Managing Director, Chief Compliance Officer

Purpose of Position

This position is responsible for ensuring Canada Branch operations are meeting regulatory standards; advises senior management on local regulations, regional office (Americas Division) and Head Office (Japan) internal policies and procedures. This position is critical to support the growth of SMBC Canada Branch’s business and is the focal point for all activity within SMBC relating to banking compliance, financial crime (including anti-money laundering, anti-terrorist financing, anti-fraud, sanction compliance), and privacy, in Canada. This role will require development and maintenance of SMBC Canada compliance strategies and relevant policies and related controls, ensure their rigorous implementation across all functions within the branch, while maintaining sustained regulatory compliance.
The incumbent is appointed as the Local Compliance Officer (LCO) under the SMBC Head Office internal rules. In Canada, the incumbent is officially registered with Canadian authorities (regulators) as (1) Chief Compliance Officer (CCO); (2) Chief Privacy Officer and directly supervising Canada Branch Chief Anti Money Laundering Officer (CAMLO).
The incumbent will have the level of authority, independence and support to properly carry out responsibilities in connection with all SMBC governance functional Programs. This role will require ability/leadership to work across several areas, manage multiple deadlines and interact with internal and external stakeholders.

Key Accountabilities

SMBC Canada is committed to the highest standards of control, governance and independent oversight. The CCO is someone with extensive experience in the financial industry and proven experience in a compliance function who is competent to design, lead and shape the future of oversight and compliance. Canada Branch CCO is directly supervising CAMLO.
The CCO is a key member of the Canadian branch management, with responsibility for all Canadian compliance & regulatory matters for SMBC Canada. This position primarily reports to the Head of Corporate Compliance Americas division (CPAD) functionally, the incumbent also reports to the General Manager of Canada branch as an employee of the branch. A functional matrixed reporting line is held with the Head of Financial Crime Compliance America Division for Financial Crime responsibilities.
The incumbent shall be a strong problem solver, who has hands-on experience with regulators and the regulatory exam process in financial institutions. The incumbent must be a highly motivated and tenacious individual, with a proven ability to take initiative, working both independently and within a team, who is comfortable working in a fast-paced environment under high pressure. This role will demand high-level of energy, an entrepreneurial spirit and the comfort to work in a changing environment.

Regulatory (Banking) Compliance responsibilities

• Follow regulatory developments in the industry and conduct an annual (or more frequently, as required) review and revision of all policies and procedures to ensure that they remain current.
• Advise employees of applicable changes in regulation & reporting emerging regulatory developments to AD CCO & relevant governance forums.
• Evaluate business objectives, regulatory developments and propose customized compliance solutions within the firm’s risk tolerance and regulatory requirements; Keep abreast of and anticipate changes in regulatory regimes and implement appropriate changes to compliance practices and policies.
• Promote a culture of compliance and fiduciary responsibility within the firm. Identify potential areas of conduct & regulatory risk, and lead projects related to the enhancement of the compliance program and strategic initiatives.
• Provide subject matter expert compliance advisory to key stakeholders in the business, operations, risk, technology and finance teams. Manage & implement the local compliance monitoring & surveillance program in collaboration with the New York - based CPAD monitoring team.
• Development, supervision and enforcement of policies and procedures to ensure compliance under Canadian laws and regulatory requirements. Responsible for the branch’s anti-bribery/corruption program, gifts and entertainment program for all local employees.
• Implement and maintain local privacy program (designated local Privacy Officer). Responsible for management of reporting of complaints, disputes, and litigation matters.
• Responsible for developing and establish a reasonable Regulatory Compliance Management Framework (RCM) according to OSFI guideline E-13, which is fit for the size and business complexity of SMBC Canada.
• The Canada Compliance Officer also acts as the Canada Branch level Fraud Prevention Officer (CB FPO), in alignment with the AD Policy. The Branch Compliance Officer will be the key point of contact for fraud-related matters within Canada Branch and will liaise with CPAD and the AD FPO, as required. The incumbent will consider fraud matters for escalation to the Branch Management, and, if appropriate, to the Business Controls Department Americas Division Anti-Fraud (“BCDAD Anti-Fraud”) and/or Compliance Americas Division Anti-Fraud (“CPAD Anti-Fraud”).
• Update Canada Branch’s corporate / business Registration with federal and provincial authorities as required under applicable government requirements. Reporting changes and terminations promptly through Regulatory Reporting System (RRS) or one of SMBC’s provincial legal agencies after obtaining required Executive written approvals. Act as liaison and main contact point with regulators and regulatory bodies.
• Review and approve outside business activities (“OBAs”) and/or conflicts of interest (including disclosure to direct clients where applicable).
• Review and approve marketing materials including presentations, website, publications and other marketing collateral. for compliance with continuous disclosure rules, local regulations.
• Respond to regulatory inquiries by gathering data, conducting stakeholder interviews and performing analyses to inform a narrative response. Communicate with regulators and other external parties (verbal and written) in connection with inquiries, exams, rule-making initiatives and outreach.
• The Canada Compliance Officer provides support to the new business where necessary regarding the launch of products to ensure regulatory requirements are met, as appropriate. Collaborating with internal teams (such as Risk, planning, financing, tax, etc.) to identify clear steps necessary to mitigate those regulatory risks.

AML/ATF & Sanction Compliance responsibilities

• Directly manage the designated Anti-Money Laundering Officer (in Canada), for purposes of OSFI and FINTRAC registration, responsible for compliance and training required under anti-money laundering legislation, monthly reporting to regulators, record keeping and reporting of reportable transactions to FINTRAC.
• Responsible for reviewing and approving the AML/AFT and sanctions policies, to ensure SMBC Canada Branch stays in compliance with all applicable Canadian legislative requirements. Oversight that the Financial Crime and AML Program manage all sources of regulatory risk and provide reporting.
• Working closely with the Canada Leadership team and other senior managers across the business to identify, assess, update and mitigate the AML/AFT and Sanctions risks posed to SMBC Canada and determining the priorities and resources required to effectively control them.
• Provide subject matter expert advice to the Branch General Manager and other senior management team members on regulatory and AML/ATF/sanctions compliance issues.
• Ultimately accountable for the regulatory filings (e.g., OSFI 525 and 590, etc.) and ultimately responsible on regulatory reporting requirements (e.g., FINTRAC filings – STRs, EFTs, etc.).

Other Managerial Responsibilities

• Assist senior management to complete special tasks/projects as assigned.

Interpersonal/Communications

Internal:
Senior Management of Canada Branch, Chief Compliance Officer of SMBC Americas Division, various vertical heads of CPAD, Head Office supervisory departments such as Governance Planning Dept., Global Banking Unit, and Internal Audit Dept. Various working committees and groups with AD, all employees of Canada Branch.

External:
All regulatory authorities – including the following: Office of the Superintendent of Financial Institutions (OSFI), Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Global Affairs Canada – (Sanctions), Office of Privacy Commissioner (OPC), Financial Consumer Agency of Canada (FCAC), Provincial Governments, CBA, Audit firm, etc.

Responsibility for Supervision

Supervises and manage performance of the relevant Canada Branch staff (more than 10 employees ranking from Analyst to Executive Director), including both direct and indirect reports.

Job Qualifications

Education:
Master’s degree in business, accounting, or law is required. At least one professional designation is required, i.e. Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), lawyer, etc. additional compliance related certification would be an asset.

Experience:
1. Minimum 15 years of experience in managing people
2. Minimum 15 years of progressive experience in a compliance functional role, preferably both Corp Compliance & AML Compliance, from a federally regulated financial institution.
3. Minimum 2 years of experience in commercial/corporate banking

Skills:
Knowledge and experience in the operation of a Schedule III foreign bank branch. Knowledge of the legislation, regulations and guidelines governing banking in Canada. Good communicator with a high level of written and oral communication skills.
Excellent organizational skills and an ability to manage multiple projects at once. Enthusiasm and drive for delivering results. Problem-solving and decision-making skills, with the ability to analyze complex information to identify the key issue/action and drive resolution.

About SMBC

SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd. SMBC provides reasonable accommodations for employees with disabilities consisted with applicable law. If you need reasonable accommodation during the application process, please let us know as SMBCCB_Accessibility_Canada@smbcgroup.com. SMBC is an EO employer – M/F/Disability