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Client Due Diligence Specialist/Manager (Onboarding Approver)(Senior Associate/Associate Director)
Bank of Singapore
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Client Due Diligence Specialist/Manager (Onboarding Approver)(Senior Associate/Associate Director)

Bank of Singapore

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Details
Posted:
March 16, 2023
Location:
Singapore, Singapore
Salary:
Open
Type:
Full Time
At Bank of Singapore, we are constantly on the lookout for exceptional individuals to join our team. We promote a culture of openness, teamwork and fairness. Most importantly, we invest in our people through our programmes that develop them on both professional and personal levels. Besides attractive remuneration packages, we offer non-financial benefits and opportunities to develop your potential within OCBC Group???s global network of subsidiaries and offices. If you have passion, drive and the will to succeed, rise to the challenge today!

This role within the Global Front Line Risk & Control team is responsible for supporting the onboarding and approving new accounts of the bank. The successful candidate is expected to be knowledgeable in AML and KYC principles to be able to identify gaps and risks in KYC information including but not limited to background screening, documentation, and Source of Wealth.

Client on-boarding and Due Diligence
  • 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 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.
  • Train team members as well as colleagues from front office on matters pertaining to KYC AML.
  • Assist team lead / functional head on tasks related to client onboarding as well as post client onboarding including acting as a deputy as and when delegated.
  • 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 and to address current and future requirements in a rapidly changing regulatory environment and an evolving AML landscape, in line with industry best practices.
  • Support Global Front Line Risk and Control on the matters that are assigned from time to time in line with overall priorities of the bank.
  • Collaborate with other colleagues within the bank to drive and assists remediation projects as and when required.
  • Prepare Management information reports based on agreed requirements.

Qualifications

  • Minimum 7 years of experience in AML/KYC under the client review function in a private banking environment.
  • Knowledgeable and sensitive to the risks (PEP, Sanctions, reputational risks) and suspicious activities typical of private banking clients.
  • Knowledge of regulations including MAS, HKMA and other intergovernmental / non-governmental organization such as FATF / Wolfsberg.
  • University degree in Accountancy, Finance, Business Administration or equivalent, or higher education.
  • Preferred skills
    • Strong understanding of AML/CFT framework and the regulatory environment and its applicability to Private Banking clients in the areas of onboarding, on-going client reviews and transaction monitoring.
    • Familiar with MS Excel, MS Word, MS PowerPoint and other office automation tools.

Internal Number: 19044414
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