We are seeking a proactive and analytical individual to support and strengthen the AML/CFT compliance framework and processes. The role involves managing and implementing AML/CFT controls, advising stakeholders, performing enhanced customer due diligence (ECDD) reviews, conducting suspicious transactions reviews, providing support to junior team members and ensuring compliance with applicable regulations and MAS Notices. The ideal candidate should have strong technical knowledge, sound judgement, and experience in insurance, bank or financial advisor space as well as in reviewing universal life insurance products and unit trusts.
Description for Internal Candidates
Key Responsibilities
AML/CFT Advisory & Onboarding ECDD Reviews
- Provide advisory to the first-line business units on AML/CFT-related areas such as customer onboarding, due diligence requirements, and risk mitigation measures.
- Review high-risk and escalated cases including PEPs, adverse media, high premium and complex structures.
- Assess source of wealth and source of funds for high-risk customers
Sanctions Management
- Escalate and advise on cases with true hit on sanctions
- Review cases with sanctions risks and recommend the handling to manage the risks
Transaction Monitoring
- Review the transaction monitoring alerts investigated by the team and escalate suspicious activity.
- Submit Suspicious Transaction Reports (STRs) to STRO when required.
Reporting and Compliance with AML/CFT Regulations
- Support regulatory audits, MAS inspections and internal audits related to AML/CFT.
- Assist in preparing periodic AML reports, risk assessments, and regulatory returns.
Policy, Controls and Governance
- Contribute to the development and regular review of AML/CFT policy, procedures and risk assessment framework.
- Participate in control testing, quality assurance reviews, and remediation activities.
- Identify process improvements to enhance effectiveness and reduce false positives.
- Review controls and procedures to ensure compliance with the applicable requirements.
Training and Stakeholder Engagement
- Deliver AML/CFT training and awareness sessions to staff and representatives.
- Collaborate with first-line business units to ensure consistent understanding and application of AML/CFT controls.
Participate in AML-related projects and/or undertake tasks assigned from time to time.
Requirements
- Bachelor's degree
- Professional certification such as CAMS, ICA, or IBF in AML/CFT is an advantage.
- 4 - 6 years of AML/CFT or compliance experience, preferably in insurance, banking, or financial advisor space.
- Strong knowledge of MAS AML/CFT Notice and Guidelines, Financial Services and Markets Regulations and Targeted Financial Sanctions, and insurance regulations.
- Experience with sanctions management and AML/CFT reviews of universal life insurance policies and unit trusts is an advantage.
