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
Education & Qualifications
Bachelor's degree
Professional certification such as CAMS, ICA, or IBF in AML/CFT is an advantage.
Experience
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.
Skills & Competencies
Demonstrates basic leadership abilities and takes ownership of assigned responsibilities.
Ability to guide and support junior team members with clear instructions.
Builds positive working relationships and collaborates effectively with colleagues.
Strong analytical and investigative skills with attention to detail.
Ability to interpret regulations and apply them pragmatically to enable the business.
Excellent communication (written and verbal) and stakeholder management skills.
Approaches problems logically and proposes practical, workable solutions.
Embraces change and adapts quickly to new processes, systems or requirements.
Familiarity with AML systems.
Ability to manage multiple priorities in a fast-paced environment while delivering high-quality outputs.
