Key Responsibilities
1. Regulatory Compliance
· Ensure compliance with the Payment Services Act (PSA) and other MAS regulations governing remittance services.
· Maintain up-to-date knowledge of regulatory changes and implement appropriate updates to policies, procedures, and controls.
· Prepare and submit regulatory reports to MAS, including suspicious transaction reports (STRs) and periodic compliance filings.
2. Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT)
· Implement and maintain an effective AML/CFT compliance program in line with MAS requirements and global best practices.
· Conduct customer due diligence (CDD), enhanced due diligence (EDD), and periodic KYC reviews for high-risk customers.
· Monitor and investigate unusual or suspicious transactions, escalating issues to the relevant authorities as required.
3. Risk Management
· Perform risk assessments for customers, agents, and transactions to identify potential AML/CFT or fraud risks.
· Develop and implement controls to mitigate compliance risks, including transaction monitoring systems and real-time screening tools.
· Ensure proper record-keeping of compliance activities for the stipulated period as per MAS regulations.
4. Policies, Procedures, and Training
· Develop, update, and enforce compliance policies and procedures specific to the remittance business.
· Provide training to employees and agents on compliance requirements, AML/CFT regulations, and ethical business practices.
· Conduct periodic internal audits to ensure adherence to compliance policies and rectify any gaps or breaches.
5. Transaction Monitoring and Reporting
· Perform ongoing transaction monitoring to identify patterns of unusual activity or behavior.
· File suspicious transaction reports (STRs) with the Suspicious Transaction Reporting Office (STRO) as necessary.
· Maintain records of transactions exceeding the threshold under MAS and FATF guidelines.
6. Licensing and Onboarding
· Assist with applications, renewals, and variations of remittance-related licenses as required by MAS.
· Ensure all agents and sub-agents meet compliance standards during the onboarding process.
7. Engagement with Stakeholders
· Liaise with regulatory authorities, such as MAS and STRO, as well as law enforcement agencies when necessary.
· Serve as the key point of contact for compliance-related inquiries from internal and external stakeholders.
Requirements
· Qualifications: Bachelor’s degree in Law, Finance, Accounting, or a related field. Professional certifications such as CAMS, ICA, or equivalent are a plus.
· Experience: At least 2 years of relevant experience in compliance, AML/CFT, or a related role, preferably in the remittance or payments industry.
· Knowledge: Strong understanding of MAS regulations, the Payment Services Act, FATF standards, and AML/CFT practices.
· Skills:
o Excellent analytical and investigative skills.
o Strong communication and interpersonal skills.
o Proficiency in compliance tools and transaction monitoring software.
· Attributes: High level of integrity, attention to detail, and a proactive approach to problem-solving.
