Money Laundering Reporting Officer SSBI Italy, Vice President

Who we are looking for

Becoming part of the Financial Crimes Compliance team of State Street Bank International GmbH (SSBI) you will drive and shape the future of the firm’s policies, procedures, systems and controls to prevent and detect financial crime. The role sits within SSBI’s Financial Crimes Compliance (FCC) function and the role holder will also have the regulatory responsibility in Italy as the Money Laundering Reporting Officer (“MLRO”).  

This role can be performed in a hybrid model from Milan office.

Why this role is important to us

The team you will be joining plays an important role in the overall success of the organization. Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. To make that happen we need teams like yours to help navigate employees and the organization as a whole. In your role you will strive for cutting-edge solutions, that are straightforward and scalable. You will help us build resilience and execute day to day deliverables at our best. Join us if making your mark in the financial services industry from day one is a challenge you are up for.

What you will be responsible for

As Money Laundering Reporting Officer (MLRO) for State Street Bank International GmbH Italy Branch (“SSBI Italy”), you will be accountable for overseeing the implementation and maintenance of effective global and local policies, procedures, systems and controls in accordance with the global and local laws, regulation and guidance to enable SSBI to identify, assess, monitor and manage money laundering and other financial crimes risks. The MLRO acts as the primary point of contact with the Financial Intelligence Unit (UIF) and other competent authorities, and is responsible for reporting suspicious transactions, maintaining internal controls, and advising senior management on AML/CTF risks and obligations.

Specifically, You Will:

• Develop, implement and maintain the AML/CTF and sanctions program in accordance with Italian and EU regulations, EBA and Bank of Italy guidelines as well as group policies, ensuring that new, or amended regulatory obligations, industry guidance and best practice applicable to SSBI Italy are appropriately assessed and reflected in its operating procedures and controls   
• Provide advice and challenge to first line of defense in their creation, maintenance and development of effective systems, controls, policies, procedures and training in order that SSBI Italy complies with Financial Crimes related regulatory and legal requirements
• Act as the designated point of contact for the “Unità di Informazione Finanziaria” and other regulatory authorities in respect of AML, KYC, sanctions, fraud and ABC risks and issues.
• Be the accountable person for the receipt and evaluation of internal unusual activity referrals that might indicate financial crimes, and report suspicious transactions to local competent authority in a timely and accurate manner
• Advise on customer due diligence (CDD), enhanced due diligence (EDD), and ongoing monitoring procedures, as well as new products/service
• Ensure that the AML/CTF training and awareness programs are provided to staff across the SSBI Italy
• Review and upload the monthly AML report (“Segnalazione Antiriciclaggio Aggregate”) to the INFOSTAT-UIF portal as well as provide confirmation of any identified statistical finding
• Perform annual AML/CFT risk assessments for SSBI Italy, implement appropriate mitigation strategies, incorporate the results into the annual report and submit it to the Bank of Italy.
• Complete the annual AML questionnaire and send to Bank of Italy
• Provide periodic updates to senior management/Branch Head on AML/CTF compliance status
• Coordinate internal and external audits and regulatory inspections related to AML/CTF
• Take a leadership role in industry forums and collaborate with AML professionals outside State Street to address common challenges or changes in regulation

What We Value

These skills will help you succeed in this role

• Proven ability to work independently and adapt quickly in handling multiple/evolving tasks as a result of new engagements and/or re-prioritized deadlines
• Demonstrable problem solving and decision-making skills in particular when advising SSBI Italy’s senior management on the financial crime risk and issues impacting SSBI’s business operations  
• Deep understanding of core financial crime risks, in particular money laundering, KYC and economic sanctions as well as fraud and ABC
• Recent experience providing advice or guidance on the application of FCC related laws and according controls
• Self-motivation and the ability to work independently together with different internal and external stakeholders
• High ethical standards and integrity.

Education & Preferred Qualifications

• 10+ years of relevant industry experience in banking or financial services
• University degree or equivalent, preferably with a legal or accountancy background, or significant prior experience as an MLRO or Financial Crimes Compliance leader
• Expertise in core financial crime compliance risks (AML, KYC, Sanctions)
• In-depth knowledge of European and Italian AML/CTF regulations and best practices
• Excellent communication skills in Italian and English, both written and verbal
• Strong analytical, investigative, and decision-making skills

About State Street

What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we’re making our mark on the financial services industry. For more than two centuries, we’ve been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.

Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You’ll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.

Inclusion, Diversity and Social Responsibility. We truly believe our employees’ diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you.

State Street is an equal opportunity and affirmative action employer.

Discover more at StateStreet.com/careers