Manager, Transaction Control – Trade Finance – Scotiabank


  • Full Time
  • Anywhere

Company: Scotiabank

Position: Manager, Transaction Control – Trade Finance

Location: Toronto, ON

Description: The Manager, Transaction Control – Trade Finance is responsible for leading a team which supports the Trade Processing Center (TPC) and Trade Service Centers (TSCs) in all “Know Your Customer (KYC)/Due Diligence (DD)/Enhanced Due Diligence (EDD)” for trade finance transactions processed by the TPC/TSC. They are also responsible for ensuring the Policy and Procedures related to trade finance transactions from KYC/DD/AML/ATF perspective, and monitoring transactions to ensure that that Policy & Procedures are implemented and followed by TPC and TSCs, in order to minimize reputational and compliance risks and to meet the regulatory requirements related to trade finance transactions. The Manager is responsible for ensuring SLA delivery schedules are consistently met.     

Key Responsibilities:

  • Effectively mitigate the risks associated to all escalated trade finance transactions and provide approval or decline of higher limit transactions as necessary.
  • Record, monitor and report compliance related issues.
  • Analyze the escalated transactions and manage database to spot trends from AML perspective.
  • Assist in developing policy and procedures.
  • Implement and ensure adherence of  policy and procedures .
  • Create and update training program on trade based money laundering.
  • Effectively contribute to the Trade Services client experience.
  • Contribute to the effective functioning of the RMCC teams
  • Reviewing, conducting enhanced due diligence and approving the escalated trade finance transactions processed in the Global Trade Platform T360 and assigned to the “Compliance Q and/or escalated directly, in order to effectively mitigate the Money Laundering/Terrorist Financing/Sanctions risks associated with the escalated trade finance transactions.
  • Providing guidance to the TSCs, TPC, Relationship Managers and Sales teams and other internal or external contacts in relation to KYC, Due Diligence (DD), Enhanced Due Diligence (EDD), AML, ATF, Sanctions, and the regulatory requirements related to all Trade Finance Products, Structured Trade Finance Products, Risk Participations, etc.
  • Working in partnership with the GTB Compliance within TS&FI to report on progress and/or resolution of compliance related matters.
  • Preparing and submitting to the Global Anti-Money Laundering Unit (GAMLU) the Unusual Transaction Reports (UTRs) as required.
  • Maintain at all times an excellent knowledge of the Bank’s domestic and international compliance Polices & Procedures and regulations related to trade finance business (e.g. OSFI, Basel, Wolfsberg, BAFT, the Bank Secrecy Act, etc.) and AML/ATF aspects of Trade Finance by gathering and analyzing information, new developments and business risks in the context of international trade operations, and provide guidance and update to all staff in the TSCs and TPC when necessary.
  • Manage the team and support and /or handle various other functions to maintain the operations of the RMCC.

Skills and Qualifications:

  • University Degree
  • Preferably a Certified Documentary Credit Specialist
  • You must have a minimum of 12-15 years of practical experience in trade finance operations, with preferably 1-2 years of exposure in trade based AML compliance functions.
  • Good knowledge in the Bank’s Anti Money Laundering and Compliance Policies and Procedures.
  • Very Good Knowledge and understanding of Trade Based Money Laundering concepts.
  • Thorough knowledge of Trade Finance Products Structured Trade Finance Products, Risk Participation and ability to spot red flags in trade finance transactions.
  • In-depth Knowledge of ICC publications like UCP 600, ISP 98, URDG 758, etc.
  • Proficiency in computer applications related to Trade Finance and Microsoft Office.
  • Strong verbal and written communication skills.
  • Willing to work under pressure.

Apply now


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