Vice President, Global Anti-Money Laundering and Privacy Compliance OfficerNew York Life Insurance Company - New York City, NY
New York Life Insurance Company (New York Life or the company) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life's surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company's decisions and actions for over 170 years.
New York Life Investments (NYLIM), an indirect, wholly owned subsidiary of New York Life Insurance Company, is a top 25 global asset management firm. With more than $500 billion in assets under management, NYLIM is a premier investment management firm serving a variety of client segments including retail, institutional, insurance and defined contribution and benefit on a global basis. New York Life Investments offers a diverse set of investment capabilities ranging from traditional equity and fixed income to alternative investment strategies and multi-asset solutions. Renowned for its premier investment acumen and client focus, NYLIM’s vision is to be one of the most trusted providers of investment management expertise and long-term financial security.
The Global Anti-Money Laundering and Privacy Compliance Officer will lead a centralized team of dedicated compliance professionals in the oversight of and adherence to the Anti-Money-Laundering/Bank Secrecy Act (AML/BSA), The USA PATRIOT Act, Office of Foreign Asset Control (OFAC) sanctions compliance, Foreign Corrupt Practices Act (FCPA), Privacy laws, including General Data Protection Regulations (GDPR), as well as compliance with current and emerging Cybersecurity regulations for both New York Life Insurance Company and the New York Life Investments Group. The role will report to the Chief Compliance Officer of New York Life Insurance Company with a dotted line to the Chief Compliance Officer for Investments.
To be successful in this role, the candidate must be a strong collaborator who will foster relationships across the company and coordinate regularly and constructively with all relevant functional groups. The candidate will also serve as a strong steward for the company who will interface with senior management on compliance matters.
The responsibilities of the Global Anti-Money Laundering and Privacy Compliance Officer include:
*Demonstrate mastery of insurance and investments compliance knowledge in Anti-Money-Laundering/Bank Secrecy Act (AML/BSA), The USA PATRIOT Act, Office of Foreign Asset Control (OFAC) sanctions compliance, Foreign Corrupt Practices Act (FCPA), Privacy laws, including General Data Protection Regulations (GDPR), as well as compliance with Cybersecurity regulation; *Collaborate with the Chief Compliance Officers of the investment boutiques and the centralized compliance team responsible for oversight of compliance at the boutiques on AML, OFAC, FCPA, Cybersecurity, and Privacy issues with a focus on GDPR; and *Lead a team of dedicated compliance professionals in Money-Laundering/Bank Secrecy Act (AML/BSA), The USA PATRIOT Act, Office of Foreign Asset Control (OFAC) sanctions, and Privacy compliance for New York Life Insurance Company.
The ideal candidate will be a highly-regarded professional with a proven record as a self-starter and team leader who is able to work with the business to develop and implement Compliance solutions that are pragmatic, effective and forward-looking, spot risks and troubleshoot. The candidate will be able to work successfully with a diverse set of individuals and constituencies. In addition, the candidate should have the following:
Qualifications & Experience
*Minimum 10+ years of compliance experience within the financial service industry *Working knowledge of Life Insurance and Annuity products and Life Insurance regulations *Working knowledge of the Investment Advisers Act of 1940 and the related investment adviser regulations *Experience with Anti-Money-Laundering/Bank Secrecy Act (AML/BSA), The USA PATRIOT Act, Office of Foreign Asset Control (OFAC) sanctions compliance *Experience with Foreign Corrupt Practices Act (FCPA) *Experience with Privacy laws, including General Data Protection Regulations (GDPR)
*Understanding of Cybersecurity regulations, such as New York State Department of Financial Services Cybersecurity regulations *Experience with the investment management industry *Excellent business judgment *Understanding of data analytics and the use of technology in the compliance function *The ability to identify and resolve business issues and to partner with business leaders as well as with other key functional areas such as Legal, Technology and Infrastructure Services, etc. *Strong communication skills, both written and verbal *J.D. is required *BS/BA required
Characteristics & Attributes
*High level of integrity and professionalism *Superior judgment in assessing potential compliance matters, the application of industry developments to the business and knowing when to seek independent advice and when to act independently *Strong project managements skills *Decisive and mature *Ability to tailor Compliance solutions to business conditions *Highly organized and detail oriented; able to solve complex problems in a collaborative manner *Ability to take a big picture view and tailor compliance program to new and evolving regulations *Strong interpersonal skills
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*Based on revenue as reported by Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual), Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company's long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company's profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.
12 days 22 hours ago
applyVice President, Global Anti-Money Laundering and Privacy Compliance Officer New York Life Insurance Company - New York City, NY, United States
New York Life Insurance has been providing life insurance policies in the Big Apple since it was a tiny seed. While the top mutual life insurer in the US has branched out a bit, it retains its core business: life insurance and annuities. Its products include long-term care insurance and special group policies sold through AARP and other affinity groups and professional associations. New York Life Investments' offerings include mutual funds for individuals and investment management services for institutional investors. Through New York Life International, the firm provides life policies in overseas markets. Founded in 1841, New York Life is owned by its policyholders.
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