GENERAL DESCRIPTION:
This position within the Client Review Team of the Financial Crime Compliance Department is responsible for the periodic review of existing accounts of the Bank. The successful candidate is expected to be knowledgeable in AML and SOW principles to be able to analyse situations to identify gaps and risks in KYC information, transactions and documentation, and to be able to work well within a team and yet take initiative and ownership over his/her own area of work.
MAIN DUTIES
- Perform assessment on periodic reviews or trigger event reviews of existing relationships including but not limited to higher risk relationships and financial intermediaries. This includes reviewing the adequacy of source of wealth (SOW) corroboration, performing high level transaction review, identifying incremental AML or reputational risk via refreshed name screening.
- Conduct investigations on suspicious transactions/ activities surfaced during periodic review and prepare STR reports to the STRO.
- Liaise with relationship managers / COLM officers for issues and deficiencies identified during periodic review.
- Identify and assess risk issues relating to clients during periodic review and provide appropriate resolution and decision making.
- Keep abreast of changes to regulatory requirements for AML/CFT and communicate changes internally with a view to ensuring established policies, procedures and processes are compliant with new requirements.
- Update and operationalize periodic review processes and workflows to ensure consistency amongst team members.
- Providing AML/CFT advice to businesses on matters pertaining to periodic review of clients.
- Assist with training for new joiners and front office personnel on periodic review regulatory requirements in Singapore.
- Liaise with internal and external auditors on AML/CFT queries related to Singapore.
- Prepare weekly and monthly reports to Senior Management on periodic review statistics in Singapore.
SOW Uplift Project:
- As part of periodic review or trigger event review assessment, the Compliance Specialist will be responsible to ensure that the standards of SOW corroboration of High-Risk clients are uplifted to prevailing standards. This includes reviewing the client’s source of wealth to ensure plausibility and to check for appropriate level of corroboration and evidence to identify the client’s original source of funds and wealth growth.
- Perform corroboration and plausibility analysis on the SoW write-up in accordance with the bank’s SoW guidelines.
- Review information from multiple sources to ensure complete and consistent information across the clients’ profile.
- Follow up with the Relationship Managers where additional information or clarifications are required and support them by ensuring the final write-up meets the internal requirements.
- Accurately document your plausibility assessment, with the supporting documents into the template and archive within the system.
- Provide transparency and oversight to senior management to ensure cases are reviewed and completed in a timely manner and any issues are identified early.
WORK EXPERIENCE REQUIREMENTS:
- At least 5 years relevant experience in AML and SOW/KYC in a private banking environment.
- Knowledgeable and sensitive to the risks involved in onboarding various types of private banking clients, including complex structures like trusts, foundations, and private investment companies.
- Experience and familiarity in transaction review work would be required.
- Experience in investigating suspicious transactions would be beneficial.
- Familiar with excel and preparation of statistics for reporting.
- Good communication and interpersonal skills.
- Commercial astuteness.
- Self-motivated personality with the ability to make things happen.
- Ability to work independently, determine priorities and meet deadlines.
EDUCATION REQUIREMENTS:
- University degree or higher education.
- Professional certifications such as ACAMS or ICA
