Head of Financial Crime

Job Title

Head of Financial Crime (MLRO/ SMF
17 for Beazley Furlonge Limited and Beazley UK/ BIDAC UK)

Risk & Compliance

Head of Operational Risk

Head of Operational Risk, Group CRO, Head of ERM, Head of Insurance Risk, Entity CROs, Entity Heads of Compliance, Business Manager to the Group CRO, Controls & Compliance Assurance team, Head of Internal Audit, Chief People & Sustainability Officer, Group and Entity CUOs, other internal stakeholders including BFL Management Committee, BFL Board and Risk Committee, Beazley UK branch Senior Managers, BISIL UK branch Senior Managers, European Branch Committee members, Group, UK, EU and US regulatory authorities, financial crime regulatory agencies including OFAC, HMT, EU, external auditors and external counsel.

Responsible for oversight of the 2nd line financial crime team and maintaining an effective financial crime function and framework across the Group. As a leader within the 2nd Line, assist the Head of Operational Risk by delivering effective risk management strategies against financial crime risk that contribute to a robust control environment. PRA/FCA SMF
17 MLRO for Beazley Furlonge Limited (BFL) and Beazley Insurance Designated Activity Company (BIdac) UK branch and all associated companies.

Management

• Line management of the financial crime team, including regular team meetings, 1:1s, action setting and tracking, performance assessment and associated responsibilities.

• Member of appropriate governance forums/committees as required.

• Management of any relevant external advisors as required.

Financial Crime

• Manage and maintain an effective Financial Crime function supporting and protecting the Group against the six pillars of financial crime risk (Bribery & Corruption, Fraud, Market Abuse, Money Laundering, Sanctions Evasion and Tax Evasion) and related reputational risk ensuring that the needs of all stakeholders are met.

• Ensure the resourcing model, quantity and quality of resources enable the Financial Crime Function to meet the group’s needs, establishing a cost-effective approach to achieving target compliance.

• Develop and maintain Beazley’s financial crime policy in line with legislative and regulatory obligations, ensuring the policy remains up to date.

• Produce regular financial crime reports and present to appropriate Boards and Committees when required.

• Advise business heads and management to focus on financial crime risk in individual business areas.

• Assist senior management in developing and maintaining an effective financial crime compliance culture.

• Ensure that the firm’s risk management policies, risk assessment profile and their application are documented and approved by Beazley’s Executive Committee and Board of Directors.

• Create and maintain a risk-based approach to financial crime, including risk assessments of Beazley’s customers, products and services, country and delivery channel risk where applicable.

• Document Beazley’s risk-based strategies in relation to financial crime compliance and the basis for the risk assessment.

• Monitor that all internal SARs received are investigated.

• Write external SARs and ensure submission to the relevant law enforcement agency for all suspicions; ensure SARs are meaningful and of good quality.

• Ensure staff are aware of their personal and regulatory obligations regarding financial crime reporting and have read and understood the firm’s policies and procedures.

• Ensure staff understand the firm’s risk-based approach to financial crime.

• Ensure role-based, competency-based training is carried out by all staff in relation to financial crime compliance, including knowledge of systems, controls and policies, with broader understanding of financial crime risks.

• Ensure all staff have access to adequate annual training in financial crime compliance risks.

• Regularly collate and provide management information to the board or executive committee.

• Write an annual MLRO report assessing the firm’s financial crime prevention controls, with management information and recommendations for improvement.

• Make appropriate and meaningful recommendations for…