Financial Crime Manager (12mth FTC)

This is an opportunity to join Ascot Group - one of the world’s preeminent specialty risk underwriting organizations.

Designed as a modern-era company operating through an ecosystem of interconnected global operating platforms, we’re bound by a common mission and purpose: One Ascot. Our greatest strength is a talented team who flourish in a collaborative, inclusive, and entrepreneurial culture, steeped in underwriting excellence, integrity, and a passion to find a better way, The Ascot Way.

The Ascot Way guides our people and our organization. Our underwriting platforms collaborate to find creative ways to deploy our capital in a true cross-product and cross-platform approach. These platforms work as one, deploying our capital creatively through our unique Fusion Model: Client Centric, Risk Centric, Technology Centric.

Built to be resilient, Ascot maximizes client financial security while delivering bespoke products and world class service — both pre- and post-claims. Ascot exists to solve for our clients’ brightest tomorrow, through agility, collaboration, resilience, and discipline.

Job purpose:

To manage and mitigatefinancial crime risks of the Ascot Group (“Ascot”), comprising of Ascot Underwriting Limited (“AUL”), Ascot Bermuda Limited (“ABL”), Ascot Underwriting Bermuda Limited (“AUBL”), Ascot Insurance Guernsey Limited (“AIGL”) and Ascot Group Limited (“AGL”)

Key responsibilities of this role will be overseeing the Financial Crime Team, supporting the financial crime and sanctions framework, advising on complex financial crime and sanctions referrals and providing subject matter expertise to the business. 

This role includes all Financial Crime Pillars: 

• Anti-Money Laundering;
• Anti-Bribery and Corruption;
• Anti-Tax Evasion Facilitation;
• Anti Money Laundering and Counter Terrorism Funding;
• Fraud; and 
• Sanctions, including Export Control Orders (“ECO”).

The role is responsible for ensuring compliance with financial crime requirements arising out of Lloyd’s of London (“Lloyd’s”), London Insurance Company (“LIC”), Prudential Regulatory Authority (“PRA”), Financial Conduct Authority (“FCA”) and all appropriate overseas regulatory bodies covering financial crime including the Bermuda Monetary Authority (“BMA”) and Guernsey Financial Services Commission (“GFSC”).

Key responsibilities:

• Supporting companywide adherence to the financial crime and sanctions policy, and procedures, promptly raising any matters of concern to the Head of Compliance. 
• Responsibility for the sanctions referral process. This includes advising on: 
  • complex financial crime, sanctions, cannabis and ECO referrals; and
  • queries from Underwriters relating to internal sanctions procedures and exceptions.
• Responsibility for overseeing all financial crime and sanctions monitoring activities at Ascot, making sure all breaches are managed, investigated and reported appropriately.
• Completing the annual Compliance Plan items assigned to the Financial Crime Team. 

Financial Crime and Sanctions Framework:

• Enhancing and updating the existing Financial Crime Frameworks as required.

  
  
• Responsibility for completing the annual Financial Crime and Sanctions Risk Assessments for Ascot’s regulated entities.
• Embedding new regulatory and legislative changes into policies, procedures and controls, including annual updates as required. 
• Identifying, advising, reporting, escalating and supporting matters relating to suspicious activity reporting (“SARs”), whether internally to the MLRO, or to external bodies such as Lloyd’s or the National Crime Agency (“NCA”). 
• Responsibility for completing the annual MLRO Report. 
• Assisting the Head of Delegated Underwriting to improve and enhance oversight of coverholders and third-party administrators.
• Responding to and actioning any Internal Audit and/or External Audit findings or recommendations.

Key stakeholder management:

• Developing positive relationships and working closely with key stakeholders such as Compliance, Legal, Risk, Delegated Authority, Senior Underwriters, Underwriting Teams and the Business. 

  
  
• Liaising with the Financial Crime Team at Lloyd’s, the Office of Financial Sanctions Implementation, the NCA or any other regulatory bodies as required. 

• Liaising with external law firms or market participants on complex financial crime and sanctions matters as required. 

  
  

• Reviewing, commenting and circulating relevant financial crime and sanctions bulletins and updates.

  
  

• Drafting and communicating items in advance of the monthly sanctions roundtable.

  
  
• Ensuring open dialogue and clear communications with internal stakeholders, including the Legal and Compliance Team.
• Communicating complex sanctions issues to the Business and Underwriters in a clear and concise manner. 

Training and education:

• Ensuring the financial crime and sanctions training content is updated regularly.

  
  
• Preparing and delivering financial crime and sanctions training to Underwriters, the Legal and Compliance Team and all new joiners as required.

Internal governance and reporting:

• Responsibility for financial crime and sanctions reporting to internal committees including:
  • Boards;
  • Executive Committee;
  • Risk Committee;
  • Underwriting Management Committee;
  • Delegated Underwriting Committee; and 
  • Workflow Management Group.

• Where required, responding to and completing accurately and on time any financial crime and sanctions returns, information requests or general queries from Lloyd’s, FCA, PRA, NCA, LIC, BMA, GFSC or other regulatory bodies as appropriate.  

  
  
• Producing any other financial crime and sanctions related reports that may be required.

Team oversight:

• Providing ongoing training, support, regular feedback and general oversight of the quality of the Financial Crime Team’s output. 
• Leading the Financial Crime Team by example. Proactively developing the Financial Crime Team’s skills and experience and ensuring high quality output. 

Additional:

• Promptly escalating relevant matters to the Senior Compliance Manager and the Head of Compliance. 

  
  
• Working on any ad-hoc projects as determined by the Head of Compliance.
• Attending regulatory and legislative change-related seminars, conferences and market forums if required.

Please be aware that Ascot Group’s job opportunities will be posted on our official careers page. All official communication comes from @ascotgroup.com email addresses, if you receive a job offer or recruitment communication from Ascot Group that you suspect might be fraudulent, do not hesitate to contact us directly to verify its legitimacy. We will never ask for payment or sensitive personal information during any stage of the recruitment process. Your privacy and trust are of utmost importance to us, and we strive to ensure that you have a positive experience with Ascot Group.

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