Deputy Director, Enforcement

· Road Town, Tortola
Employment Type Full-Time
Minimum Experience Manager/Supervisor

ENFORCEMENT DIVISION

The Commission has a risk-based approach to the supervision of its licensees. As the jurisdiction’s financial services business has evolved and matured, the Commission’s focus on supervision and enforcement has also evolved.  The enforcement function therefore forms a key part of Commission’s regulatory activities. 

 

Through its enforcement function, the Commission takes action against its licensees and unauthorized persons who commit breaches of relevant laws.  This is done in order to protect the market, its participants, and the reputation of the BVI.   As such, the Commission utilizes its wide powers for enforcement, [underpinned by the FSC Act and its regulations, as well as the Guidelines and Operating Procedures of the Enforcement Committee (the “Guidelines”)], to deter and penalize for breaches; as well as to encourage and compel compliance with all its relevant rules and laws. 

 

 

NATURE OF WORK AND JOB SCOPE

   

Strategy and Direction

Assisting with the management and administration of Commission’s enforcement regime; (including its further development) so as to ensure that the relevant enforcement action is taken against licensees in order to:

  1. Promote high standards of conduct among licensees.
  2. Protect the interests of clients, creditors and investors as well as the public interest.
  3. Protect the integrity of the BVI financial services market and jurisdiction’s reputation.
  4. Deter, investigate or punish persons who breached BVI regulatory laws.

  

Local and International Cooperation on Enforcement

Developing and maintaining relationships with the Financial Investigation Agency, Royal Virgin Islands Police Force, Financial Crime Division or other local and foreign law enforcement authorities focused on:

  1. Coordinating joint investigations where necessary;
  2. Responding to requests for assistance or referrals in a timely manner;
  3. Ensuring open communication in accordance with established MoUs.

  

Regulatory Investigations 

  1. Triaging and assignment of referrals to Enforcement for investigation or consideration of appropriate enforcement action;
  2. Working closely with authorisation and supervision division to ensure the responsibilities of the supervisory division are executed as part of the enforcement process and in accordance with the Guidelines and Operating Procedures of the Enforcement Committee;
  3. Ensure investigation plans for serious breaches of financial services legislation are prepared and direct Enforcement Officers on progression of case to the Enforcement Committee;
  4. Execute Notices to Produce Information to aid an investigation pursuant to section 32(1) of the FSC Act, 2001;
  5. Leading investigations on cases of higher risk and complexity;
  6. Liaising and cooperating with local and foreign authorities;
  7. Conducting interviews and meetings with Senior Officers of Licensees to assess management control and other responsibilities and directors and senior officers vis-à-vis breaches or weaknesses identified within the Licensee;
  8. Leading discussions at internal regulatory college pertaining to proposed enforcement action resulting from AML/CFT compliance inspections;
  9. Engaging the Director, Legal Division on legality of proposed enforcement action, including potential litigation and other risks;
  10. Oversee submissions to Enforcement Committee for consideration;
  11. Present Decisions Papers on behalf of the Enforcement Division to the Enforcement Committee for consideration of recommendations; and
  12. Preparing and filing Suspicious Activity Reports acting on intelligence received and/or from findings of investigations.

 

Implementation of Enforcement Actions 

Oversee execution of enforcement actions sanctioned by the Enforcement Committee:


  1. Ensure timely notification of decisions of the Enforcement Committee, specifically matters requiring initiation of enforcement action to enforcement officers;
  2. Ensure Extracts pertaining to decisions of the Enforcement Committee are received and immediately acted upon by the Enforcement Cadet/Officer on initiating respective enforcement action;
  3. Ensure penalty notices, fines, warnings, Directives and other enforcement action to be issued to Licensees in accordance with the format specified by the Guidelines and Operating Procedures of the Enforcement Committee;
  4. Engage Director, Legal on more severe actions including Directives, appointment of Qualified Person/Examiner, applications to the Court for drafting assistance and consideration of litigation and other risks;
  5. Ensure written representations from Licensees vis-à-vis penalty notices and fines issued as enforcement action are handled expeditiously and fairly;
  6. Ensure collection and processing of penalties/fines paid by Licensees;
  7. Initiate elevated enforcement action or collection mechanisms where penalties/fines imposed remain outstanding; and
  8. Conduct audit exercise to ensure all decisions of the Enforcement Committee, specifically requiring enforcement action are acted upon and resolved.


Training:

  1. Collaborate with the Human Resource Training Manager and the Director Enforcement to ensure the development, coordination and implementation of learning programs that deliver ongoing investigative and enforcement related training to the staff; and
  2. Deliver ongoing on the job training through supervision, oversight and advice to enforcement staffers.


People Management:

  1. Upon the direction of the Director, planning, directing and undertaking any projects and assignments of the Enforcement Division to ensure that they are carried out effectively and efficiently in accordance with the policies, procedures, and goals and objective of the Division;
  2. Where assigned, review and undertake probationary assessments, annual performance appraisals and individual learning and development plans, of assigned staff within the Enforcement Division with an aim of improving their knowledge, skills and career progress and determining their development needs;
  3. Collaborate with the Director in addressing and appropriately reporting staff performance issues; as well as bringing staff conflicts to a prompt resolution;
  4. Participating in the recruitment and selection process of staff within the Enforcement Division; and
  5. Coaching and mentoring of the Enforcement Division staffers.

 

External Representation:

  1. Serving as a positive ambassador at conferences, meetings and events;
  2. Presenting information gained from external exposure and making recommendations to the Commission on how to improve the regulatory regime and operations.

 

 General Duties

  1. Management and supervision of assigned work functions of the Enforcement Division.
  2. Management and supervision of investigations and enforcement cases of Enforcement Officers including:
    1. Complaints, inquiries, and reports concerning the conduct of financial services business in, or from within, the Territory including media reports and complaints against licensees by clients, creditors and investors; and
    2. Referrals from Enforcement Committee, Legal, Regulatory and Compliance Divisions and local and international law enforcement authorities for breaches or suspected breaches of financial services laws, regulations and guidelines;
  3. Preparation of reports to the Enforcement Committee, or the Board of Commissioners on the progress or outcome of enforcement cases and investigations as required;
  4. Recommending appropriate enforcement action for breaches of financial services laws, regulations and guidelines;
  5. Attending meetings of the Enforcement Committee and other committees and working groups established by the Commission or in which the Commission is involved;
  6. Contribute to the preparation of budgets, business proposals, and work plans as required;
  7. Draft quarterly and annual division reports;
  8. Ensuring that identified issues of contraventions are dealt with within the Guidelines and Operating Procedures of the Enforcement Committee;
  9. Sensitize and educate the public on matters relevant to enforcement in conjunction with other stakeholders such as Money Matters BVI and newsletter publishers; and
  10. Undertake ad-hoc projects and tasks as assigned.

 

WORKING CONDITIONS

The Commission is a professional working environment. As such, no hazardous working conditions knowingly exist. From time to time it may be necessary to work additional hours to assist the Commission in meeting a required deadline.

 

WORKING RELATIONSHIPS

The Deputy Director, Enforcement is expected to develop and maintain an effective working relationship with other members of the Enforcement Division.

 

The Deputy Director, Enforcement is also expected to maintain an effective working relationship with members of the MD's Executive Cabinet (AXIS), the FSC management team, all FSC Divisions, FSC Strategic partners, any contracted employees or professional consultants as necessary for the efficient conduct of the Commission's business.


QUALIFICATIONS AND EXPERIENCE

 The minimum qualifications required to successfully perform the job are as follows:


  1. Bachelor’s degree with a background in business, finance or accounting, law enforcement or other relevant area or equivalent qualification;
  2. Master’s degree with a background in business, finance, or accounting, or other relevant area would be an advantage;
  3. At least 7 years management and supervisory experience leading investigative and enforcement work within a regulatory body or in the legal, audit, finance, law enforcement, fraud and forensic or compliance field; and
  4. Accreditation related to and Fraud Prevention & Detection, Anti-Money Laundering or other related financial services field is required.


KNOWLEDGE AND SKILLS

 The following knowledge and skills are required:


  1. Expert knowledge of the Virgin Islands regulatory framework, legislation and policies relating to the supervision of financial institutions;
  2. Proven experience in regulatory and/or law enforcement investigations and enforcing statutory requirements;
  3. Proven ability to read, analyze, and interpret corporate documents, financial and accounting records;
  4. Extensive experience in conducting effective interviews with witnesses and targets of enforcement;
  5. Good experience in consulting and/or providing expert advice or testimony;
  6. Extensive experience in analysing financial, accounting and non-financial information;
  7. Extensive experience in assessing risk management and internal control compliance;
  8. Proven ability to lead and manage multi-disciplined teams, delivering outputs in adherence to established timeframes;
  9. Ability to carry heavy caseload whilst simultaneously supervising cases and investigations by other Division staffers;
  10. Excellent writing, communication and presentation skills;
  11. Proven ability to prepare clear and concise written reports as well as detailed and analytical reports as and when required; and
  12. Proficiency in all Microsoft Office applications, such as MS Word, Excel, and PowerPoint.

     

    COMPETENCIES

     The following competencies are required:


      1. Professionalism – complies with Commission’s code of conduct, acts with integrity and shows respect;
      2. Quality of Work – consistently produces work that is thorough, accurate, relevant, timely, and in accordance with Commission’s policies, procedures and best practices;
      3. Communication – effectively, professionally and comprehensively communicates, both orally and in writing, with colleagues, licensees and a large cross-section of industry representatives, in a timely and helpful manner;
      4. Team Success - is a cooperative, helpful, and constructive member of the team who willingly shares opinions and ideas and makes suggestions on how to improve processes and service;
      5. Time Management - effectively plans, coordinates, and seeks the most efficient methods to schedule, prioritize, and complete assignments within deadlines;
      6. Customer Excellence - builds positive relationships with internal and external customers by determining their specific needs and responding in a timely, professional and courteous manner;
      7. Continuous Improvement – constantly learning and developing skills and identifying and embracing changes to improve processes and practices within the organization; and
      8. Confidentiality protects and does not disclose any information relating to the affairs of the Commission to any unauthorized persons in or outside of the Commission, at all times.


      Disclaimer

      This job description is meant to describe the general nature and level of work required for the position advertised. It is not intended to be construed as an exhaustive list of all responsibilities, duties and skills required . The successful candidate will be required to follow any other job-related instructions and to perform other job-related duties as requested.

       

      Closing Date:  24 June 2022

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                  • Location
                    Road Town, Tortola
                  • Employment Type
                    Full-Time
                  • Minimum Experience
                    Manager/Supervisor