VP, Private Banking Compliance
7 months ago
Job Description
JOB PURPOSE:
The Vice President of Private Banking Compliance ( VP PB Compliance ) is primarily a business compliance role which is focused on supporting the Private Banking Business of First Abu Dhabi Bank PJSC in Asia (FAB PB Asia). FAB PB Asia operates out of First Abu Dhabi Bank PJSC Singapore branch (FAB Singapore).
The personnel will be required to provide direct suppprt to FAB PB Asia on all matters relating to regulatory compliance and financial crime compliance (“FCC”):
Regulatory Compliance: The VP PB Compliance is required to have expert-level knowledge of the Singapore Banking Act, Securities and Futures Act (“SFA”), Financial Advisers Act (“FAA”) and their accompanying regulations and notices and regulations of other overseas regulatory bodies in consideration to FAB PB Asia’ business, products and services. FCC: The VP PB Compliance is also required to have specialist knowledge in applying MAS Notice 626 and the Guidelines to MAS Notice 626 and all other relevant anti-money laundering (“AML”)/countering the financing of terrorism (“CFT”)/sanctions regulations and guidelines locally and internationally vis-à-vis the nature of FAB PB Asia’s clientele, products and services. This applies similarly for other jurisdictional regulatory requirements relevant for countries that FAB PB Asia covers and/or offer products and services to.The role is responsible for identifying and monitoring the relevant legislative, regulatory and best practices requirements, and advising FAB PB Asia on implementing the necessary systems and internal controls to facilitate adherence to these obligations.
The VP PB Compliance as 2nd line of defense is required to demonstrate strong stakeholder management which includes operating at a level that showcases independence, providing expert advice and objective challenge (in regulatory compliance and FCC matters) on compliance considerations applicable to FAB PB Asia, and assessing and recommend appropriate risk mitigation strategies for new business opportunities from a compliance perspective.
The VP PB Compliance will have direct accountability and responsibility, from the Compliance perspective, for all customers, transactions and products relating to FAB PB Asia. Hence, the personnel is required to take full ownership and responsibility for all decisions and matters relating to FAB PB Asia from the Compliance perspective – covering both regulatory compliance and FCC, including the review and approval of Know-Your-Customer (“KYC”) files, transactions monitoring, periodic customer database screening, SWIFT message filtering, etc.
The VP PB Compliance will also be required to plan and execute independent compliance monitoring, testing and reporting, and provide training primarily for FAB PB Asia. The VP PB Compliance will review and revise compliance policies and procedures to ensure that they are current and complete in relation to FAB PB Asia.
The VP PB Compliance is a sole contributor role.
Being an important member of the FAB Asia Compliance team, the VP PB Compliance will also be required to support the Regional Head of Compliance Asia on any assignments, projects and tasks that will be assigned to the individual from time-to-time, and these will not be limited to matters relating to FAB PB Asia.
KEY ACCOUNTABILITIES:
Responsible and accountable for the following:
Regulatory compliance advisory relating to FAB PB Asia covering Banking Act, Securities and Futures Act (SFA), Financial Advisers Act (FAA) and their accompanying subsidiary legislations, regulations, notices, guidelines, circulars and practice notes. Financial Crime Compliance (AML/CFT, Sanctions, Anti-Bribery and Corruption) matters relating to FAB PB Asia. This includes, and is not limited to, the review and approval of Know-Your-Customer (“KYC”) files, transactions monitoring, periodic customer database screening, SWIFT message filtering, etc. Ensure that the FCC systems are adequately designed from a configuration, scenario, threshold and parameter perspective to manage AML/CFT risk for FAB PB Asia. To support FAB PB Asia from the 2nd line regulatory advisory perspective, including but not limited to new businesses, new products, new channels and cross-border initiatives. Maintain and update the Compliance Compendiums / Registers for Singapore Branch, keep abreast of international and local regulatory reforms, provide thought leadership to the bank for regulatory reform management. Develop, maintain and update Compliance Policies and Procedures for Singapore Branch, taking into consideration changes to Group Policies and Procedures, local regulatory developments and international best practices. Take the lead for cross-border compliance matters relating to, but not necessarily limited to, FAB PB Asia. Provide training to stakeholders on regulatory compliance and FCC matters. Coordinate, assist with and/or prepare any regulatory lodgements as required, which will include MAS Surveys, Information Requests and Statistical Returns. To coordinate and provide feedback on MAS Consultation Papers relevant to FAB PB Asia and also more generally FAB Singapore. Be the responsible and accountable Compliance executive (for FAB PB Asia) but work closely with the regulatory compliance and FCC team to develop, establish and implement, maintain and review the internal Compliance Framework, AML and CFT Framework - consisting of policies, standard operating procedures and best work practices, and self-assurance audits etc, covering both regulated and non-regulated business activities and the bank’s business operations, and monitoring oversight to ensure their robustness and effective implementation and compliance by the respective Business Units and Department. Carry out Compliance Monitoring and Assurance Testing on FAB PB Asia. To provide periodic, regular and accurate reports to the Senior Management, both local Singapore and H.O., and if necessary, the Board of Directors, on regulatory and compliance matters, AML/CFT and sanctions matters, which includes the updating of the latest legislations and regulations, raising of significant regulatory matters, concerns or breaches of regulations, etc, and assess and suggest ways to mitigate and manage these risks. To support the Branch’s audit remediation efforts and to liaise with Auditors, Inspectors and Consultants.The VP PB Compliance will have direct accountability and responsibility, from the Compliance perspective, for all customers, transactions and products relating to FAB PB Asia. Hence, the personnel is required to take full ownership and responsibility for all decisions and matters relating to FAB PB Asia from the Compliance perspective – covering both regulatory compliance and FCC.
To assist the Regional Head of Compliance Asia in handling all tasks, assignments and projects - which are not limited to matters relating to FAB PB Asia.
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Qualifications
Minimum Qualification:
A recognized degree in Business, Banking, Accounting, Finance or equivalent. Relevant Compliance certifications will be an advantage.Minimum Experience:
Minimum 12 years’ relevant working experience, of which at least 8 years’ must be in a 2nd line of defense (2LOD) Compliance role. Minimum of 5 years’ experience in Private Banking Compliance.Knowledge, Skills and Attributes:
Expert-level knowledge of the Banking Act, SFA, FAA and corresponding regulations and MAS guidelines and notices. Expert-level knowledge of the AML/CFT notices and guidelines. Strong knowledge of Private Banking client types, products, services and channels. Ability to communicate confidently with internal and/or external stakeholders including regulators and auditors. Strong communication (oral and written) and interpersonal skills. Possess initiative, well structured, driven and meticulous. Ability to work independently and in a team. Ability to function effectively as a sole contributor. Ability to multi-task and deliver results under tight schedule.. Capable of providing solutions to mitigate risks in the Private Banking business.-
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