About this role
BlackRock's Global Compliance Department protects BlackRock's reputation and provides advice to the business focused on ensuring the protection of our client's best interests. The department is a dynamic environment with the team focused on understanding evolving business strategy, challenging and advising on the impact of regulation in our business, with the objective of:
- Actively participating in business decisions to champion our clients' interests and assist the business in translating Compliance into their daily work and decision making;
- Putting client interests at the center of everything we do;
- Cultivating and enhancing BlackRock's compliance culture;
- Providing thought leadership on the impact and implementation of regulation to our business and to the market; and
- Developing and fostering excellence within the Compliance team
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Role Description:
An exciting opportunity has arisen for an Associate to join our team, based in Luxembourg, reporting to the MLROs for alternative investments funds in Luxembourg. The individual in this role will advise on financial crime risks, including money laundering and terrorist financing, sanctions, bribery and corruption and fraud with main focus on BlackRock's alternative investments business in Luxembourg. Subject matter expertise in Luxembourg and EU Financial Crime law and regulation is essential.
The successful candidate will work with internal and external stakeholders to implement BlackRock's Global AML Programme, alongside local Luxembourg requirements in relation to various fund types and business activities. This includes engaging with operations teams and service providers, such as Transfer Agentsand auditors as needed. Additionally, as a member of EMEA Financial Crime Compliance there may be occasions where the successful candidate is requested to support activity beyond Luxembourg and work with the broader Global Financial Crime team, based in New York, London, the Netherlands and Budapest and also members of Legal and Compliance, the business and operations across EMEA, APAC and the Americas.
Key Responsibilities:
- Aid to enhance the financial crime risk management framework in Luxembourg, with particular focus on the alternative investment business, in relation to managing the risks of money laundering sanctions, fraud and bribery and corruption ("the four risks") in Luxembourg, including writing and maintaining country and fund specific policies and procedures and undertaking relevant risk assessments;
- Coordinate with the Financial Crime colleagues as necessary on the risk framework priorities and assist in the oversight of required regulatory change management processes.
- Ensure completion of annual AML Risk Assessments related to the Luxembourg domiciled alternative funds, in line with BlackRock's Global methodology and incorporating any additional Luxembourg or business specific aspects.
- Support relevant audits, regulatory visits and examinations for financial crime in Luxembourg generally and in particular in relation to the relevant alternative investment funds.
- Produce regular management information for the consideration by the relevant members of Financial Crime Compliance and boards and committees, including structured quarterly reporting and appropriate annual reports on the four risks.
- Provide clear technical advice, guidance and training on all four risk areas to relevant members of the business both in Luxembourg and where relevant beyond.
- Assist in the establishment and maintenance of a monitoring program in Luxembourg, which provides ongoing review and monitoring of the financial crime risks associated with Transfer Agents and distribution partners, with particular focus on the alternative investment funds.
- Alongside other team-members provide a point of contact for financial crime queries related to complex transactions and high-risk client onboardings, especially where related to the alternative investment funds.
- As required provide advice in relation to PEPs and other heightened risk factors encountered during onboarding.
- Partner with Legal to assist in Fund oversight and compliance with requirements relevant to the four risks.
- Ensure the active identification, response and/or escalation of risks as appropriate.
- Assist with the preparation and presentation ad-hoc and regular reports to fund boards and senior management, as well for the EMEA and Global Heads of Financial Crime and other senior members of Legal and Compliance.
- Form strong relationships with key individuals within the business, compliance and operations and external service providers.
Development Value:
This is a new role within an established and growing specialist financial crime compliance team within Luxembourg. Although there is an existing framework in place, there is an opportunity for the successful candidate to help develop the local financial crime programme to better meet BlackRock's policy and local regulatory requirements in support of the needs of a dynamic and growing global business. The individual will gain an appreciation of BlackRock's operations in Europe and our global approach to managing regulatory and compliance risks in the EU. This role will have interaction with senior Business, Compliance and Legal stakeholders.
Knowledge/Experience:
The successful candidate should have:
- 3+ years of experience in Financial Crime Compliance risk management at a financial institution or consulting firm; experience working as Financial Crime specialist within asset management and specifically Alternative investment funds is preferable but is not essential.
- Strong knowledge of Luxembourg Financial Crime regulations, financial services, and regulatory trends that impact the Asset Management industry, its products and/or its underlying institutional and corporate client base.
- Experience of policy and procedure writing and be confident in performing risk assessments and undertaking monitoring and testing.
- A strong understanding of the requirements of a Luxembourg AML program and EU regulatory requirements, and the role of transfer agents, distributors and other third parties is necessary.
- Strong working knowledge of Luxembourg AML and Sanctions laws and regulations such as the Law of 12 of November 2004 as amended, the CSSF 12-02 as amended; an understanding of Fraud and Anti-Bribery and Corruption is a plus.
- Experience of managing and /or participation in regulatory inspections would be an advantage.
- A proactive approach to considering business issues, identifying areas of improvement and enhancement, including the automation of processes
- Excellent written and verbal communication, judgment and business partnership skills, including working as part of a global team in a fast-paced environment.
- English fluency is a requirement; French is an advantage.
Our benefits
To help you stay energized, engaged and inspired, we offer a wide range of employee benefits including: retirement investment and tools designed to help you in building a sound financial future; access to education reimbursement; comprehensive resources to support your physical health and emotional well-being; family support programs; and Flexible Time Off (FTO) so you can relax, recharge and be there for the people you care about.
Our hybrid work model
BlackRock's hybrid work model is designed to enable a culture of collaboration and apprenticeship that enriches the experience of our employees, while supporting flexibility for all. Employees are currently required to work at least 4 days in the office per week, with the flexibility to work from home 1 day a week. Some business groups may require more time in the office due to their roles and responsibilities. We remain focused on increasing the impactful moments that arise when we work together in person - aligned with our commitment to performance and innovation. As a new joiner, you can count on this hybrid model to accelerate your learning and onboarding experience here at BlackRock.
About BlackRock
At BlackRock, we are all connected by one mission: to help more and more people experience financial well-being. Our clients, and the people they serve, are saving for retirement, paying for their children's educations, buying homes and starting businesses. Their investments also help to strengthen the global economy: support businesses small and large; finance infrastructure projects that connect and power cities; and facilitate innovations that drive progress.
This mission would not be possible without our smartest investment - the one we make in our employees. It's why we're dedicated to creating an environment where our colleagues feel welcomed, valued and supported with networks, benefits and development opportunities to help them thrive.
For additional information on BlackRock, please visit @blackrock | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock
BlackRock is proud to be an Equal Opportunity Employer. We evaluate qualified applicants without regard to age, disability, race, religion, sex, sexual orientation and other protected characteristics at law.