Compliance Officer and Principal Officer

Responsibilities

Strategy & Planning

• Compliance Officer has the responsibility for all compliance matters pertaining to IBU’s activities and provide strategic guidance based on the specialized regulatory framework as above explained and based on requirements by various regulators (incl. IFSCA, RBI, FEMA, FIU-IND).
• It also involves supporting internal teams in vetting of proposed asset / credit transactions, products, processes in line with internal guidelines & extant regulatory guidelines of IFSC / RBI / FEMA and other regulatory guidelines.
• Represent YBL IBU & liaise with IFSCA officials at regular intervals, attend the required regulator led meetings and make adequate representations to the authorities for various aspects related to IFSC Banking Unit.

Further, as a Principal Officer responsible for KYC-AML-CFT policy and ML/ TF compliance for IBU (as IBU has separate KYC policy than YBL India) and provide strategic guidance as required.

Policies, Processes & Procedures

• Review new products and policies and further, to undertake periodic review of existing product/policies and recommend/oversee implementation of changes in line with the regulatory guidelines issued from time to time. Frame /recommend/amend appropriate policies for IBU in line with the regulatory recommendations /adoption & modification of Bank policy/ies.

As required, obtaining clarification on regulatory matters from IFSCA specially towards product / policy matters.

Risk and Internal Control

• Regularly review all the regulatory requirements / updates / circulars and track their implementation with respective stakeholders and ensure compliance of same. This is required to be driven internally across various departments depending on circular requirement.
• Role further involves co-ordination with various auditors and review of audit reports & compliance of the recommendations / closures of the open audit points. This role further involves carrying out ML / TF risk assessment for the unit as per IFSCA guidelines.
• Co-ordination with various risk teams viz. market risk, ORM, credit risk and HO compliance teams to ensure internal controls evaluation and assessment of the unit.
• As per regulatory guidelines the prescribed GB meetings (Nos. 5-6) are to be carried out in a year & MOM duly tracked & approved. All necessary policy / processes are to be presented and approved by GB in the respective GB meetings.

Submission of updates on various regulatory & compliance aspects to the IBU Governing Body, ACB and the Board (as required / as applicable

People Management

• Co-ordinate with multiple internal stakeholders towards timely submission of all the regulatory returns & certifications and involves extensive co-ordination each month / quarter to put together the returns for submission.

Role also involves imparting training and understanding of various compliance related aspects pertaining to the unit.

Documentation & Compliance

• Ensure timely submission of all the regulatory returns & certifications (monthly/quarterly / half-yearly basis) are to be done to IFSCA / RBI. Compliance officer does checks for resolving errors/ inconsistencies between data submitted by various teams. Post submission of data, at times there are regulatory queries/ clarifications raised which are also resolved by IBU Compliance Officer.
• Further at various instances regulator calls for various data submission which is submitted to regulator by IBU compliance officer which needs to be resolved.

As a Principal Officer (PO); undertake FIU related filings (CBWTR (on monthly basis), STR, etc) for IBU which are done by IBU PO.

Education

Essential: Minimum Graduation

Preferred: Chartered Accountant or master’s degree in management

Experience

Essential: 10+ years of banking experience

Preferred: 10+ years of banking experience. Experience in compliance function is preferable.