This position within Client Onboarding Life Cycle Management (COLM) is primarily responsible for the client on-boarding, continued AML/CFT monitoring and reviews from Front Office (FO) and AML Exit process. The incumbent is expected to maintain high and consistent standards in accordance with the AML/CFT Procedures and will have the opportunity to explore other compliance/risk management tasks, assignments or projects.
Client Onboarding
* Lead, manage and guide Private Banking clients’ account opening KYC profile in accordance with bank’s policy and regulatory expectations.
* Ensure thorough, timely and quality review new client onboarding requests including account approval.
* Advise front office and other colleagues within the team on client onboarding matters including deficiencies in KYC information and documentation for onboarding.
* Perform independent and thorough review, including KYC/AML/Tax risk identification, plausibility checks as well as corroboration of clients Source of Wealth and Source of Funds.
* Review and approve new business relationships with Independent Asset Managers, Referral Intermediaries, and counter parties.
* Collaborate with key stakeholders involved in the process, viz, Relationship Managers, Team Heads, Market heads, Compliance, and other colleagues within the bank to ensure seamless on-boarding.
* Provide training to team members on matters pertaining to KYC AML.
* Assist to response queries, clarifications resulting from internal, external, statutory or regulatory audit.
* Identify gaps and implement on-boarding controls including system and process enhancement that are fit for purpose.
* Review client documentation by performing signature verification, version and completeness check.
Transaction Reviews
* Organize quarterly meetings and focus group training to align front office practices with current procedures.
* Deliver regular progress reports to senior management.
* Identifies and investigate a suspicious activity or transaction, prospect or client and make necessary recommendations to senior management.
* Liaise with Relationship Managers for issues and deficiencies identified during review.
* Update and implement periodic review processes.
AML Exit
* Prepare monthly report based on the extraction provided by AML Exit desk and dissemination of the report to relevant stakeholders
* Provide support to FO teams to facilitate management approval
Marketing guidelines and Regulatory matters:
* When New Marketing Guidelines are to be implemented: Planning work to include Market penetration numbers, pipeline numbers, etc; Lead the engagement with FO to provide any feedback as required by Compliance or Counsel, collaborate internally on implementing FO control and operationalisation.
* During Biennale Review: cover location specificities, and collaborate with relevant stakeholders on implementing FO control and operationalisation.
* Ensure that all relevant invoices are approved and paid after being notified by Compliance.
* Advise FO regulatory requirements and facilitate the communication accordingly.
General
* Collaborate with Front Office to drive completion on various remediation and review exercises from Bank wide COLM Project
* Provide support to other COLM Managers and COO and Business Managers in various Compliance-related projects and working groups
* Review and monitoring of SLA for COLM (Annual review, perform monthly controls for COLM) Assist in tracking of issues and actions escalated by Front Office or management
* Conduct internal training for staff in front office.
* Lead projects or process improvements assigned by management.
* Consolidate review findings and Group management reports to Senior Management.
* Collation of statistics.
Qualifications
* Minimum 8 years of experience in AML and client review in a private wealth industry
* University degree in Accountancy, Finance, Business Administration or equivalent, or higher education is preferrable.
* Knowledgeable and sensitive to the risks and suspicious activities
* Experienced in investigating suspicious transactions.
* Experienced in handling operational incidents and operationalization of policies.
* Strong understanding of AML/CFT framework and the regulatory environment and its applicability
* Familiar with MS Excel and preparation of statistics for reporting.