What a compliance officer does
A compliance officer keeps a financial firm on the right side of its regulators, and the rules depend on the firm. At an investment or mutual fund dealer, the work centres on National Instrument 31-103, CIRO rules, trade and account supervision, complaint handling and marketing review. At a bank, credit union or money services business, anti-money laundering takes the lead: know-your-client procedures, transaction monitoring and reports to FINTRAC under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Regulators expect someone to own the program. FINTRAC requires reporting entities to appoint a person responsible for their compliance program, and firms registered under securities law must designate a chief compliance officer. Gaps can lead to examination findings, penalties and lost trust with clients and partners. Finch screens candidates for the specific regime you work under, their experience with regulator examinations and the independence to tell senior producers no when it matters.
Typical responsibilities
- Maintain compliance policies, procedures and the firm's risk assessment
- Oversee know-your-client checks, transaction monitoring and suspicious transaction reporting where AML rules apply
- Review account openings, trades, advertising or client communications against regulatory requirements
- Deliver compliance training and track completion across the firm
- Manage regulator examinations, information requests and remediation of findings
- Report compliance issues and progress to senior management or the board
Qualifications and credentials
- Experience in compliance, AML or regulatory work at a bank, credit union, dealer, insurer or money services business
- The CAMS certification from ACAMS, often preferred for AML-focused roles
- Working knowledge of FINTRAC guidance, or of NI 31-103 and CIRO rules, depending on the firm
- For chief compliance officer roles, the proficiency and experience regulators require for that designation
- An education in law, business or finance; some employers prefer a law degree or CPA designation
Who hires a compliance officer
- Investment dealers, mutual fund dealers and portfolio managers
- Banks, trust companies and credit unions
- Money services businesses and payment companies
- Insurance companies
- Fintech firms expanding into regulated products
Where we recruit compliance officer candidates
We fill compliance officer roles for employers across Toronto and the GTA, including North York, Scarborough, Etobicoke, Vaughan, Markham, Richmond Hill, Mississauga, Brampton, Oakville, Burlington, Oshawa and Pickering, and for employers across Canada. GTA employers can meet us at our North York office by appointment.
What Finch checks before you meet a candidate
- The regulatory regimes they have worked under and their exact role in each
- Experience with regulator examinations and how findings were resolved
- Certifications such as CAMS confirmed with the issuing body
- Independence and judgment when business pressure conflicts with policy
- Writing quality, reviewed through a sample policy or redacted report
Interview questions to ask
- We are launching a new product next quarter. How would you update our AML risk assessment?
- Tell me about a regulator finding you were responsible for fixing, from first notice to close-out.
- How do you respond when a senior producer wants to proceed with something you believe breaches policy?