Job Description
The Singapore Compliance department is responsible for ensuring that the Bank complies with all relevant local laws and regulations (primarily those of the Monetary Authority of Singapore) as well as Group Compliance Policies and Procedures. This includes compliance with Sanctions, Anti Money Laundering(AML) and Countering of Terrorism Financing (CTF) requirements, licensing etc.
SIN Compliance department achieves this via:
- Setting out the relevant regulatory requirements and expectations that the Bank must comply with in an Obligations Register and thereafter maps the obligations to the Bank's policies, procedures and processes (including systems).
- Working with relevant stakeholders to monitor and establish appropriate policies, procedures and processes to ensure compliance with regulatory requirements, expectations and industry best practices.
- Providing official written and informal guidance and advice on compliance matters to the respective businesses as and when required (e.g. on a client, product or transaction basis).
- Ensuring that appropriate training is given to relevant staff on the Bank's compliance policies and procedures (including AML/CFT, sanctions and regulatory)
- Undertaking periodic, risk based, Compliance Monitoring to ensure the Bank's policies and procedures are being complied with and significant non-compliance issues are escalated to management.
- Managing key Compliance systems such as Customer Screening, Transaction Screening and AML Monitoring.
- Managing the alert investigation process arising from the key Compliance systems and making the necessary escalations to management and disclosures to the relevant authorities.
- Responding to relevant regulatory requests to review and provide relevant information (e.g. customer, transaction, policy, procedures, training, compliance monitoring and process details) or cooperation in a timely manner.
Job Purpose
The incumbent is expected to support the Compliance team in carrying out designated compliance tasks to ensure that the Bank meets its regulatory obligations and mitigates compliance risks and breaches, including fines, regulatory sanctions and reputational damage.
Responsibilities include, but are not limited to, the following:
a) Timely conduct of compliance monitoring as assigned, with good quality of work delivery
b) Supporting the management of compliance outsourcing
c) Conducting name searches in response to requests from head office, regulators, law firms etc
d) Management of alerts generated in compliance systems
e) Support in preparation of regulatory reporting
f) Timely and accurate maintenance of designated compliance registers
g) Undertaking additional compliance tasks as duly assigned
Requirements
- Minimally a degree holder
- Prior experience/ possessing good knowledge and understanding of Financial Crime Compliance
- Prior experience/ possessing good knowledge and understanding of Regulatory Compliance
- Problem identification and solving skills
- Good written and oral communication skills
- Good time management skills and adherence to deadlines
- Motivated and positive
- Meticulous in delivery of work
- Analytical and attention to detail
