About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a leading global financial services company with $2.0 trillion in assets and offices in over 37 countries. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides asset management, capital raising and advisory, financing, foreign exchange, payments, risk management, and trade finance services to support customers who conduct business in the global economy. At Wells Fargo, we want to satisfy our customers’ financial needs and help them succeed financially. We also value the viewpoints of our team members and encourage them to be their best.
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Market Job Description
Main Function of the Role
This role is to support the Wells Fargo Bank International (WFSE) Money Laundering Reporting Officer (MLRO) and assist with the management of Financial Crimes risk for WFSEon a day to day basis.
FCRM is tasked with the management and oversight of Financial Crime Risk for WFSE and it Branches – including Customer Due Diligence, Anti-Bribery and Corruption, Sanctions, Fraud and other regulatory requirements.
The Regulatory Risk Officer (RRO) will support the WFSE MLRO and Wells Fargo in EMEA’s (WF EMEA) ability to meet its regulatory financial crime risk obligations and commitments.
The RRO is intended to support the WFSE MLRO as the Subject Matter Expert covering AML/CFT and Financial Sanctions Legislation and Regulations associated with WFSE FB and relevant Lines of Business (LOBs). The RRO is also intended to provide support to the WFSE MLRO in relation to the management of Fraud and ABC-related risks pertaining to WFSE. This will include:
- Acting as Deputy MLRO for WFSE
- Identification of any aspects within the regulations supporting the relevant WFSE and Wells Fargo Financial Crime Programs that will impact Wells Fargo’s activities across the EMEA region, especially in France
- Documenting risks associated with the successful implementation of new/updated regulation/regulatory change that will impact the lines of business operating within the EMEA region and existing processes/resources/IT solutions that underpin the financial crime framework
- Overseeing and continued assessment of WFSE and relevant LOB’s adherence to the financial crime requirements against the Wells Fargo framework, documenting gaps and tracking to successful completion any agreed remediation tasks
- Work with other key stakeholders, such as Monitoring & Testing teams, to ensure risks and mitigating solutions are clearly articulated.
- Assisting with the completion of the AML Risk Assessment program for WFSE and the EMEA region (particularly in France) and any remediation activities highlighted to address residual risks.
- Fulfill duties as Deputy MLRO for WFSE.
- Discharge responsibilities via the day-to-day support for management of WFSE related activities as a member of the EMEA FCRM function.
- Provide SME assistance on projects involving WFSE and EMEA FCRM.
- Maintaining an up-to-date and informed understanding of the assigned regulations and their impact on WFSE and the EMEA region, especially in France.
- Establishing and maintaining appropriate follow-up, escalation and management reporting processes.
- Assist the MLRO in contributing to WFSE and EMEA-wide procedures to meet legal and regulatory money laundering obligations within France and the EU.
- Liaise with various support departments including Compliance, Operations and Legal as necessary regarding AML/CTF and other regulatory requirements for WFSE and WF FCRM.
- Development and review of Risk Assessments.
- Monitor Sanctions screening and other requirements of WFSE.
- Liaising with WFSE, FCRM and other WF Management as appropriate.
- Assist with preparation for internal and external regulatory exams/audits.
- Providing and maintaining WFSE and FCRM-specific items in the EMEA FCRM Rule Log including:
- EMEA financial crime related regulations impacting Wells Fargo’s EMEA business activities; and
- EMEA financial crime related regulations that are applicable to Wells Fargo EMEA but are deemed by the Money Laundering Reporting Officer not to impact Wells Fargo’s business activities.
- Advising key stakeholders of the EMEA Financial Crime Rule Log, and any regulatory changes which may have potential impacts to Wells Fargo.
Market Skills and Certifications
- Identification of relevant financial crime risks within the Wells Fargo’s compliance risk management system:
- Document financial crime risks within the system (used to drive the EMEA Central Compliance Testing program) ensuring risks are not duplicative and are grouped to form key requirements.
- Assign risks to relevant stakeholders, who will be responsible for conducting an evaluation and establishing requisite controls to manage risk as part of the overall Financial Crime Program.
- Assign inherent risk rating(s) to risks (high, medium or low) in accordance with the global program and determine specific risk management controls, assisting stakeholders design respective Compliance programs.
- Participate in FCRM risk-related projects and work with FCRM and Regulatory Compliance colleagues to incorporate conclusions or findings of such regulatory projects.
- Perform annual “horizontal reviews” in relation to assigned regulations
- Manage Compliance Reporting by:
- Creating and managing the production of Management Information for WFSE MLRO and work with key stakeholders throughout WF and WF EMEA;
- Sitting, where required, as an active member of the EMEA Regulatory Development Forum and the EMEA Policy Forum (or equivalent), ensuring a ‘community of practice’ is maintained in relation to regulatory developments impacting the EMEA region and related policies/procedures;
- Working with key stakeholders on the creation of Regulatory Alerts or Bulletins as directed by FCRM Management;
- Assisting in the development of new policies and procedures required to describe controls and processes for the risk management of the Regulatory Risk Officer’s assigned regulations;
- Participating in regulatory financial crimes risk-related projects as determined by the MLRO; and
- Managing key stakeholders to determine the need for team member training in connection with regulatory sources/internal policies, proactive sharing.
- Strong knowledge of French AML/CFT legislation alongside the supporting guidelines and industry best practice.
- AML-related qualification.
- Additional experience and knowledge of regulatory requirements within EU/EEA an advantage.
- Strong ability in spoken and written English a requirement.
- Track record of collaboration and leadership
- Experience in Process design and management a requirement.
- Expert analytical skills with experience in collecting, analyzing, and synthesizing information on various subjects.
- Demonstrated ability to identify key issues, and obtain appropriate information for further analysis.
- Proven track record of working collaboratively across multiple business lines and with stakeholders and colleagues at all levels but also of taking the lead as needs dictate. An ability to motivate team members for common progress is essential.
- Strong attention to detail essential
- Experience of providing guidance and assistant/training to team members.
- Excellent interpersonal, communication (written and presentation) skills and organizational abilities are essential with an ability to liaise professionally and with diplomacy across all levels of staff in clear and succinct manner.
- Demonstrated experience working in a high pressure environment, working to tight deadlines displaying efficiency and effectiveness on a daily basis.
- Strong ability to manage multiple requests for information and handle confidential and sensitive information in a professional manner in a fast paced deadline driven environment.
- Candidate should be IT literate - including Microsoft Project, Excel, Access, Word, PowerPoint and other reporting tools but also able to understand use of technology for improving the regulatory control environment.
- The ability to work unsupervised, the willingness to work extra hours when required to do so and with a demonstrated ability to drive through regulatory and other change.
- Reliability and conscientiousness are as important as knowledge in this role.