You will be part of the Business Compliance-Retail AML / Countering of Financing of Terrorism (CFT) team working closely with Group Compliance (GC) and Group Retail (GR) business segments - Personal Financial Services (PFS) and Business Banking (BB). As part of the main responsibilities, you will keep abreast of regulatory developments in prevention of money laundering and terrorist financing activities and assess impact on Group Retail, including interpretation & providing baseline advisory and recommendations, and working closely with Business Units in Group Retail in the implementation & governance of related policies & practices.
Provide operational advisories to business units; assist business units in operationalizing Compliance Policies & Guidelines / Regulatory Requirements (identification of regulatory risk and operationalisation of regulatory requirements to facilitate the development of processes and controls to manage risks and issues).
Provide advisories and supervisory services to the business unit for customer on-boarding and retention of customer relationships in accordance with GC-AML endorsement framework
Keeps abreast of regulatory developments on the AML/CFT front, assess the impact on GR business segments and provide timely, appropriate advice, interpretation and recommendations as required.
Ensure all new business initiatives by GR business segments have addressed AML/CFT governance requirements and facilitating GC's concurrence when required
Work with GC on compliance matters and initiatives e.g. policies, guidelines, framework, training, annual compliance plan etc
Escalate potential regulatory breaches, products or processes that pose significant ML/TF/Sanction risks; and ML/TF/Sanction issues in accordance with the escalation protocol
Conduct investigation into suspected ML/TF activities and where applicable, report suspicious activity to GC in accordance with the STR escalation protocol
Thematic Regulatory Awareness & Training
Conduct AML/CFT training to all new sales hires related to Wealth Management within PFS and BB to ensure basic competency
Facilitate 'update / refresher' AML/CFT training to relevant personnel within PFS and BB supporting or are involved in the Wealth Investment process to ensure continued adherence to the established Compliance Policies & Guidelines / Regulatory Requirements
Ensure the on-going review & improvement to AML/CFT training materials and Supervisors' training materials including the timely incorporation of changes in AML/CFT guidelines / recent case studies
Raise awareness on money laundering and terrorism financing among staff for Group Retail
Assist business segments on all AML/CFT related audit findings from internal & external review /supervisory bodies for GR.
Work with GC and business segments to facilitate as necessary MIS / information gathering on AML/CFT related matters
Act as the key liaison between GC and business and act as a point of contact for business as on all AML/CFT related matters, where applicable
Provides timely dissemination of new guidelines and additional information or changes to AML/CFT policy / procedures to all AML Champions / Reps / staff within PFS and BB.
Provide updates and monthly reports to Management and Group Compliance within the stipulated timeline e.g. Monthly High Risk Customers On-boarded Reporting to GC, High Risk Accounts Opened / Retained during OGR / Delisted accounts, Overdue KYC reviews, etc.
Participate in strategic AML projects and initiatives
Degree in Accountancy, Business Management or Law
Familiar with MAS 626 Regulations and Guidelines
Relevant 3-5 years of experience in conducting due diligence checks for Individuals and SMEs
Prior experience in operational risk management within business units or internal / external audit is preferred
Creative, Resourceful, Meticulous, Analytical and able to work independently with excellent verbal and report-writing skills
Self-driven and a team player with strong interpersonal and communication skills
Proficient in Microsoft office suite of applications.