Associate Director - Compliance/AML

About Us

Waystone is a leading provider of institutional governance, administration, risk and compliance services to the asset management industry. With over 25 years’ experience, we support many of the world’s largest asset managers, providing a comprehensive range of specialist services from a global network of offices.

ROLE SUMMARY

The Associate Director leads compliance and Anti-Money Laundering (AML) advisory, AML Officer oversight and risk-based AML/CFT/CPF and financial sanctions governance programmes for assigned regulated entities. The role leads full risk assessments, independent audit planning and delivery, Board reporting, regulatory engagement, remediation oversight, methodology development, quality review and team capability building.

All Waystone employees are expected to demonstrate the organisation’s core competencies and values and to perform their responsibilities with professionalism, integrity, sound judgement, accountability and a commitment to continuous learning.

ESSENTIAL DUTIES AND RESPONSIBILITIES

COMPLIANCE, AML OFFICER AND CLIENT RESPONSIBILITIES

• Act as a subject-matter expert on investor AML and applicable regulatory requirements for jurisdictions and business lines supported by Waystone;
• Keep abreast of regulatory developments and advise the business and clients on obligations, risks and proportionate implementation;
• Design and maintain compliance policies, procedures, controls, monitoring programmes and training using relevant Group standards;
• Perform approved AML Officer appointments, including Anti-Money Laundering Compliance Officer, Money Laundering Reporting Officer and Deputy Money Laundering Reporting Officer roles, and discharge those responsibilities independently and objectively;
• Plan and deliver reporting to Group Compliance, Senior Management and Governing Bodies;
• Act as a senior point of contact for regulators, external investigations, due diligence reviews and data requests;
• Represent the compliance function at client meetings, internal and external working groups and committees;
• and promote a culture of compliance, governance, independence and ethical behaviour.

AML/CFT/CPF AND SANCTIONS GOVERNANCE AND RISK ASSESSMENT

• Lead development and continuous improvement of AML/CFT/CPF and financial sanctions governance frameworks for investment funds, securities investment businesses and other assigned financial service providers;
• Ensure governance frameworks link risk assessment, independent audit planning, audit execution, findings, remediation, Board oversight and subsequent risk-assessment updates;
• Own or lead the approved entity-level risk-assessment methodology, including inherent risk, control effectiveness, residual risk, risk appetite, overrides, trigger events and risk acceptance;
• Review and challenge customer or investor, beneficial ownership, geographic, product, service, portfolio, transaction, distribution-channel, outsourcing, targeted financial sanctions and proliferation financing risk assessments;
• Challenge the quality and currency of evidence supporting control-effectiveness and residual-risk conclusions, including third-party and delegate evidence;
• Approve risk-to-audit mapping and recommend risk-based audit priorities, scope and depth to the Governing Body;
• and present risk conclusions, material changes, risk acceptances and required actions to Governing Bodies and senior stakeholders.

INDEPENDENT AML/CFT/CPF AND SANCTIONS AUDIT LEADERSHIP

• Lead independent AML/CFT/CPF and financial sanctions audits in accordance with approved methodologies, engagement terms, independence requirements, quality standards and applicable regulatory expectations;
• Develop and approve risk-based audit plans, audit universes, scopes, testing strategies, population requirements and sampling methodologies;
• Confirm and document auditor competence, independence and conflicts management, including separation from the design, implementation and operation of the controls under review;
• Direct testing across governance, AML Officer arrangements, the risk-based approach, customer due diligence, beneficial ownership, enhanced due diligence, source of funds, source of wealth, ongoing monitoring, suspicious activity reporting, financial sanctions and targeted financial sanctions, proliferation financing, outsourcing, training, employee screening, recordkeeping, audit-cycle management and remediation;
• Review and approve audit workpapers and evidence and challenge scope limitations, sampling, exceptions, root cause, findings, severity, recommendations and management responses;
• Determine whether issues are isolated, thematic or systemic and approve section ratings and overall conclusions, subject to the applicable independent quality-review and sign-off arrangements;
• Oversee factual validation without compromising audit independence and objectivity;
• and lead remediation governance, approve closure-testing conclusions and escalate material, overdue or repeat findings.

BOARD, CLIENT AND REGULATORY REPORTING

• Lead preparation and senior review of Annual AML/CFT/CPF and Sanctions Governance Packages, independent audit reports, findings, management-action plans, regulatory mappings and prior-audit summaries;
• Present risk assessments, audit plans, audit conclusions, material findings and remediation priorities to Governing Bodies, senior management and clients;
• Ensure reports intended for Governing Bodies or CIMA are accurate, balanced, evidence-based and internally consistent and distinguish regulatory requirements from guidance, good practice and internal policy;
• Coordinate responses to regulatory inspections, thematic reviews, examinations, information requests and queries concerning audit scope, methodology, findings, remediation and supporting records;
• and maintain appropriate confidentiality, legal privilege, restricted access and information-security controls.

PEOPLE, METHODOLOGY AND BUSINESS LEADERSHIP

• Lead, mentor and review Associates and Senior Associates engaged in risk assessment, audit delivery, governance reporting and remediation validation;
• Allocate work according to competence, independence, engagement risk, deadlines and quality requirements;
• Develop and maintain standard templates, audit workbooks, risk libraries, sampling guidance, quality-control procedures and training materials;
• Manage engagement planning, resourcing, budgets, workflow, client communication and quality review for assigned engagements;
• Contribute to service design, proposals, client education, internal capability building and cross-functional projects;
• and foster a collaborative, accountable, and high-performing team environment.

REQUIREMENTS

To perform this role successfully, an individual must be able to carry out each essential duty to the required standard. The requirements below are representative of the knowledge, experience, qualifications, and competencies expected for the position.

EDUCATION AND PROFESSIONAL QUALIFICATIONS

• A university degree in law, business, finance, accounting, governance, compliance, risk management or a related discipline is required;
• A recognised professional qualification in AML, compliance, audit, risk management, governance, accounting, law or financial services is required;
• CAMS is strongly preferred, and ICA, CIA, ACCA, CPA, Chartered Accountant, legal or equivalent professional designations will be considered favourably;
• and ongoing continuing professional development in AML/CFT/CPF, targeted financial sanctions, proliferation financing, audit, governance and risk management is required.

EXPERIENCE, KNOWLEDGE AND SKILLS

• A minimum of six years of relevant experience in financial services, compliance, audit, governance, risk management, fund administration or a related regulated environment is required;
• Demonstrable experience leading AML/CFT/CPF and financial sanctions risk assessments, compliance monitoring, control reviews, internal audits or independent AML audits is required;
• Strong knowledge of Cayman Islands AML/CFT/CPF legislation, CIMA regulatory measures and Guidance Notes, financial sanctions and targeted financial sanctions requirements, proliferation financing risks, outsourcing and regulatory governance expectations is required;
• Experience developing audit plans, testing strategies and sampling methodologies, reviewing workpapers, grading findings, determining overall conclusions and presenting results to Governing Bodies or senior management is required;
• Experience supporting, coordinating or responding to CIMA inspections, thematic reviews, desk-based reviews, on-site inspections, regulatory examinations or information requests is strongly preferred;
• Experience acting as an Anti-Money Laundering Compliance Officer, Money Laundering Reporting Officer or Deputy Money Laundering Reporting Officer, or in an equivalent regulated compliance role, is preferred;
• Experience overseeing delegated AML/CFT/CPF activities and obtaining sufficient evidence regarding controls performed by administrators, investment managers or other service providers is required;
• Ability to exercise independent professional judgement, manage conflicts, lead multidisciplinary engagements, coach team members and deliver regulator-ready written work is required;
• Excellent Board, client, regulator and senior-stakeholder communication skills are required;
• and advanced proficiency in Microsoft Excel, Word, PowerPoint and document-management tools is required.