Director of Compliance and Deputy Chief AML Officer – GTA


    • Position: Director of Compliance and Deputy Chief AML Officer – GTA
    • Position type: Full time
    • Location: Toronto
    • Date posted: 2022-11-25
    • Department: Compliance
    • Reporting to: Chief Compliance Officer 
    • Direct reports: N/A

    About WealthONE

    Wealth One Bank of Canada is a federally chartered Schedule I Bank and is regulated by the Office of the Superintendent of Financial Institutions (OSFI). Opened in 2016, WealthONE specializes in borrowing solutions suitable for self-employed persons, investors with multiple properties, high net worth individuals, newcomers to Canada and those who have foreign income. Our founders are committed to building a bank to provide a tailored suite of financial products and solutions designed to specifically satisfy the needs of customers in the Chinese Canadian community, as well as all Canadians who share similar financial needs. WealthONE is an equal opportunity employer committed to creating an inclusive environment where all team members and clients feel like they belong.

    Position summary

    Reporting to the Chief Compliance Officer (“CCO”), the Director of Compliance and Deputy Chief AML Officer (“CAMLO”) will be an integral team member, who will make a strong impact to a growing and fast-paced business.

    As the Director of Compliance and Deputy CAMLO, you will be a key contributor to the overall success of the Bank’s AML/ATF Compliance team, ensuring specific individual goals, plans, and initiatives are executed/delivered in support of the team’s business strategies and objectives. In addition, you will be responsible for the Bank’s compliance, AML, and record retention. You will track and interpret laws, regulations and guidelines for AML/ATF including Sanctions affecting the Bank and recommend practices and policy changes to the CCO for implementation to facilitate the Bank’s compliance.

    This is a hybrid position that includes office work at the Toronto headquarters and working from home.

    If you are passionate about jumping right into a significant role and want to contribute directly to the overall portfolio growth and profitability of the Bank, then read on.

    .More about us

    Key responsibilities

    • Work with the CCO to protect the safety, soundness, and reputation of WealthONE by ensuring an effective AML/ATF compliance program and reducing the Bank’s risk exposure to financial crimes;
    • Develop, implement and execute AML/ATF business plans, framework, and roadmaps to ensure that the company attains its short and long-term growth objectives;
    • Initiate, develop and recommend policy and procedural changes to maintain regulatory compliance and address any identified deficiencies based on Compliance/AML reviews, including internal and external audit reviews that will facilitate the Bank’s ongoing compliance program;
    • Ensure effective implementation of new or changing Compliance/AML/ATF requirements initiated within the Bank, or as required by legislation or regulators by liaising and coordinating efforts with other Bank departments;
    • Manage day-to-day AML/ATF operations and AML/ATF team;
    • Maintain the Bank’s AML/ATF and related policies and procedures and manuals;
    • Maintain and monitor the effectiveness of the Bank’s Compliance/AML programs and standards by developing and implementing compliance testing programs, reviewing internal controls to determine areas of improvement and identifying gaps and ensuring that these are properly addressed;
    • Assess and assist in the development and revision of financial products and services to ensure compliance;
    • Research legal and regulatory changes and issues related to AML/ATF/Sanctions and work with all departments to address these in accordance with regulations and laws;
    • Ensure reporting obligations to OSFI, FIINRAC, and CDIC are accurately completed and in a timely manner as well as assist regulators in making available key information to them as required;
    • Provide regular updates to the CCO and Senior Management regarding the operation of AML/ATF programs, regulatory compliance and reports to the relevant Board committees on a quarterly basis;
    • Develop AML/ATF-related training curriculum, update accordingly, and deliver ongoing training programs for employees and management, covering key applicable legal/regulatory requirements;
    • Foster a culture of collaboration, transparency, integrity, compliance, and internal controls throughout the organization;
    • Maintain awareness and knowledge of PCMLTFA, the Bank Act, and PIPEDA as well as keep current on changing requirements by OSFI and FINTRAC as well as emerging trends and industry best practices as it relates to the Bank; and
    • Perform other duties and assist with special projects as assigned by the CCO and Bank’s leadership.

    Candidate Qualifications (Knowledge, Skills & Experience):

    • Post-secondary degree in a related field (e.g. Finance, Business, etc.);
    • Recognized professional ACAMS certifications;
    • of 8 years as a Compliance, AML, Audit, or Fraud Officer at a regulated financial institution or regulatory agency;
    • of 3 years managing employees, either directly or indirectly; and
    • Law degree with a concentration in Business Law is an asset.
    • Deep knowledge and understanding of Compliance/AML/ATF methodologies and programs as well as regulatory risk management;
    • Knowledge and experience with OSFI and FINTRAC reporting requirements;
    • Strong knowledge and understanding of commercial and retail banking products, distribution channels, and financial, operational, and IT controls;
    • Demonstrated experience working on complex projects and in process management to inform a structured, disciplined approach that enables Compliance to meet its mandate;
    • Strong analytical and communication skills as well as excellent writing skills with experience drafting correspondence to senior management and regulators;
    • Ability to drive success in a high-performing, flexible and small team environment and the ability to work with all levels within the Bank;
    • Highly detail-oriented and the ability to work on various projects at the same time under time constraints;
    • Ability to coach/assist business units on compliance-related issues; and
    • Entrepreneurial DNA – comfortable building a business from the ground up, making decisions in the face of ambiguity and having the ability to make data-driven decisions when possible, and deal with major challenges along the way with professionalism.

    Who You Are

    • You put our clients and partners first. You engage with purpose, sound judgement and professionalism to find the right solutions. You go the extra mile because it’s the right thing to do.
    • You’re passionate about people. You like to build relationships and trust through respect, accountability, and authenticity.
    • You are an industry professional. As a Compliance and AML professional, you have comprehensive knowledge of the financial services industry emerging themes, risks, and regulatory expectations.
    • You have what it takes. Attention to detail and discretion when dealing with confidential and sensitive matters along with being highly organized and able to prioritize and manage multiple tasks in a fast-paced team environment are in your DNA.

    What WealthONE Offers

    At WealthONE, our people are our greatest asset. You’ll become part of a diverse and growing team that acknowledges everyone’s unique talents to do what’s right for the client, and to do it well.  As part of our team, you will:

    • Thrive: Benefit from an open and approachable culture that provides the flexibility and support you need to integrate your life at work and at home.
    • Connect: Work in a place that fosters creativity and collaboration.
    • Develop: Apply your skills and grow your career in a young, fast-growing environment.
    • Prosper: Share in our collective success with a competitive salary, incentive pay, banking and health benefits program.

    What You Need to Know

    • WealthONE is an equal opportunity employer committed to creating an inclusive environment where all team members and clients feel like they belong.
    • You need to be legally eligible to work in Canada. While we are based in Toronto, due to COVID-19 this role can be conducted from any location at present. Our preference is for the incumbent to be Toronto based as some work in the Toronto office will be required.
    • This is a regular full-time role that may require some flexibility to work flexible hours throughout the week and provide coverage as required to meet business needs.
    • You will report directly to the Chief Compliance Officer.

    How to Apply

    Please provide your resume and cover letter to stating Director of Compliance and Deputy CAMLO in the subject line.   

    We thank all interested applicants, however, only those under consideration will be contacted.