The Company
Our client is a leading international private banking group with a strong presence in Asia. The Singapore office serves as a key hub for regional operations and compliance oversight. The firm is committed to delivering exceptional wealth management services while maintaining rigorous standards in regulatory compliance and anti-money laundering (AML) controls.
The Compliance function in Singapore is structured into three core areas: Regulatory Compliance, Regional Assurance, and AML. The AML division includes Client Due Diligence (CDD) and Transaction Monitoring teams. This role sits within the CDD team, which handles high-risk client reviews and onboarding for private banking clients.
Responsibilities
Client Due Diligence & Periodic Reviews
- Conduct detailed reviews of existing client accounts, focusing on high-risk profiles such as Politically Exposed Persons (PEPs), in line with internal policies and regulatory standards.
- Assess and validate clients source of wealth (SOW) during trigger events or changes in circumstances, ensuring independent corroboration with Front Office.
- Perform screening of account parties and related entities using internal tools, documenting findings with clear articulation of AML, reputational, and sanctions risks.
- Provide compliance input for credit reviews and change-in-circumstance assessments.
- Deliver training and guidance to stakeholders on due diligence requirements and regulatory expectations.
- Support audits, inspections, and regulatory reporting as needed.
- Participate in system enhancement and process improvement projects, including defining requirements, user acceptance testing, and post-implementation support.
Onboarding
- Review KYC documentation for new client accounts, ensuring thorough risk assessment for high-risk clients.
- Collaborate with Relationship Managers and senior stakeholders to complete onboarding checks and resolve complex issues.
- Document onboarding assessments with clear identification of potential AML and sanctions risks.
- Provide advisory support to Front Office and other teams on compliance measures during onboarding.
- Contribute to cross-functional projects aimed at improving onboarding processes and compliance systems.
General
- Handle ad-hoc compliance tasks and contribute to strategic initiatives within the AML team.
- Maintain strong collaboration with internal teams, including KYC, Front Office, and senior management.
Requirements
- Experience: 810 years in Compliance or Audit within private banking, with a strong focus on AML/CDD functions.
- Technical Knowledge: In-depth understanding of MAS AML/CFT regulations and private banking compliance standards.
- Skills:
- Strong analytical and documentation skills with attention to detail.
- Excellent communication and interpersonal abilities to manage stakeholders effectively.
- Ability to work independently and handle multiple priorities in a fast-paced environment.
- Attributes: Proactive, solution-oriented, and comfortable engaging with senior stakeholders on complex compliance matters.
