Compliance Analyst
Zero Fintech
Cardiff, UK
Published 3 weeks ago
Compliance Management Systems / Technology
As the Compliance Analyst at Zero, you will play a pivotal part in assisting our compliance manager with Zero's compliance strategy and ensure a robust framework in an ever-evolving regulatory landscape.
Requirements
1. Regulatory Compliance Monitoring
Requirements
1. Regulatory Compliance Monitoring
- Ensure the bank complies with UK financial regulations, including FCA (Financial Conduct Authority) and PRA (Prudential Regulation Authority) requirements.
- Monitor the bank's activities for compliance with relevant legal and regulatory frameworks such as PSD2 (Payment Services Directive 2) and E-Money regulations.
- Keep updated with changes in legislation and regulations, and implement necessary compliance updates.
- Conduct AML and CTF risk assessments to identify, measure, and mitigate financial crime risks.
- Perform customer due diligence (CDD), enhanced due diligence (EDD), and ongoing monitoring of customer transactions to detect suspicious activity.
- File Suspicious Activity Reports (SARs) with the National Crime Agency (NCA) as needed.
- Review and verify customer identity documents and ensure robust KYC checks are performed during onboarding and periodically.
- Ensure that the bank adheres to KYC regulations and best practices.
- Address any customer queries or issues related to the KYC process.
- Monitor customer transactions for unusual or suspicious activities using transaction monitoring systems.
- Escalate suspicious transactions for further review and investigation by the financial crime team.
- Ensure compliance with international sanctions and embargoes.
- Assist in conducting risk assessments across the bank's operations, particularly in high-risk areas like payments, lending, or cross-border transactions.
- Advise on risk mitigation strategies and controls.
- Help maintain and update the bank's risk registers in line with regulatory expectations.
- Draft, update, and maintain compliance policies, including AML/CTF policies, privacy policies, and operational risk policies.
- Ensure that all policies meet UK regulatory standards, and assist in regular internal reviews of these policies.
- Provide training materials and guidance on compliance policies for other teams within the bank.
- Ensure compliance with GDPR (General Data Protection Regulation) and other relevant data protection regulations.
- Work with the data protection officer (DPO) to monitor data security policies and address any breaches.
- Ensure proper handling and processing of customer data in accordance with UK laws.
- Assist with the preparation and submission of reports to regulators such as the FCA or HMRC (Her Majesty's Revenue and Customs).
- Ensure timely and accurate reporting of compliance breaches, suspicious activity, and other required reports.
- Work with internal/external auditors to assess and review the bank's compliance controls.
- Assist in addressing audit findings and implementing improvements to the compliance framework.
- Conduct periodic internal reviews to ensure controls are effectively mitigating compliance risks.
- Deliver training to employees on regulatory compliance, financial crime prevention, and data protection.
- Ensure all staff are aware of their roles in maintaining compliance and are regularly updated on new regulations.
- Provide guidance to operational teams on specific compliance-related issues.
- Review and assess third-party providers (such as payment processors or software vendors) for compliance risks.
- Ensure third-party partners adhere to the bank's regulatory and compliance standards.
- Maintain records of third-party risk assessments and due diligence checks.
- Investigate breaches of compliance or suspected violations of internal policies or regulations.
- Work with law enforcement and regulatory authorities on any investigations.
- Assist in the development of response plans for financial crimes or compliance-related incidents.
- Ensure the bank is in compliance with UK and international sanctions laws, including monitoring for exposure to sanctioned individuals, countries, or entities.
- Update internal sanctions lists and review transactions for sanctions risks.
- Act as a point of contact for regulatory bodies, including responding to requests for information and audits.
- Build and maintain relationships with UK regulators (e.g., FCA, PRA) and industry bodies.
- Identify opportunities for process improvements within compliance frameworks.
- Implement automation and technology solutions to improve compliance monitoring and reporting.