Sanctions Compliance Officer

Job Description

Sanctions Compliance Officer

Job Title

Sanctions Compliance Officer

Location

Remote Flexible Working

Type

Permanent, full time (37.5 hrs per week)

Right to Work

Individuals will reside and have the Right to Work in the UK.

Job Overview

Velonetic operates over 20 years in the London market, processing premium and claims transactions worth £101 billion. Velonetic, a joint venture between XIS and XCS as part of DXC Technology, is building a new digital platform to move transactions and money through the processing lifecycle more efficiently.

Velonetic is committed to full compliance with global economic sanctions, including UK, US, EU and UN regulations. Our comprehensive sanctions programme meets obligations and manages related risks effectively.

We seek a self motivated Senior 2nd Line Compliance Officer with strong financial sanctions expertise to provide sanctions advice, act as the senior sanctions SME, deliver staff training, and support complex sanctions referrals from the business through sanctions screening. The ideal candidate has solid general insurance experience, ideally in the London Insurance Market, and proven ability to interpret and apply the sanctions laws and regulations of the UK, EU and USA to business written in the insurance market.

Key Responsibilities

• Lead sanctions SME: primary point of contact for expert advice and complex queries, trusted advisor to the business, interface with sanctions regulators, deliver substantive inputs to key sanctions governance forums.
• Horizon Scanning: identify and interpret OFAC, OFSI and EU sanctions regulations and changes, recommend updates to internal controls and work instructions.
• Training: oversee and guide sanctions education and training internally and externally.
• Expert Judgments: advise the business on sanctions case referrals and provide final analysis for claims and premium processing requests, in line with OFSI, OFAC and EU sanctions.
• Stakeholder Management: represent Velonetic to customers, work with their compliance staff on complex sanctions matters, improve understanding of our approach, enhance service delivery and streamline complex submissions.
• Industry Participation: attend industry groups to keep abreast of regulatory developments and best practices, articulate Velonetic's views where necessary.
• Risk and Control Assessments: provide substantive input to quarterly sanctions risk and control assessment, recommend controls to mitigate known risks and improve the overall sanctions risk profile.
• Projects: advise on strategic business initiatives to embed regulatory requirements in project planning and execution, support internal sanctions compliance improvement projects.
• Reporting and Stats: assist in providing statistics and reports for Velonetic Board and Audit and Risk Committee meetings.

Essential Skills and Qualifications

• 5+ years knowledge of OFAC, OFSI, UN and EU sanctions laws and regulations for trade and financial sanctions.
• Demonstrable London Market (Lloyd's and Company) knowledge - products and processes.
• 5+ years experience in compliance or legal, ideally in a second line function.
• Excellent analytical and problem solving skills, with the ability to identify and mitigate compliance risk.
• Strong communication and interpersonal skills, capable of explaining complex compliance issues to non compliance professionals.
• Ability to work independently and as part of a team in a fast paced, deadline driven environment.
• Strong attention to detail and organizational skills.
• Flexible approach - able to adapt to team priorities and tasks as required.

Investment in Training and Development

We offer training and career development opportunities, a structured induction programme, tailored job training and mentoring. We're developing an environment where people can grow and harness their careers to focus on the long term.

Our Culture

Velonetic supports care and compassion and constantly evolves initiatives around equality, diversity and inclusion. Everyone feels equally involved and supported in the workplace. We pride ourselves on an inclusive environment, diverse mix of employees, high performing workforce led by talented leaders and an innovative modern thinking approach.

Employee Benefits

Flexible benefits are available. Options include flexing specific benefits such as buying or selling annual leave, Private Medical Benefit, Dental and Travel Insurance. Perks at Work offers discounts on holidays, restaurants, activities, groceries and more.

Recruitment Scams Notice

XYZ does not make offers of employment via social media networks and never asks for money from applicants. For more information on employment scams, visit the provided link.