Position Summary

You will be a member of the Compliance team responsible to manage the AML and Regulatory Compliance risk of Private Banking to ensure compliance with corporate HQ policies and regulatory guidelines.

Responsibilities

1. Review high risk Customer Due Diligence (CDD) cases for both new onboarding cases and periodic review cases in accordance with internal AML/CFT policies and procedures, and MAS’ AML/CFT regulatory requirements.
2. Review AML/CFT policies and procedures to ensure compliance with MAS’ regulatory requirements, and Head Office policies and procedures.
3. Conduct ad hoc investigation and assist with the preparation and filing of STR.
4. Advise on ah hoc queries relating to the Wealth Management Business (“WMB”) from regulatory perspective, on both AML/CFT and non-AML/CFT related matters.
5. Review marketing materials and relevant risk assessments relating to WMB.
6. Participate in process transformation projects and advise accordingly from regulatory perspective in relation to WMB.
7. Proactively engage WMB staff to understand their processes and controls.
8. Put in place training plan to ensure WMB staff are trained or refreshed on the AML and Regulatory Compliance policy and procedures.
9. Perform periodic compliance reviews to ensure compliance with regulatory requirements according to Annual Compliance Plan.
10. Assess the business impact on Private Banking due to regulation changes and advise on implementation.
11. Conduct compliance reviews including Private Banking Sales Advisory Review, Continuing Professional Development Review, as well as due diligence for new product onboarding or variations of existing products.
12. Prepare and submit regular and ad-hoc compliance reports/ updates to Head Office and Management with regards to local regulatory development / compliance matters / status on a periodic basis and upon request.
13. Contribute to the Annual Compliance Plan for Financial Crime Compliance Department and Regulatory Compliance Department.

Requirements

1. Candidates shall possess a recognised university degree and should preferably have not less than 4 years of relevant experience in private banking or wealth management industry.
2. Well-grounded knowledge of the local regulatory framework and practices including those pertaining to AML/CFT, PB Code of Conduct and MAS Guidelines on PB Controls will be essential.
3. Experience in KYC review requirements for Private Banking clients and have knowledge of PB Investment Suitability framework.
4. Ability to work as a team player as well as independently with drive and initiative.
5. Able to communicate effectively and take initiate and responsibility to work within the timeline and engage relevant stakeholders.