Job Summary
The Compliance Analyst role provides support to the Singapore Compliance Officer & MLRO in ensuring the Group’s Compliance and Financial Crime policies and procedures follow best practices in terms of meeting legislative and regulatory requirements and have the ability to be a business partner for Compliance and Financial Crime matters.
Job Accountabilities
- Assist the business to ensure compliance with Singapore regulatory requirements as it pertains to Trust and Fiduciary activity, and in particular, the Trust Companies Act.
- Communicate compliance and risk management requirements to internal and external clients, address queries and concerns.
- Provide relevant guidance to the business as it relates to Financial Crime queries such as Customer Due Diligence, Risk Ratings; the application of the Group’s Financial Crime Group Minimum Standards, local Compliance policies & procedures (in line with Group standards) and any specific Trust-related Compliance and Fiduciary requirements in place within the Group.
- Review compliance onboarding practices and documentation, liaise with the business as required and make recommendations as to improvements.
- Review transaction reports and suspicious activity reports and alerts and summarise findings; be prepared to draft external suspicious activity report as required.
- Prepare reports and information in response to queries from senior members of Compliance, including regular Compliance reports to Group, as well as Compliance-related presentations to the senior management.
- Undertake Compliance Investigations, Monitoring & Surveillance, Compliance Validation Tests and Compliance Assurance Testing (Second Line of Defence), in accordance with the Group CVT Plan, in line with agreed protocols and timelines; working closely with other Compliance teams and relevant business areas; providing information to the business under review of areas deemed not effective; tracking “extreme” or “major” findings to closure and submitting relevant statistics as required for regular reporting.
- Notify management upon any discovery of standards not met with recommendations for rectification or improvement.
- Identify data quality issues, recommend solutions and implement change.
- Take ownership of specific tasks as delegated by senior members of Compliance.
- Provide assessment of regulatory change to local management, including the local board, as well as the Group in particular as it relates to regulatory and operational change.
- Provide local Compliance training where deemed relevant, in addition to Group e-learnings.
Know-How / Competency Requirement
- 2 - 5 years’ experience Compliance or Financial Crime experience, with a sound level of understanding of the role of Compliance and Risk Management within a financial services firm, preferably in a trust company.
- Ability to promptly and appropriately escalate risks and/or failure of standards to be met, to management.
- Ability to assess the effectiveness of Compliance and Financial Crime processes and procedures and, where appropriate, recommend “best practice” changes to such processes and procedures arising from analytical reviews performed.
- Strong communication skills, both written and spoken (primary language English) with relevant internal stakeholders on Compliance or Financial Crime standards.
- Ability to produce and maintain reliable recordkeeping arrangements of activities undertaken to ensure that such records meet internal and external requirements.
- Ability to operate effectively in a multi-disciplinary team, and independently to deliver high quality work.
- Ability and technical knowledge to assist in developing and facilitating Compliance and Financial Crime training activities.
- Strong analytical and problem-solving skills, with ability to analyse reports, identify failings and to notify same together with recommendations for remediation.
- Ability to multi-task and work to tight deadlines.
- High ethical standards with the ability to handle sensitive and confidential matters with absolute discretion.
Problem Solving
- Perform monitoring and testing reviews of Compliance, Financial Crime and Business activities, in line Group requirements and set parameters, and be able to evaluate and discuss findings and thereafter draft a comprehensive report for management consideration, including identifying potential solutions; identifying errors or gaps and consider how best to resolve these.
- Demonstrate an ability to liaise and communicate competently within a team in order to ensure the effectiveness of the Compliance and/or Financial Crime analytical activities; improve skills on how to devise alternative solutions and how to make recommendations for change and/or implementation.
- Draft investigation and surveillance findings and prepare information required by external authorities/stakeholders and be able to discuss any findings in a clear and competent manner including making recommendations for change.
- Assist the Compliance and Financial Crime team, as required, to undertake an impact assessment on proposed new regulations and propose recommendations as to the next steps.
- Effectively engage with local Management and senior colleagues in identifying areas of concern and being able to evaluate alternatives.
