Chief Compliance Officer (Banking)

  • Sector: Monroe Banking & Finance
  • Contact: Erwin Sarenas
  • Client: Monroe Consulting Group
  • Location: Makati City
  • Salary: PHP180000 - PHP200000 per month
  • Expiry Date: 04 June 2023
  • Job Ref: BBBH420721_1684910321
  • Contact Email:

Executive recruitment firm Monroe Consulting Group Philippines is recruiting on behalf of a fast-growing multinational bank in the Philippines. Our respected client is seeking an experiences Bank Compliance Officer banking for the job of Chief Compliance Officer. The job is based in Makati City, Metro Manila, Philippines.

Key job responsibilities include:

  • Assist the Senior Management of the Branch in the effective management of compliance risks associated with Branch's business and activities;
  • Advise the Senior Management on all compliance laws, rules and standards, including its implementing guidelines, and when necessary, assess the appropriateness of the Compliance Guidelines and internal policies and manuals, and plan for enactment/revision to reflect changes in the local laws and regulatory rules;
  • To be accountable to the Board of Directors (BOD) through the General Manager (GM) and International Compliance Officer (ICO) on all matters relate to the performance of mandated compliance and corporate governance functions; periodically report on matters that affect the design and implementation of the compliance plan and changes and amendments thereto must be approved by the BOD through the GM;
  • Manage/update Compliance Checklist regarding local laws and regulatory rules that the Branch should comply with;
  • Establish and implement an Annual Compliance Plan that sets out the planned, activities, risk assessment and testing procedures, monitoring and measures for improvements of internal control system, and education for Branch staff;
  • Monitor the operational status of internal control system, reporting the results of monitoring activities in the Monthly Compliance Report, and when necessary, investigate into/report on staff illegal or wrongful acts and enjoin staff concerned to improve/correct any weakness or problem found;
  • Conduct prior compliance review (1) regarding enactment/revision of internal policies and guidelines, (2) on conclusion/revision of contract, (3) when launching a products and new business, (4) of external reports including documents submitted to local regulator, (5) when providing Bank's internal information and disclosures including customer information;
  • Conduct regular staff training on internal controls and compliance issues such as ethics, compliance activities, relevant laws and regulations, internal control documents, AML matters and other laws and regulations, have consultation with staff regarding normal business, and; conduct regular test of internal control, compliance and AML;
  • Check the appropriateness of the operating procedures regarding AML and prevention of terrorist funding, conduct monitoring on suspicious transactions based on AML monitoring system, observe reporting procedures stipulated in the AML and terrorist funding prevention regulations, and maintain proper safekeeping of relevant documents and materials;
  • Review and monitor the roles and responsibilities of the Branch staff in accordance with the code of ethics, and update the code of ethics based on the local regulations;
  • Review the appropriateness of customer complaint handling procedures regarding customer protection;
  • Report on compliance monitoring activities such as results of compliance risk assessment and testing, changes in the risk profiles, breaches or gaps in policies and results of audit/examinations conducted by local regulatory agencies such as the BSP, based on the approved reporting guidelines, and;
  • Establish close communication channel and build cooperative relationship with officers of local supervisory agencies.

Key job requirements include:

  • Must have relevant education and experience in Compliance Function of a Bank.
  • He/she have the necessary qualifications, experience, professional background, and sound understanding of the relevant laws and regulations and their potential impact on the Bank's operations.
  • Must be up-to-date with the developments in laws, rules and standards maintained through continuous trainings.
  • He/she must serve on a full-time basis.
  • He/she must be reporting to the regional/group compliance function.
  • Capable of liaising with the Bangko Sentral and other regulatory agencies on compliance related issues.
  • He/she must have integrity/probity. In accordance with Section 134 of the MORB, in assessing an officer's integrity/probity, consideration shall be given to the officer's market reputation, observed conduct and behavior, as well as his ability to continuously comply with company policies and applicable laws and regulations, including market conduct rules, and the relevant requirements and standards of any regulatory body.
  • Does not hold any concurrent directorship or officership with another bank, quasi-bank or non-banking financial institution.
  • He/she possesses none of the disqualifications provided under section 138 of the MORB.