Junior Sanction Officer

Rotterdam Interim Thuiswerken/hybride

Toegevoegd 02/11/2022

  • Nice opportunity to start or further develop your career in compliance
  • Nice opportunity to start or further develop your career in compliance

Over onze klant

RSA has a long history in Europe as a Specialty insurer, and we are a partner with a strong reputation for protecting our customers and helping brokers build their business. Our approach combines rich heritage, financial strength, customer focus, resilience and an exceptional team of dedicated experts with deep technical know-how.

RSA Luxembourg S.A. is a subsidiary company of RSA, one of the world's leading international general insurers with over 300 years' experience in providing peace of mind to individuals and protecting small businesses and large corporations from uncertainty.

We have regulated insurance branches in Belgium, France, the Netherlands, Spain and Germany. With our team of 250 employees, we provide in-country services in technical underwriting, claims and risk management.

Under the Sanctions Act 1977, sanctions screening is a critical part of a firm's regulatory compliance framework and helps to protect businesses from illegally engaging with sanctioned entities, sectors and/or individuals.

Insurers are required to conduct due diligence reviews of their (prospective) customers in order to prevent spread of financial crimes; laundering money and/or financing terrorism.

The RSA sanction check handler must ensure that an appropriate level of sanctions due diligence is applied by timely screening of our (prospective) customers. This is performed through a specifically developed web-based tool that is called the e-sanction platform (from the co-insurance association, VNAB).

Screening checks are being made against the following sanction lists, before issuing a policy or paying a claim:

  • UK HM Treasury Consolidated Sanctions List
  • US Treasury Office of Foreign Assets Control (OFAC)
  • EU Restrictive measures (sanctions) in force
  • Sanctioning regimes; state of play

Functie

Responsibilities of the sanction check handler include:

  • Working with the Underwriting teams to ensure that for each and every customer and policy a valid sanctions check is performed and is stored in our underwriting files.
  • Using the electronic sanction platform from the VNAB as a workflow management system. All members of the Dutch co-insurance industry association (VNAB) have agreed to the industry-wide protocol (for co-insurance) that the brokers perform the sanction checks and share these with the insurers via the electronic sanctions screening platform. This means that RSA Netherlands is not in direct control of meeting the timelines. However, it doesn't take away our own responsibility for monitoring, chasing of brokers, and performing additional checks in case relevant information is missing.
  • Performing quality reviews. Once a sanction check is shared through the electronic platform, the insurer (and co-insurer) needs to review and accept the sanction check, before the sanction check is completed.
    • A Client Due Dilligence (CDD) check (Ultimate Beneficiary Owner) is valid for 2 years.
    • A Transaction Due Dilligence (TDD) check (on Policy level) is valid for 1 year. The electronic platform indicates when a check is due to expire and therefore requires a refresh. How this works in the electronic platform is described in the RSA Netherlands procedural document i.e. internal operating manual.
  • Escalating issues. In case of delayed delivery of sanction checks by brokers, the sanction check handler sends reminders to the relevant broker contacts. Broking firms that show structural delays, are flagged to the Country Managing Director (MD). The MD will then raise this with Senior Management at the broking firms for required action.



The overall performance of the VNAB-members (brokers and insurers) are evaluated each quarter and performance statistics are discussed during the VNAB-member meetings.

  • Staying on top of developments, changes in regulation and system updates. External trainings in the Netherlands are provided by the VNAB, as well as by the Industry Association of Insurers. The sanction check handler attends the trainings and cascades important procedural and/or system updates to Underwriting & Claims staff.



Profiel

  • Completed education at minimal higher educational level: HBO.
  • Relevant working experience in the financial services sector.
  • Well versed in working with (excel-)data, tools and systems.
  • English at a good level, both verbal and written.
  • Effective team player and adding value by an organised way of working.



Note: the role is based in Rotterdam, with the possibility to work remotely.

Aanbod

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Contact
Willem van Leeuwen
Referentienummer
JN-112022-5821318

Vacature samenvatting

Sector
Risk, Compliance & Audit
Sub Sector
Anti-Money Laundering / FEC
Industrie
Financial Services
Vacatures per locatie
Rotterdam
Contract Type
Interim
Consultant
Willem van Leeuwen
Vacature referentie
JN-112022-5821318
Kantoor of thuiswerk
Thuiswerken/hybride