Job Description
Regulatory Compliance (Primary)
- Provide compliance advisory in areas of Banking Act 1970, Securities and Futures Act 2001 (“SFA”) and Financial Advisers Act 2001 (“FAA”) to all Business Units and departments.
- Review Marketing and Promotional Materials in relation to deposit, remittance and investment products.
- Update Management on all MAS notifications that will impact the Bank and perform gap analysis (when required).
- Attend to Compliance matters in relation to New Product initiatives including compliance advisory and review of forms associated with these Products.
- Develop/ periodic review policies/manuals/procedure notes under Compliance Department’s purview.
- Conduct Regulatory Review as scheduled in the Compliance Review and Training Plans, including but not limited to Balanced Scorecard review.
- Attend to all Representative Notification Framework related matters, including Notification for Appointment of a Representative and Cessation of a Representative under the SFA/FAA.
- Coordinate, liaise, handle enquiries and ad-hoc/periodic submissions to Head Office and MAS promptly.
Foreign Account Tax Compliance Act (FATCA)/ Common Reporting Standard (CRS)
- Liaise with third party vendor on FATCA/CRS application, organize and coordinate data generation/information received from Operations/IT Department for annual submission to IRAS.
- Participate in the FATCA/CRS Remediation Project.
- Assist with FATCA / CRS compliance requirements.
Anti-Money Laundering Compliance (Secondary)
- Provide advisory/clearance of daily payment gateway screening hits and periodic name screening hits in relation to sanctions and adverse news (when required).
- Review suspicious and irregular transactions in customers’ accounts and conduct basic inquiry into such transactions with a view to filing a Suspicious Transaction Report to the Suspicious Transaction Reporting Office (“STRO”) when appropriate.
- Address ML/TF queries from Business Units (Credit & Syndication, Retail Banking and Trade Finance) and departments in relation to new customers’ onboarding and ongoing transactions.
- Perform high/low risk corporate customer periodic review.
- Conduct Enterprise-Wide Risk Assessment with Business Units within the Bank.
Others
- Provide trainings in the areas of Regulatory and AML/CFT Compliance.
- Provide cover for team members within Compliance Department in assigned areas during their leave of absence.
- Undertake other ad-hoc duties as assigned.
Requirements
- Degree, preferably in Accounting, Banking & Finance, Business or Law.
- Candidates with certifications from the Association of Certified Anti-Money Laundering Specialist (ACAMS) or Diploma in Compliance would be viewed favourably.
- Good working knowledge in banking laws, FATCA/CRS, AML/CFT requirements. A plus for candidates with good understanding of the relevant regulatory requirements pertaining to operations, products and services within Credit, Trade Finance and Retail Banking.
- Minimum 3 to 5 years’ relevant experience in Compliance function of a sizable financial institution/regulatory body.
- Excellent communication and interpersonal skills with ability to interact with all levels of staff and management.
- Have the drive, energy and perseverance to succeed in a competitive market environment.
