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Justification: Replacement of current Product Control Manager - FATCA/CRS coordinator role. With the CRS being effective since Jan 1 2017 and CRS annual reporting commencing in 2018, in addition to FATCA, there is also an evolvement and steady increase in responsibilities and activities required of this role. Description: This is a unique and exciting role for the candidate to primarily oversee and participate in the end-to-end activities relating to FATCA and CRS. The candidate will be responsible for the setting up and proper functioning of FATCA/CRS processes including the upkeep, maintenance and reporting of all tax related matters for the business, so as to ensure the bank's strict adherence to FATCA and CRS tax reporting and regulatory requirements at all times. Additionally, the role also involves product control activities including oversight on controls relating to the sales and distribution of wealth management products and periodic control self-assessments. Your key responsibilities include:
Participate in the establishment/enhancement on FATCA and CRS related processes such as New Account Due Diligence (NADD) and Change in Circumstances (CIC), incorporate process updates based on new regulations and changes cascaded from Regional/Global to the business and provide independent oversight of the processes on an ongoing basis.
Manage annual Pre-existing Account Due Diligence (PADD) exercises including staff training, data review and tracking for completion as per timelines.
Represent the business in relevant forums and discussions on FATCA and CRS matters as well as being the key SME in managing FATCA/CRS-related audits and reviews of the business.
Advise on FATCA/CRS related ad-hoc queries within the business in consultation with regional SME where appropriate.
Work closely with a diverse range of stakeholders such as Operations on annual submission of FATCA & CRS reports, Wealth Management on activities impacting US FATCA/Qualified intermediary (QI) tax reporting, Legal, Compliance, Marketing on customer communications.
Participate and provide support on regional initiatives for reports system enhancement testing.
Degree in Finance, Business or Commerce preferred
At least 5-8 Years work experience in a control/compliance/audit or tax/investment product role in a financial institution. Specific experience in FATCA and CRS matters will be a plus
Knowledgeable about financial products, financial advisory, legal and regulatory environment
Strong written and verbal communication skills and tactful
Broad-minded, with a capacity to learn, apply knowledge and bring improvement to the organization
Able to multi-task, detail oriented, mature, sensible, self-assured
Team player who can work and communicate well with stakeholders of varying seniority including front office, operations, regional office, internal and external auditors/reviewers and technology