Compliance Manager, Colombia

  • Full-time
  • Job Family Group: Legal

Company Description

Visa operates the world's largest retail electronic payments network and is one of the most recognized global financial services brands. Visa facilitates global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities.

We offer a range of branded payment product platforms, which our financial institution clients use to develop and offer credit, charge, deferred debit, prepaid and cash access programs to cardholders. Visa's card platforms provide consumers, businesses, merchants and government entities with a secure, convenient and reliable way to pay and be paid in 170 countries and territories.

Job Description

As a Compliance Manager, based in Bogota, the successful candidate will be responsible for regulatory Compliance matters, Anti-Money Laundering / Anti-Terrorist Financing (AML/ATF) and Sanctions programs established under formalized policies and procedures primarily in Colombia and across other countries in Latin America and the Caribbean. The candidate will be appointed before the Colombian Financial Superintendent as the AML Compliance Officer Backup for Visa Colombia Support Services S.A. 

The principal focus of this role is to ensure effective client interaction, decision-making, due diligence, review processes and risk management to meet the requirements of the USA and Colombia regulations and laws pertaining primarily to:

  • Anti-Money Laundering / Anti-Terrorist Financing

  • Office of Foreign Assets Controls (OFAC) Sanctions;

Also with limited focus on:

  • Anti-Bribery

  • Data Privacy

  • Code of Business Conduct and Ethics

  • Information Security; and

  • any other specific compliance requirements of regulators who have regulatory authority over our operations in market

Some travel throughout the region may be necessary.

General Responsibilities:

  • Primary focus is to ensure the business has effective decision-making, processes and risk management to meet international and local regulatory laws and requirements.

  • Support the AML/ATF and sanctions program for Colombia clients, consistent with Visa's Global AML/ATF and sanctions policy and procedures and local regulation, and ensure that accurate records are maintained.

  • Perform AML/ATF and sanctions periodic reviews of clients and of all new applicants as stipulated in the Global AML/ATF and sanctions Policy.

  • Due Diligence (DD) responsibility for  Sanctions and Anti-Money Laundering/Anti-Terrorist Financing

    • AML DD will consist of, but not limited to, Ongoing DD for high risk clients, Additional DD, Enhanced DD, and Onsite Client Reviews

    • Handle complex and complicated discussions and negotiation with clients to obtain the necessary deliverables and responses for additional and enhanced due diligence scenarios.

    • Manage and maintain effective and risk-based analytic methods, and techniques for evaluating unusual activity and transactions for Colombia and other countries within LAC or other Visa entities.

    • Review alerts to identify potential suspicious activity within a given timeframe.

    • Responsible for compiling appropriate case notes and documentation to support recommendation to close or escalate a case.

  • Support the reporting responsibility including but not limited to local dashboard and metric reporting, business education on policy requirements, including delivery of localized training tailored to the specific market and job functions.

  • Support the VCSS Compliance Officer to grow business partnerships and provide leadership on regulatory compliance matters by providing accurate and timely advice and counsel.

  • Working with the LAC Licensing and CDD Center Teams, manage timely completion of AML reviews for new clients and existing clients undergoing licensing changes or ongoing reviews.

  • Monitor clients and provide timely assessments of changes in clients' risk profiles.

  • Provide expert input to ensure resolution of more complex cases and implement enhanced due diligence when appropriate. Administer fines where required.

  • Conduct on-site client reviews and manage reviews conducted by third-parties as part of enhanced due diligence.

  • Coordinate closely with business development executives to ensure AML/ATF reviews are requested and received as scheduled, to deal with follow-up queries, and to administer fines if questionnaires are not received in a timely manner.

  • Participate in the ongoing development of the Global AML/ATF and sanctions policy, procedures and practices and maintain local procedures as needed.

  • Support the VCSS Compliance Officer to proactively identify and evaluate emerging regulatory trends and laws in local market that may require program enhancement.

  • In partnership with the VCSS Compliance Officer, interpret AML laws and regulations and to provide guidance to internal and external stakeholders.

  • Liaise with Legal and the VCSS Compliance Officer to ensure adherence to emerging regulatory laws and to respond to any formal inquiries.

  • Act as a subject matter expert and provide outreach to educate staff on Visa's AML/ATF and sanctions program.

  • Continually identify opportunities for efficiencies while ensuring sufficient controls are in place; partner with the business to drive improvements

  • Maintain ongoing dialogue with business units to identify potential or emerging risks and proactively address them so as not to create unnecessary delays.

    Responsibilities related to VCSS:

  • Support the VCSS Compliance Officer to meet the responsibilities assigned to the AML Compliance Officer according to local regulations, especially those enacted by the Colombian Financial Superintendent related to SARLAFT. 

  • Help execute and maintain a robust AML/ATF program (SARLAFT) in Colombia which supports the local activities to ensure compliance with local regulations and established local procedures as appropriate.

  • Ensure compliance with Directed Sanctions applicable to Colombia according to local regulation and liaise with Global Sanctions team to ensure that the Colombian requirements are included in their program.

  •  Ensure SARLAFT monitoring and reporting requirements are duly addressed and documented by defining red flag and alert criteria according to VCSS activity. Continuously monitor transactions and address potential suspicious activity as required.

  • Support VCSS Compliance Officer in conducting training on SARLAFT to VCSS’ BOD, employees and any other area that is considered relevant from the SARLAFT perspective.

  • Support in the accurate preparation and delivery of reports to regulators, internal bodies/areas and law enforcement required by legislation. This responsibility includes the following:

    • Submit internal and external regulatory reports that are under our Compliance scope, especially those related to SARLAFT 

    • Ensure internal & external regulatory reports assigned to other business functions are submitted on a timely basis to the relevant recipient as identified in the reports inventory

    • Liaise with Legal to ensure complete and accurate reports inventory

Qualifications

Professional

A minimum of 5-7 years of experience in regulatory compliance and related risk management disciplines gained in international commercial enterprises, including experience in financial services.

A minimum of 5 years of experience as an AML investigator in a surveillance monitoring capacity.

A degree qualification from a recognized University.

Previous experience as an AML/ATF Compliance Officer Backup for a financial institution is a plus. Prior authorization by the Colombian Banking Superintendent to serve as a Compliance Officer Backup in a financial institution is a plus.

Proven Knowledge in Risk Management.

Technical

Good understanding of the SARLAFT (“Sistema de Administración del Riesgo de Lavado de Activos y de la Financiación del Terrorismo”) of Colombia.

Experienced in reporting to banking regulatory authorities in Colombia.

Strong subject matter expertise in Anti-Money Laundering (AML) / Anti-Terror Funding (ATF); OFAC sanctions; Compliance risk assessment, monitoring & testing, and reporting processes.

Advanced MS Excel, including pivot tables, filtering, and sorting and advanced knowledge of effective internet search techniques.

Additional Information

Key Skills for Success

Excellent communication skills both written and oral

Self-motivated

Ability to prioritize and handle multiple tasks

Time management skills

 

Language Fluency

English & Spanish required

 

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