AML Transaction Monitoring Specialist

4 weeks ago

Singapore Bank Negara Indonesia Full time

About Bank Negara Indonesia:

The bank was founded in 1955 with a Full-Bank license in Singapore. It offers various banking services including remittance, savings and current accounts, commercial lending, trade financing, treasury activities, and custodian services.

This role is part of the second line of defense, responsible for post-transaction monitoring reviews and reporting to the AML Team Lead/Supervisor and Head of Legal & Compliance Department in Singapore Branch. The team consists of 6 members including 1 HOD, 1 AML Team Lead/Supervisor, and 4 staff members.

Key Responsibilities:

  • Perform post-transaction monitoring reviews on alerts triggered from the automated system to identify money laundering or financial crime red flags in the bank's customer base within established SLA timelines.
  • Conduct holistic evaluation on post TM alerts and customers' responses to RFIs, proposing STR filings or other AML control measures to the AML Supervisor.
  • Perform name screening on counterparties related to transaction alerts.
  • Profile customers highlighted through the TM alert process.
  • Ensure accurate documentation to provide evidence of decisions and reasoning based on facts and potential money laundering risk identified.
  • Liaise with relevant departments to obtain supporting documents and provide guidance on understanding transaction red flags.
  • Monitor transaction alerts pipeline and report periodic clearance/outstanding status to the AML Supervisor, Head of Department, and Branch Management.
  • Perform periodic assessments, including enhancement proposals to the automated TM System, development of new TM models, system tuning of models/parameters/thresholds, and conduct UAT.
  • Investigate and manage resolution of any TM system-related issues.
  • Conduct AML-related compliance/QA testing and monitoring reviews.
  • Clear triggered hits in AML screening systems.
  • Maintain internal branch watchlists in various AML screening systems.
  • Draft STR filing, where required, and seek internal approval.

Requirements:

  • A Bachelor's Degree.
  • Minimum 4 years full-time post-transaction monitoring experience in 2nd line of defense departments in banks/financial institutions.
  • Candidates with current/previous experience in corporate banking post-transaction monitoring would be preferred.
  • Candidates with ICA or ACAMS qualifications would be advantageous.
  • Familiar with MAS Guidance for Effective AML/CFT Transaction Monitoring Controls and relevant ACIP Industry Guidance Papers.
  • Able to read and write reasonably well.
  • Strong research and analytical skills.
  • Able to gather and review multiple data sets from different sources and perform holistic analysis/evaluation.
  • Able to think logically and work well independently with limited guidance in an environment with strict tight deadlines.
  • Able to prioritize and multitask, handle ad-hoc projects as and when required.
  • A strong team player with excellent interpersonal and communication skills and comfortable engaging senior stakeholders/external parties.

Estimated Salary: SGD $80,000 - $120,000 per annum.

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