Job Overview
The Director of Compliance is responsible for overseeing the compliance program related to investment retirement accounts (IRAs) and ensuring adherence to applicable regulations, internal policies, and industry standards. This position involves developing, implementing, and managing compliance strategies to mitigate risks associated with IRA services, including regulator changes, operational practices, and client interactions. The Director of Compliance will serve as the primary point of contact for IRA Financials’ Compliance Officer and Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) matters.
Manage and mentor a team of compliance/audit professionals, providing guidance, training, performance evaluations, and development opportunities.
Serve as the primary point of contact for compliance-related issues and provide expert advice to leadership and internal teams.
Develop, implement, and maintain a robust compliance program for IRA services, ensuring alignment with regulations, including IRS regulations and ERISA guidelines.
Regularly review and update compliance policies and procedures related to IRA services to reflect changes in laws, regulations, and best practices.
Ensure that all IRA related practices comply with applicable regulations and industry standards.
Conduct regular risk assessment specific to IRA services to identify compliance risks and develop mitigation strategies.
Implement and oversee controls to manage risks associated with IRA account management, contributions, distributions, and reporting.
Oversee the monitoring and auditing of IRA related practices to ensure adherence to internal policies and regulatory requirements.
Prepare and present compliance reports to executive management and the board of directors, highlighting key issues, risks, and corrective actions.
Manage and investigate compliance related incidents or allegations with IRA services, ensuring thorough and timely resolution.
Develop and deliver training programs for staff on IRA compliance requirements, including account set up, contributions, distributions, and reporting obligations.
Collaborate with internal teams to integrate compliance requirements into IRA processes and ensure a culture of compliance.
Ensure the compliance team is adequately resourced and trained to effectively handle IRA related compliance matters.
Act as the primary point of contact for regulatory agencies, auditors, and legal counsel on BSA/AML matters.
Develop, implement, and maintain the bank’s BSA/AML compliance program, ensuring it aligns with regulations, including the Bank Secrecy Act, Office of Foreign Assets Control (OFAC), and Financial Crimes Enforcement Network (FinCEN) requirements.
Regularly review and update BSA/AML policies and procedures to reflect changes in laws, regulations, and industry best practices.
Conduct periodic risk assessments to identify potential money laundering and terrorist financing risks and develop strategies to mitigate these risks.
Other tasks as assigned by executive management.
Bachelor’s degree in finance, accounting, business administration, or a related field preferred; or equivalent work experience.
Minimum of 5 years of experience in a similar role within a financial institution.
In-depth knowledge of regulatory requirements, industry standards, and compliance best practices.
Experience in a supervisory or managerial capacity is highly preferred, demonstrating the ability to lead and manage a team effectively.
Proficient in using financial software, databases, and Microsoft Office Suite products.
Strong analytical and problem-solving skills, with the ability to assess complex compliance issues.
High attention to detail and accuracy.
Exceptional verbal and written communication skills, with the ability to present findings and recommendations to management.
Ability to maintain confidentiality and handle sensitive information with discretion.
Strong ethical standards and a commitment to upholding the company’s values and regulatory integrity.
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