Job descriptionJoin a Challenger Being a traditional bank just isn’t our thing, so we challenge ourselves to get creative in providing innovative banking solutions for Canadians. Our company continues to grow and today serves more than 800,000 customers across Canada through Equitable Bank, Canada's Challenger Bank™ and has been around for more than 50 years. Equitable Bank’s wholly‑owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members. Together we have over $142 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people’s lives. Our customers have named our EQ Bank digital platform (eqbank.ca) one of the top banks in Canada on the Forbes World’s Best Banks list since 2021.
The Work The Chief Anti‑Money Laundering Officer (CAMLO) is responsible for developing, implementing, and overseeing EQB’s enterprise‑wide Anti‑Money Laundering, Anti‑Terrorist Financing, and Sanctions compliance program. The role protects the bank and its subsidiaries from being used for illicit activities and ensures full compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated regulations, as well as guidance from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Enterprise AML/ATF Program Leadership
Design and lead a risk‑based AML/ATF/Sanctions compliance program covering all of EQB’s business lines and distribution channels.
Develop and update AML/ATF policies, procedures, and internal controls in alignment with legal requirements (PCMLTFA, Criminal Code, United Nations Act and Special Economic Measures Act for sanctions) and international best practices (e.g., FATF Recommendations).
Ensure these controls are tailored to the nature, size, and complexity of EQB’s operations, including its digital banking platform, and address the evolving methods of money laundering and terrorist financing.
Regulatory Compliance & Liaison (FINTRAC/OSFI)
Serve as the primary contact with FINTRAC for all AML/ATF reporting and examinations.
Oversee the timely and accurate submission of all required regulatory reports, such as Suspicious Transaction Reports (STRs), Electronic Funds Transfer Reports (EFTRs), Terrorist Property Reports, and any other filings mandated by the PCMLTFA and related regulations.
Coordinate with relevant regulators on AML-related inquiries and ensure that expectations are met.
Lead the preparation for and response to regulatory audits or reviews of EQB’s AML program, and promptly implement any necessary corrective actions or recommendations.
Ensure compliance and adherence to all AML regulations and internal AML Regulatory Compliance Management is up to date.
Risk Assessment & Controls
Conduct and regularly refresh enterprise-wide assessments of inherent money laundering, terrorist financing, and sanctions evasion risk.
Use these assessments to inform the design and calibration of controls, setting parameters for transaction monitoring rules, defining due diligence standards for higher‑risk customers (Enhanced Due Diligence), and updating sanctions screening protocols.
Ensure that any new product, service, or business initiative undergoes an AML risk review before launch.
Continuously adjust controls in response to new regulatory typologies, emerging technologies, or shifts in the bank’s risk environment.
Detection, Monitoring, And Reporting Systems
Oversee systems that detect transactions and customer behavior indicative of money laundering or terrorist financing.
Ensure automated transaction monitoring systems, sanctions screening tools, and customer risk rating models effectively identify potential issues and generate quality alerts.
Provide capacity and expertise for manual reviews of alerts.
Maintain clear investigative procedures for alert handling and decision‑making on filing STRs.
Continuously refine monitoring rules and thresholds to optimize detection while minimizing false positives.
Ensure consistent data quality for management reports and regulatory filings.
Investigations & Case Management
Supervise investigations into suspicious activities or regulatory AML queries.
Ensure appropriate internal actions are taken when suspicious activity is confirmed, and external reports (STRs or law enforcement referrals) are made swiftly.
Oversee a centralized case‑management process to track investigations and outcomes, maintaining an audit trail and timely resolution.
Champion advanced analytics, machine learning, and AI‑enabled tools to enhance investigative effectiveness.
Govern AI and advanced analytics used in investigations with strong model risk management, explainability, quality assurance, and human‑in‑the‑loop controls.
Training & Awareness
Implement ongoing AML/ATF and sanctions compliance training for all relevant employees.
Tailor training programs to different audiences, ensuring everyone understands how to identify and report unusual activities.
Train the Board of Directors and executive management annually on oversight responsibilities and current AML/ATF risks.
Foster a culture of vigilance and compliance where employees are encouraged to raise concerns about possible money laundering or fraud.
Collaboration & Advisory Role
Work closely with other departments and the first line of defense to embed AML controls into day‑to‑day processes.
Advise product and business teams on AML implications when designing new products or entering new partnerships.
Collaborate with the Fraud Management team and Risk to share information on schemes that may have AML implications.
Provide expert guidance on client onboarding (KYC), record‑keeping, and handling regulatory or law‑enforcement inquiries.
Act as the internal subject matter expert on financial crime compliance, keeping senior leadership apprised of key developments.
Program Evaluation And Reporting
Develop metrics and KPIs to measure AML program effectiveness, such as number of alerts, STR conversion rates, training completion rates, audit findings resolved.
Regularly report to senior management and the Board’s Governance/Nominating Committee on the state of the AML/ATF program.
Provide an annual written report and presentation to the Board’s Governance and Nominating Committee offering independent opinion on program adequacy.
Continuous Improvement & Industry Engagement
Stay abreast of evolving money‑laundering and terrorist‑financing techniques and advancements in AML technology.
Recommend and implement enhancements to EQB’s AML program, such as system upgrades or process re‑engineering.
Represent EQB in external forums, such as industry AML working groups or conferences.
Continuously challenge the AML program to adapt to new threats or business changes, ensuring robustness and forward‑looking capability.
Team Leadership And Collaboration
Lead the AML Compliance Department and manage its personnel and resources.
Ensure the function is adequately staffed and that team members possess required qualifications and training.
Foster collaboration between AML Compliance and other departments to address compliance issues.
Maintain independence and work closely with first‑line business units and specialized compliance officers.
Let’s Talk About You!
Bachelor’s degree in Finance, Law, Criminology, Business or a related field.
Advanced degree or specialized training in financial crime is an asset; professional certification such as CAMS or CFCS is strongly preferred.
8–10 years of experience in anti‑money laundering, anti‑financial crime, or regulatory compliance within financial services, including several years in a leadership or CAMLO role.
Experience working in a federally regulated financial institution in Canada, especially with direct exposure to FINTRAC examinations or OSFI compliance reviews.
In‑depth knowledge of Canada’s AML laws and regulations (PCMLTFA, FINTRAC guidelines).
Well‑versed in customer identification (KYC), record‑keeping, reporting thresholds, and various report types (STRs, LCTRs/EFTRs, etc.) and sanctions lists.
Understanding of OSFI’s regulatory expectations.
Knowledge of global AML/CFT standards and international sanctions regimes.
Strong analytical skills, keen attention to detail, and ability to sift through large volumes of data.
Experience in conducting or overseeing financial investigations.
Comfortable with data analytics tools or basic SQL or Excel analysis.
Ability to manage and develop a team of AML analysts, investigators, and compliance testers.
Strong communication skills: ability to explain complex risks to senior executives, train front‑line staff, and communicate with regulators.
Ability to write high‑quality policies, reports, and investigative narratives.
High level of professional integrity and sound judgment; ability to make unbiased decisions.
Commitment to confidentiality of investigations and protection of sensitive information.
Flexibility and creativity in tackling new challenges; embrace continuous learning and ability to pivot strategies.
Benefits
Competitive discretionary bonus
Market leading RRSP match program
Medical, dental, vision, life, and disability benefits
Employee Share Purchase Plan
Maternity/Parental top‑up while you care for your child
Generous vacation policy and personal days
Virtual events to connect with colleagues
Professional development and comprehensive career development program
Opportunity to join a leading FinTech and create a new banking experience
The incumbent will work hybrid; in‑office time will be spent at our additional office space located at 2200-25 Ontario Street, Toronto, ON.
Equitable Bank is deeply committed to inclusion. Our organization is stronger when we honour and celebrate everyone’s diverse experiences and perspectives. We support and encourage staff to grow in their career path and in person.
All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire.
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