Operational Tax SME

Kleinwort Hambros
 London, United Kingdom       Permanent contract        Legal / Taxation / Compliance


Description of the business line or department

KH Operations comprises of the following areas –

Banking Operations - Banking and Treasury Operations (including digital solutions, Client Reporting, Scanning and Archiving

Fees Management

Securities Operations – Settlements, Corporate Actions, Transfers, Custody and Custodian oversight, Stock Data Management.

Middle Office – Private Banking and Investment controls and reporting (including CASS and other regulatory reporting)

CDD/AML Client On-boarding and periodic reviews

Operational Tax team

Relationship Management and oversight of 3rd Party Suppliers where Operations is the lead stakeholder

Core system custodian – re-certifications, User Acceptance Testing and Subject Matter Expertise

Operational Projects, End to End Process continual improvements

Operations SMEs:

  • To deal with tactical and strategic projects covering operational areas such as Credit, Tax, Banking, Digital services
  • To act as an interface to facilitate operational processes between Front Offices and Operations, to improve the integrity and completeness of all transactions, services and data flows.
  •  To ensure a smooth process flow for all clients’ matters and services between Front Offices and Operations on an ongoing basis.
  • Client expectations, and digital disruption require ongoing monitoring and action reshaping future strategic priorities. The role of Operations teams needs to adapt requiring a shift and renewed focus.


The primary focus of this role is to work closely with the Securities Operations team to manage the day-to-day operational requirements for client and regulatory tax. This involves collaboration with the bank’s primary departments including Treasury, Banking Operations and Client Services, ensuring best practice with regards to controlling and mitigating operational risk over a wide range of withholding and transactional taxes generated by trading activities.

Client and regulatory tax reporting include, but is not limited to, US Qualified Intermediary (QI), US FATCA, Common Reporting Standards (CRS), any other current or future automatic exchange of information (AEOI) and all associated client reporting. A good working knowledge of these areas is essential.

A basic knowledge of securities operations across various asset types and markets is required, plus experience of working with counterparties such as brokers, custodians, fund managers, transfer agents, data providers, depositaries and their respective online systems.

The ideal candidate will be self-motivated to provide consistently strong standards, keen to identify and resolve issues, challenge existing procedures and controls whilst working with cross-functional teams to implement operational improvements. He or she will also be able to analyse the operational tax impact of regulatory changes and new business proposals with a view to planning and implementing any necessary changes.


  • Business development
  • Manage all UK and CI tax operational activities dealing with any queries, issues or complaints in a prompt professional manner to minimise operational, reputational and financial risk

  • Ensure appropriate regulatory controls are in place to comply with relevant tax and AEOI legislation, regulations and guidelines to eliminate any possible risk of an audit finding

  • Ensure all relevant US stock holders are fully documented with an appropriate IRS tax form (W8s, W9s), and maintain appropriate withholding reporting (1099, 1042s)

  • Make sure individual, corporate and trust classifications are complete and in place on systems (FATCA, CRS) and work with the Front Office to obtain self-certifications and updated records

  • Reconcile downloaded custodian and agent tax reports to internal company reports and resolve any differences

  • Verify any client changes of address, US reportable stock purchases or any stocks that have changed to US reportable

  • Maintain accurate tax reporting in line with deadlines, particularly for regulatory reporting and EOY client tax packs

  • Take responsibility for the continuous improvement and documentation of our QI compliance program including procedures, training and systems to comply with the US requirements

  • Plan for and manage all external compliance reviews with auditors or other third parties as necessary, analyse results and implement changes or remediation as advised

  • Monitor and review tax policy or regulatory changes that impact current tax processing and communicate the operational tax implications to key stakeholders

  • Contribute constructively to the development of the Securities Operations Department by suggesting ideas for improving efficiency or process quality.

  • Operational Risk & Regulatory Responsibilities
  • Ensuring that the Operational Tax Team is fully supporting reporting standards and Tax authorities’ requirements.

  • Identify risks, suggest mitigations, and track reporting status including all risks related to each Tax program

  • Cooperation with other departments
  • Develop and maintain strong working relationships at all levels of the organization in order to navigate through the tax requirements.

  • Establish proactive partnerships with other key stakeholders, including, but not exclusively Compliance, Group Tax team, Front Office and IT to support service and tax development/remediation/reporting initiatives.

  • Other expectations
  • Cultivate appropriate engagement of Operational Tax Team, provide information and training/knowledge sharing (back to school sessions, mentoring)

Profile Required

Competencies and work experience  

  • Self-direction, the ability to work independently, and highly motivated

  • Previous experience of working in a financial organisation’s operational tax department or supporting securities operational taxes from a technical perspective

  • An in-depth understanding of transactional, capital and withholding taxes including the identification of risks and issues as they impact the business based on an ability to understand and communicate tax regulations

  • An analytical, problem solving attitude, good attention to detail with a record of identifying and dealing with client, system or process tax issues as they arise

  • Knowledge of securities life cycle to include equities (e.g. ETIs, managed funds, REITs), fixed income (e.g. deposits, bonds, gilts), private equity and hedge funds, SIPPs and ISAs

  • Experience of working in a global financial services organisation.

  • Strong team working skills, willing to put forward ideas and challenge current processes and procedures

  • Excellent knowledge of the securities markets, their regulation and reporting requirements

  • Good working knowledge of securities and banking systems such as T24 or Olympic and the processing of corporate actions, settlements and transitions

  • Understanding of asset master data and data providers such as Morningstar, IDC, Bloomberg, FinEx

  • Understanding of fund dealing, settlement, performance, fees and charges

  • Good knowledge of STP, securities systems and networks including, but not limited to, HSBCnet, SWIFT, Aqua e2gen, EMX, Calastone, CREST, UnaVista, Clearstream

  • Good communication, both in verbal and written skills, and fluent in English



At least 5 years industry experience


Bachelor’s Degree or equivalent

Tax, accounting or legal qualifications

Why Join Us

If you feel you have the required experience and qualifications, then please apply to the SG Resourcing Team, and we will manage your application. At Societe Generale, we believe our people are our strength and are core to the success of our business. As such, we search for, recruit and appoint the best available person on the basis of aptitude and ability, regardless of sex, marital or civil partnership status, race, colour, nationality, ethnic or national origins, pregnancy, disability, age, sexual orientation, religion, belief or gender reassignment

Business Insight

People join for the impact they can have on us. They stay for the impact we have on them. A flatter structure offers visibility and exposure beyond that of our competitors, so you know our names, and we know yours. It's personable, human, and inspires success through passion. By encouraging open mindedness and a willingness to share ideas, we have adapted to market changes and thrived through innovation. Bringing words like “hard work” and “dedication” together with “community” and “respect” has enabled us to work collaboratively and build our future together. We call this Team Spirit and it's what makes us different. It's what makes you different.

We are an equal opportunities employer and we are proud to make diversity a strength for our company. Societe Generale is committed to recognizing and promoting all talents, regardless of their beliefs, age, disability, parental status, ethnic origin, nationality, sexual or gender identity, sexual orientation, membership of a political, religious, trade union or minority organisation, or any other characteristic that could be subject to discrimination.

Job code: 19000RAV
Business unit: Kleinwort Hambros
Starting date: Immediate
Date of publication: 08/01/2020
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Operational Tax SME

Permanent contract   |   London   |   Legal / Taxation / Compliance