Requisition ID: 268249
Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
The Role
The Assistant Manager, Trade Finance Risk Control is responsible for supporting the Trade Finance Operations (TFOs) for Canada , New York, UK, Ireland, Trade & Supply Chain Finance, and any other Trade Center in all “Know Your Customer (KYC) /Due Diligence (DD)/Enhanced Due Diligence (EDD)” for escalated Trade Finance & Supply Chain transactions processed by the TFO, ensuring the Policy and Procedures related to
Trade Finance & Supply Chain Finance transactions and other related KYC/DD/AML/ATF, transaction monitoring P&P are implemented and followed by TFOs, in order to minimize reputational and compliance risks and to meet the regulatory requirements related to Trade Finance & Supply Chain Finance transactions.
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Is this role right for you? In this role, you will:
- Authorizing escalated transactions based on “Know Your Customer (KYC) / Due Diligence (DD)/Enhanced Due Diligence (EDD)”.
- Ensuring the policy and procedures are implemented and followed by the TFOs employees.
- Minimizing reputational and compliance risks, and to meet the regulatory requirements related to trade finance & supply chain finance transactions.
- Authorizing trade transactions escalated by TFO, based on risk assessment, including AML/ATF, reputational, compliance and regulatory risks.
- Interpreting established policies/procedures and international trade rules, regulations and practices, providing advice and counsel with respect to potential red flags and mitigation of AML/ATF risk in trade transactions.
- Working with the Senior Manager, Trade Finance Risk Control with respect to changes in operating AML/KYC policies and procedures applicable to trade finance products.
- Assist in performing quality testing/post transaction reviews of trade finance transactions.
- Acting as a backup for other team members within the department.
- Deliver an excellent level of customer service and contribute towards solving customer problems.
Effectively mitigate the risks associated with all escalated trade finance & Supply Chain Finance transactions by:
- Reviewing, analyzing and approving the trade finance transactions processed in the Global Trade Platform T360 and assigned to the “Compliance Q’s (“Can EDD comp” and “Compliance CAN”) or escalated directly on email, in order to effectively mitigate the ML/TF/Sanctions risks associated with the escalated trade finance transactions.
- Clearly and confidently providing guidance to the TFOs, Relationship Managers and Sales teams and other internal or external contacts in relation to KYC, Due Diligence (DD), Enhanced Due Diligence (EDD), AML, ATF, Sanctions, and the regulatory requirements related to all Trade Services instruments.
- Maintaining a high level of awareness in global trade related matters.
- Escalating issues to management as appropriate.
Record, Monitor and report compliance related issues by:
- Working in partnership with Global AML- GBM, Trade Finance Operations, GTB Internal Control, First Line Testing, GSS to report on compliance related matters.
- Preparing and submitting to the Financial Investigations Unit (FIU) the Unusual Transaction Reports (UTRs), as required.
- Keeping record of all the escalated transactions and create database to spot trends from AML perspective.
- Assist in performing the quality testing/post transaction review of trade finance transactions.
Assist in Developing, maintaining and implementation of Policy and Procedures by:
- Making recommendations for changes/updates to the “KYC/DD/EDD /AML/ATF Policy & Procedures for Trade Finance”.
- Preparing/updating department procedures.
Effectively contribute to the Trade Services client experience by:
- Responding promptly and expertly to TFOs inquiries, issues, developing workable solutions, ensuring all related issues are resolved in a timely, accurately and effective manner or escalated to Management as required.
- Maintaining confidentiality of Bank and customer information.
- Maintaining a very good knowledge of the Bank’s domestic and international compliance P&P and regulations related to trade finance business (e.g. OSFI, Basel, Wolfsberg, BAFT, the Bank Secrecy Act, etc.) and AML/ATF aspect of trade finance by gathering information in the context of international trade operations,and provide guidance and update to all staff in the TFOs when necessary.
Contribute to the effective functioning of the team by:
- Supporting various administrative functions to maintain the operations of the department including but not limited to filing, record maintenance, regular activities, acting as backup for other team members of TFRC etc.
- Actively participating and contributing in creating/updating training program on trade based money laundering and other topics.
- Building effective working relationships across the team and with various business. lines/departments within the bank.
- Assist in preparation/submission of reports.
- Maintaining a high level of customer service.
- Facilitating a culture of open and honest communication
Do you have the skills that will enable you to succeed in this role? – We’d love to work with you if you have:
- College or University Degree, along with 5-10 years international trade finance operations and/or compliance.
- Very Good knowledge of ICC publications like UCP 600, ISP 98, URC522 etc.
- Very Good Knowledge of Trade Finance Products, Structured Trade Finance products, Risk Participations etc and ability to spot red flags in trade finance transaction.
- Strong verbal and written communication skills are essential.
- Strong computer skills, including Word, Excel, PP, Adobe. Given the increasing reliance on technological solutions for trade transactions purposes and risk assessment/mitigation, the incumbent must be able to work with other systems/applications such as Trade 360, World Check, PurpleTrac etc
What’s in it for you?
- A rewarding career path with diverse opportunities for professional development
- An organization committed to making a difference in our communities – for you and our customers.
- A competitive rewards program including bonus, flexible vacation, personal and sick days, and comprehensive benefits that start on your first day.
- Diversity, Equity, Inclusion & Allyship - We strive to create an inclusive culture where every employee is empowered to reach their fullest potential, respected for who they are, and are embraced through bias-free practices and inclusive values across Scotiabank. We embrace diversity and provide opportunities for all employees to learn, grow & participate through our various Employee Resource Groups (ERGs) that span across diverse gender identities, ethnicity, race, age, ability & veterans.
- Accessibility and Workplace Accommodations - We value the unique skills and experiences every individual brings to the Bank and are committed to creating and maintaining an inclusive and accessible environment for everyone. Scotiabank continues to locate, remove and prevent barriers so that we can build a diverse and inclusive environment while meeting accessibility requirements.
Location(s): Canada : Ontario : Toronto
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.
