Senior Compliance Officer

JobsPlus Permit Number 703/2021

The role of the Senior Compliance Officer is to assist the Malta Development Bank (MDB) in overseeing the regulatory and compliance aspects of MDB’s overall operations. This is a senior position within MDB and the person occupying this role may be required to deputise for the Chief Legal and Compliance Officer in compliance matters.

The Senior Compliance Officer shall ensure that, at every level, MDB’s operations and business transactions comply with all relevant legal regulatory compliance framework, internal rules of the MDB and will also be responsible for providing guidance to the Bank on the enhancement and development of the compliance function and providing advice to staff on matters regarding compliance.

This role reports to the Chief Legal and Compliance Officer.  Where required by statute, reporting will be directly to the Board of Directors of MDB.

Principal Responsibilities
The Senior Compliance Officer is responsible to:

• Develop MDB’s compliance function in relation to both regulatory compliance as well as compliance with other important aspects of MDB’s constitutive framework and important policy decisions or documents;


• Implement a compliance programme which ensures observance with the MDB Act and other relevant laws or policy documents as applicable to MDB’s business activities. This will also include drafting or updating and implementing policies and procedures to address MDB’s statutory obligations in relation to anti-money laundering and combating the financing of terrorism (AML/CFT), freedom of information, data protection, anti-fraud and anti-tax avoidance;


• Be appointed to act as Money Laundering Reporting Officer (MLRO) and to perform all tasks relating to AML/CFT such as verification of customer due diligence, customer risk assessments, jurisdictional risk assessments, annually updating the business risk assessment and sanctions monitoring;


• Implement and update MDB’s partner banks’ monitoring procedures in order to verify the robustness and appropriate implementation by banks accredited under MDB’s schemes of their AML/CFT policies and procedures;


• Perform on-site and off-site reviews of partner banks’ customer transactions in relation to customers benefiting from MDB schemes to verify compliance by partner banks with their AML/CFT duties, including drafting compliance reports;


• Be appointed to act as alternate Data Protection and Freedom of Information Officer and to assist the Data Protection and Information


• Officer to perform all statutory functions related to this role, including enhancing the policy framework, updating MDB’s privacy notice, updating the data processing register, monitoring the observance of data processing obligations of MDB and replying to any public requests for information;


• Monitor and, where necessary, implement compliance-related reporting procedures and record-keeping;


• Develop and liaise with external regulatory authorities and internal/external audit on compliance issues;


• Monitor and perform assessments of MDB’s compliance with regulatory and internal legal compliance framework and periodically report to the Board of Directors of MDB on such assessments;


• Carry out periodical training to staff on compliance issues as may be required;


• Complete ad hoc compliance-related tasks as requested by the Chief Legal and Compliance Officer.

Business Skills Required

• Possess good knowledge of compliance procedures and monitoring with an excellent communication skill and be well-versed with compliance standards;


• Possess good understanding of all phases of development and implementation of an effective legal compliance programme;


• Possess strategic development skills needed to create reliable internal controls and monitor adherence to those objectives;


• Possess excellent written and verbal communication skills needed to draft and revise bank policies and procedures;


• Think critically and give attention to detail needed to evaluate business activities and assess compliance risks;


• Collaborate with outside professionals and officials of regulatory bodies, including external auditors;


• Possess solid understanding of what is needed to form critical plans to manage crisis events or compliance violations, should they ever occur;


• Strong commitment to continued learning, remaining well-informed regarding internal standards, regulatory statutes and business goals.

Profile and Experience Required

• Possess a degree in Law, Finance, Business Management or a related field. Extensive relevant experience may be considered instead of a university degree;


• Significant experience in compliance procedures as a second line of defence. Candidates with experience in AML/CFT procedures, in particular candidates who have acted as MLRO, will be preferred.   In addition, experience in data protection and freedom of information will be considered an asset;


• The Senior Compliance role may be expected to obtain relevant accreditation in AML/CFT if required;


• Strong working knowledge of legal requirements and controls especially in relation to AML/CFT;


• Reliable professional who does not hesitate to speak his / her mind and to stand by his/her decisions, even when it is challenging;


• Fluency in financial industry practices and professional standards;


• Possess integrity and commitment to professional ethics;


• Strong excellent collaborative teamwork skills;


• Attention to detail and strategic thinking style.

Data Protection
The MDB shall process information provided by candidates solely for the purpose of this vacancy. In the event of unsuccessful applications, the Bank may keep applicants’ personal data on file for a period up to six months following the date that the post applied for was filled. Applicants’ information will only be used to identify any future employment opportunities within the MDB for which applicants may be suited. Applicants are free to withdraw their application and their consent to the retention of their personal data, at any time. For further information, please read the MDB’s privacy notice which can be found on the Bank’s website.
Malta Development Bank - KMP-83617