Client Due Diligence Specialist, Onboarding

3 days ago

Singapore Bank of Singapore 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

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 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 counter parties.
- Collaborate with key stakeholders involved in the process, 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 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.

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.
- Identifies and investigate a suspicious activity, prospect or client and make necessary recommendations to senior management to file the appropriate suspicious transaction reports to CAD and MAS/ HKMA.
- Investigation of 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 assists 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 7 years of experience in AML/KYC under a risk and control function in a private banking environment.
- Understanding nuances of the China market and proficiency in Chinese language are desirable as this role will handle clients in the China market.
- 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.
- Client onboarding approval experience in HK and / or SG in 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, on-going client reviews and transaction monitoring.
- Familiar with MS Excel, MS Word, MS PowerPoint and other office automation tools.

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