Sanctions Compliance Officer

Job Description

JOB TITLE:

Sanctions Compliance Officer

LOCATION:

Remote Flexible Working TYPE:
Permanent, full - time (37.5 hrs per week) Individuals will reside and have the Right to Work in the UK.

Velonetic represents the joint ventures between DXC Technology, the International Underwriting Association (IUA), and Lloyd’s of London. Previously referred to as the London Market Joint Ventures, we have been operating for over 20 years in the London market (Lloyd's and Company), in both the insurance and reinsurance business. Processing over £101 billion worth of premium and claims transactions today, we are building a new digital platform and services that will enable our customers to move transactions and money through the processing lifecycle with greater efficiency and speed, releasing time to drive innovation and focus on higher value activities.

We provide key policy and claims processing services to the London Insurance Market (Lloyd’s and Company markets) through Velonetic — a joint venture between XIS and XCS, and part of DXC Technology.

Velonetic is committed to full compliance with global economic sanctions, including UK, US, EU and UN regulations. Our comprehensive sanctions programme ensures that we meet these obligations and manage related risks effectively.

We are seeking a self‑motivated Senior 2nd Line Compliance Officer with strong financial sanctions expertise. The role includes providing sanctions advice, acting as the senior sanctions SME, delivering staff training, and supporting complex sanctions referrals from the business through the sanctions screening. The ideal candidate will have 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.

• Sanctions Subject Matter Expert (SME): act as the lead sanctions SME, serving as the primary point of contact for expert advice and complex substantive queries. Be a trusted advisor to the business, the key liaison with external legal counsel, and the interface with sanctions regulators on sanctions matters. Deliver substantive inputs to key sanctions governance forums with the Market.
• Horizon Scanning: through the sanctions horizon scanning process, identify and interpret OFAC, OFSI and EU sanctions regulations and changes and understand their impact on Velonetic. Recommend updates to internal controls and work instructions as required.
• Training: provide oversight and expert guidance for sanctions education and training both internally and externally.
• Expert judgments: support the Compliance Function at Velonetic in providing advice to the business in response to sanctions case referrals (and provide final analysis) for claims and premium processing requests (both cash and non cash), in line with OFSI, OFAC and EU sanctions.
• Stakeholder Management: represent the Velonetic position with customers and work with their compliance staff to work on complex sanctions matters, improve their understanding of our approach, enhance service delivery, and streamline the process for complex submissions.
• Attend appropriate industry groups to keep abreast of current or prospective regulatory developments and industry best practices and, where necessary, articulate our views.
• Risk and Control Assessments: provide substantive input to the quarterly sanctions risk and control assessment as part of the overall Sanctions Compliance Programme. Recommend controls to mitigate known risks and improve the overall sanctions risk profile.
• Projects: provide expert sanctions compliance advice for strategic business initiatives, ensuring regulatory requirements are embedded in project planning and execution. Support the delivery of internal sanctions compliance improvement projects
• Reporting and Stats:
  Assist in providing stats and reports for use in the Velonetic Board and Audit and Risk Committee meetings.

• 5+ years knowledge of and experience with OFAC, OFSI, UN and EU sanctions laws and regulations, for both trade and financial sanctions.
• Demonstrable…