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Captive Risk and Compliance Officer

at Comerica Bank

Posted: 9/8/2020
Job Reference #: 5000625421706
Keywords: credit

Job Description

We invite you to explore the award-winning culture, people, rewards and opportunities that make Comerica Bank so special. Make your next career choice a confident one.

Position Qualifications:
  • Bachelor's Degree
  • 4 years of experience managing United States regulatory compliance and auditing risk within the Financial Services industry including AML
  • 4 years of Experience working with US BSA/AML Regulations, AML Risk Ratings, Enhanced Due Diligence, OFAC/SDN & US Sanctions, Department of Treasury Regulations
  • 4 years of experience utilizing Word, Excel and PowerPoint

The Captive Risk and Compliance Officer within the Commercial Bank Risk department is responsible for managing compliance risk for the Commercial Bank Risk department and the Cayman Islands Branch to ensure compliance with all US and Cayman Islands laws, rules and regulations including Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), Proliferation Financing (PF), International Financial Sanctions, Common Reporting Standards (CRS), Foreign Account Tax Compliance (FATCA), as well as the US Bank Secrecy Act (BSA) and all Bank policies.

Position Responsibilities:
  • Own and manage the regulatory and compliance risk for the Global & Captive Insurance Group and the Cayman Islands Branch. This includes monitoring the adequacy, effectiveness and adherence of day to day compliance with all applicable US and Cayman Islands legislation including the Bank Secrecy Act, Banks and Trust Companies Law, the Monetary Authority Law, Proceeds of Crime Law, Anti-Money Laundering Regulations as well as other applicable legislation, Bank policies and accepted standards of best practices.
  • Work closely with Comerica's AML, Compliance and Business Unit Risk Groups to minimize risk and ensure compliance with all Bank policies and procedures including OFAC, Politically Exposed Persons (PEP), Suspicious Activity Reporting and International Sanctions. Complete risk assessments.
  • Make sure customer files are properly documented with all required account opening checklists and questionnaires, customer identification, beneficial ownership forms, registers of directors and members, etc.
  • Complete required supplier Third Party Risk Reviews and requests; Work with Tax Compliance area and KPMG to ensure Common Reporting Standards (CRS) forms are properly filed for offshore accounts every year with the Cayman Monetary Authority.
  • Act as point person on all audits including internal audits, Cayman Islands or US regulatory exams, AQR, critical spreadsheet self-audits, etc.
  • Complete quarterly Regulatory Reporting Certification for Captive Insurance - Favorable Collateral (RC-R) Report.
  • Coordinate with Corporate Legal, Institutional Trust, and Financial Reporting to make sure all Cayman regulatory requests (e.g. financial reports, dormant accounts, SIBL, BTCL, Economic Substance, Inherent Risk Control, etc.) are accurately and timely filed on the Cayman Monetary Authority's on-line portal and all fees are paid.
  • Educate and train business unit on risks that affect them.
  • Ensure Business Continuity Plan fully encompasses all critical business process needs and recommend changes where required.
  • Manage Cayman Branch relationship with CIBC Bank and Trust (Cayman) Limited, our registered agent.

8:00am-5:00pm Monday-Friday
Comerica Oaktec Building

We know that our employees are critical to our overall success. We are dedicated to investing in their future to maintain long-term relationships for lasting commitments. One of the ways we do this is to offer a comprehensive package of compensation and benefits programs which are regularly reviewed to maintain them at competitive levels. Your salary will be commensurate with your work experience.

Upon offer, Comerica conducts a comprehensive background check, fingerprint check and a drug test.

NMLS certification requirement: where applicable, a favorable background check screening, credit check, fingerprint check, and NMLS certification is required in accordance with the SAFE Act.

Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by the Business Bank, the Retail Bank, and Wealth Management. Comerica's more than 9,000 colleagues focus on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.

Comerica is proud to be an Equal Opportunity Employer - veterans/individuals with disabilities, committed to workplace diversity.