Client Due Diligence Specialist/Manager - Periodic Review (Manager/AVP)
OCBC Bank · Singapore
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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!
The position within the Post Onboarding Review team in Client Onboarding & Lifecycle Management (“COLM”) is primarily responsible to support the Bank’s continued AML/CFT monitoring and reviews. The candidate is expected to maintain high and consistent standards in accordance with the Bank’s AML/CFT policies and procedures. The candidate is also expected to partner with Front Office to review and promote a sound AML/CFT risk culture.
The candidate will also be expected to support the Client Lifecycle Management (CLM) target operating model (“TOM”) for client reviews and offboarding (where it relates to exits due to AML reasons). The CLM TOM is part of the Bank’s initiative to streamline the end-to-end client lifecycle journey. The candidate will have the opportunity to interact with stakeholders across various functions in the Bank.
Roles & Responsibilities
- Perform periodic reviews based on our internal KYC and CDD guidelines for existing end-clients (Clients) and financial intermediaries (FIM).
- Perform independent and thorough review, including plausibility checks and corroboration of clients’ account structure, sources of wealth (SOW) and source of funds (SOF).
- Candidate is to work closely with Front Office staff to ensure that source of wealth gaps or red flags uncovered during periodic reviews and/or source of wealth remediation are properly addressed and remediated within the stipulated deadline.
- Track and monitor cases slated for AML Exit due to Financial Crime and/or Reputational Risk, as decided by the management based on AML Framework.
- Organizing and managing various internal stakeholders in the Working Group (WG) of cross-functional members across the Bank such as Front Office, Compliance, Operations, Technology, etc.
- Provide support to the Head of Post-Onboarding Reviews in the CLM TOM to prepare business requirements for development, and testing phases.
- Support the working group in defining and refining requirements based on the CLM TOM.
- Develop and maintain documentation, including process flows, user manuals, drafting of Standard Operating Procedures (SOPs) and training materials for client reviews and AML exits.
- Conduct training sessions for Front Office to enhance their understanding of the relevant policies and procedures.
- Prepare periodic Senior Management information reports based on agreed requirements.
- Support Head of Post Onboarding Reviews on any matters that are assigned from time to time in line with overall priorities of the department.
Requirements
- University degree in Accountancy, Finance, Business Administration or equivalent, or higher education.
- Minimum 2-3 years of experience in AML/KYC Compliance, Controls, or related function. Experience in a private banking environment will be advantageous.
- Knowledgeable and sensitive to the different types of AML/CFT risks (PEP, Sanctions, reputational risks) and suspicious activities typical of
- Knowledge of regulations including MAS, HKMA and other intergovernmental / non-governmental organization such as FATF / Wolfsberg will be advantageous.
- Strong understanding of various banking products and account structures.
- Knowledge of target operating models and experience in client onboarding and lifecycle management project management is preferred.
- Strong analytical and project management skills, as well as excellent communication and interpersonal abilities.
- Adaptable, comfortable dealing with ambiguity and detail orientated.
- Familiar with MS Excel, MS Word, MS PowerPoint and other office automation tools.
- Knowledge in VBA macros in MS Excel or Power BI would be a bonus.
- Experience in using project management tools.