Client Due Diligence Specialist, Onboarding

7 days ago

Singapore This is an IT support group 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
Start your career with Bank of Singapore as a
Client Due Diligence Specialist
This position within Client Onboarding & Lifecycle Management is primarily responsible for the banks' client onboarding, continued AML/CFT monitoring, and reviews. The successful candidate is expected to maintain high and consistent standards in accordance with the AML/CFT Procedures within the bank. In addition, the successful candidate may also be assigned other compliance/risk management relevant tasks, assignments, or projects.
Client on-boarding and Due Diligence
Ensure thorough, timely, and quality review of 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 KYC/AML/Tax risk identification, 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 counterparties.
Collaborate with key stakeholders involved in the process, Relationship Managers, Team Heads, Market heads, Compliance, and other colleagues within the bank to ensure seamless onboarding.
Train team members as well as colleagues from the 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 respond to queries and clarifications resulting from internal, external, statutory, or regulatory audits.
Identify gaps and implement controls including system and process enhancements 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.
Client Reviews
Conduct reviews of existing clients to ensure their biodata remains updated.
Handle the alerts arising from the periodic screening of the bank's customer database.
Conduct periodic reviews of KYC and CDD information of existing relationships including but not limited to higher risk relationships and financial intermediaries.
Identify and investigate suspicious activities, prospects, or clients and make necessary recommendations to senior management to file the appropriate suspicious transaction reports to CAD and MAS/ HKMA.
Investigate suspicious transactions surfaced during periodic review.
Liaise with relationship managers / business compliance managers for issues and deficiencies identified during review.
Update and implement periodic review processes.
Guide team members or relationship managers in conducting the periodic review.
General
Support 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 assist remediation and other projects as and when required.
Prepare Management information reports based on agreed requirements.
Organize meetings with Front Office and focus group training to align front office practices with current procedures.
Qualifications
Minimum 5 years of experience in AML/KYC under a risk and control 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 organizations such as FATF / Wolfsberg.
Client onboarding approval experience in HK and/or SG in the PB industry (SoW/SOF, client risk assessment, purpose of accounts).
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, ongoing client reviews, and transaction monitoring.
Familiar with MS Excel, MS Word, MS PowerPoint, and other office automation tools.
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