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PWM - Account Management Team – Client On-boarding, Associate/Manager
February 4, 2020
Morgan Stanley Private Wealth Management provides highly customized financial advice, investment solutions and brokerage services to ultra high-net-worth individuals, families and foundations.
As Morgan Stanley's premier service for individuals and families with significant means, we specialize in providing our clients with custom-tailored financial solutions and a level of sophistication and access to expertise and investments typically reserved for large corporations, financial institutions and governments.
This position lies with the Account Management Team (AMT) within the Business Unit, who is responsible for ensuring that account opening documentation and client KYC complies with the firm's global standards and any additional local regulatory requirements stipulated by Compliance. The ideal candidate would have experience working in Compliance / AML onboarding High Risk clients or has onboarding experience at another top-tier Bank.
The AMT own the front to back process for onboarding clients. The team in HK cover China, Hong Kong, Taiwan and Thailand and the client base consists of individual, joint, PHC and PHC owned by a Trust clients as well as an expanding Non Traditional client base of Funds, Subsidiary of listed company, etc.
The responsibilities will vary upon the experience of the successful candidate:
Review the documentation pack from Sales which includes the Client Identification Program (CIP) documents, the Account Application forms, Investment Profile Questionnaires, Tax documents and other documents as required by Compliance. Communicate timely and effectively to Sales on missing documentation, inconsistent information and incorrect data capture in the onboarding tool etc.
Review the Corporate Security report for Negative News, SOW corroboration and Total Net Worth substantiation. Communicate with the Sales team to obtain sufficient SOW corroboration supporting evidences, details and justifications behind Negative News and discrepant information as needed, and ensure that the Client's profiles provided by Sales are prepared in a clear and organized manner for AMT's sign off
Prepare all low/medium risk accounts for AMT signoff, and flag any concerns or exceptions to AML/Compliance and Business manager for further review and discussion; conduct Enhanced Due Diligence where necessary. Submit any elevated accounts or high-risk accounts further for AML signoff
Present Client's profile and findings in the regular Client On-boarding Committee meetings for final approval and answer queries as needed
Continuous active engagement with Sales team to share and educate KYC and AML related guidance/learning points, with the objective to improve the standard and quality of KYC and client due diligence across PWM.
Ensure account opening documentation and relevant approval records are retained properly in internal database and monitor the receipt of any outstanding documentation within required timeframe.
Knowledge on account structures of various complexity, including personal holding companies, trusts, foundations, etc. a plus Knowledge of CIP/AML requirements for onboarding High Risk clients a plus
Fluent in both spoken and written English and Chinese (Cantonese / Mandarin)
Excellent verbal and written communication skills
Must have good analytical and follow-up skills
Organized and detail-orientated
Self-motivated and enthusiastic
Education and/or Experience:
Bachelor's degree required or equivalent education or experience
3 to 6 years relevant working experience in the financial services industry. Candidates with more experience will be considered for the position of Senior Manager.
Ideally with previous experiences in AML / Compliance within a private banking or onboarding in a top-tier bank with exposures to complex entity structures