Compliance Manager

Advantage Insurance; San Juan (PR); On-site; USD 120,000 - 180,000; Full time

Job summary

Advantage Insurance is seeking a Compliance Manager to support the Chief Compliance Officer in administering and enhancing BSA/AML and OFAC programs for Private Placement Life Insurance (PPLI), PPVA, and IFE operations in Puerto Rico.

The role focuses on day-to-day compliance operations, supervising staff, and implementing risk-based controls to detect financial crimes, with experience in HNW/UHNW structures and international relationships.

Qualifications

• Bachelor's degree in Accounting or Finance required or similar.
• J.D. degree or equivalent preferred for regulatory practice.
• Minimum 10 years in AML/BSA, OFAC, or financial crimes compliance.

Responsibilities

• Oversee day-to-day BSA/AML, OFAC, and financial crimes compliance activities.
• Develop, enhance, and maintain compliance policies, procedures, and controls.
• Lead risk assessments and prepare reports for management and committees.
• Coordinate examinations, audits, and independent testing engagements.
• Provide guidance to underwriting, operations, and senior management.

Skills

English

Spanish

BSA/AML

OFAC

Regulatory compliance

Education

Bachelor's degree in Accounting or Finance

Juris Doctor (J.D.) preferred

Tools

Enhanced Compliance System

World-Check

FedLink

Microsoft Office

Job description

Job Overview

The Compliance Manager supports the Chief Compliance Officer in the administration, enhancement, and oversight of the Company's BSA/AML and OFAC Programs applicable to its Private Placement Life Insurance (PPLI), Private Placement Variable Annuity (PPVA), and IFE operations in Puerto Rico.

Job Overview

The Compliance Manager supports the Chief Compliance Officer in the administration, enhancement, and oversight of the Company's BSA/AML and OFAC Programs applicable to its Private Placement Life Insurance (PPLI), Private Placement Variable Annuity (PPVA), and IFE operations in Puerto Rico. As a key compliance leader, the Compliance Manager manages day-to-day compliance operations, supervises compliance personnel, and ensures the effective implementation of risk-based controls designed to detect and prevent money laundering, terrorist financing, sanctions violations, fraud, and other financial crimes. The role requires significant experience supporting high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients, complex ownership structures, trusts, family offices, private investment companies, and international business relationships.

Job Responsibilities

Program Oversight and Governance

• Oversee day-to-day BSA/AML, OFAC, and financial crimes compliance activities.
• Develop, enhance, and maintain compliance policies, procedures, and controls.
• Lead periodic BSA/AML, OFAC, and country risk assessments.
• Prepare reports for executive management and compliance committees.
• Serve as Secretary of the local Compliance Committee.

Client Due Diligence and Risk Review

• Supervise customer due diligence (CDD), enhanced due diligence (EDD), source of wealth, source of funds, and beneficial ownership reviews.
• Review high-risk relationships involving trusts, foundations, family offices, offshore entities, private investment companies, and politically exposed persons (PEPs).

Monitoring, Investigations, and Reporting

• Supervise compliance monitoring, investigations, testing, requests for information (RFIs), and quality control activities.
• Review suspicious activity investigations and make recommendations regarding regulatory reporting and escalation.

Examinations, Audit, and Independent Testing

• Coordinate regulatory examinations, independent testing engagements, and audits.

Advisory and Business Support

• Provide compliance guidance to underwriting, operations, finance, distribution partners, and senior management.
• Participate in new product reviews, new business initiatives, and regulatory change management efforts.

Leadership and Team Development

• Directly supervise Senior Compliance Associates and Compliance Associates, including coaching, performance management, and professional development.
• Foster a culture of accountability, collaboration, and continuous improvement within the compliance function.

Skills And Qualifications

• Strong knowledge of the Bank Secrecy Act, USA PATRIOT Act, FinCEN requirements, OFAC regulations, and risk-based compliance principles.
• Strong working knowledge of compliance onboarding and monitoring systems (e.g., Enhanced Compliance System) and OFAC sanctions screening systems (e.g., World-Check, FedLink).
• Proficiency with Microsoft Office, including Word, Excel, and PowerPoint.
• Strong written and verbal communication skills in English and Spanish.
• Sound judgment, integrity, and an unwavering commitment to confidentiality, regulatory compliance, and ethical business practices.
• Strong analytical and problem-solving skills.
• Ability to collaborate effectively with cross-functional teams, including senior management.

Job Requirements

• Bachelor's degree required; majors in Accounting or Finance strongly preferred.
• Minimum of 10 years of AML/BSA, OFAC, compliance, legal, regulatory, or financial crimes experience.
• Demonstrated experience managing compliance programs.
• Demonstrated experience leading and developing compliance teams through effective coaching, performance management, and employee development.
• Experience supporting HNW and UHNW clients and complex ownership structures.
• Juris Doctor (J.D.) strongly preferred; attorney licensed in a U.S. jurisdiction preferred.
• Professional certification such as ACAMS, CPAML, or CRCM preferred.
• Experience with PPLI, PPVA, insurance carriers, private banks, trust companies, wealth management firms, family offices, or Puerto Rico IFEs.
• Experience interacting with regulators, auditors, and independent testing firms.