Key Responsibilities
1. Regulatory Compliance
- Ensure adherence to MAS regulations governing remittance services.
- Stay updated on regulatory changes and revise policies, procedures, and controls accordingly.
- Prepare and submit mandatory reports to MAS, such as suspicious transaction reports (STRs) and periodic compliance filings.
2. Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT)
- Develop and maintain a robust AML/CFT compliance program aligned with MAS standards and global best practices.
- Perform customer due diligence (CDD), enhanced due diligence (EDD), and periodic KYC reviews for high-risk customers.
- Investigate unusual or suspicious transactions and escalate them to the relevant authorities when necessary.
3. Risk Management
- Conduct risk assessments for customers, agents, and transactions to identify potential AML/CFT or fraud risks.
- Implement controls to mitigate compliance risks, including transaction monitoring systems and real-time screening tools.
- Ensure accurate and timely record-keeping of compliance activities as required by MAS.
4. Policies, Procedures, and Training
- Develop and regularly update compliance policies and procedures specific to the remittance business.
- Provide training to employees and agents on compliance requirements, AML/CFT regulations, and ethical practices.
- Conduct internal audits to assess compliance with policies and address any identified gaps.
5. Transaction Monitoring and Reporting
- Monitor transactions to identify patterns of unusual activity or behavior.
- Submit STRs to the Suspicious Transaction Reporting Office (STRO) when needed.
- Maintain transaction records exceeding MAS and FATF thresholds.
6. Licensing and Onboarding
- Support applications, renewals, and modifications of remittance-related licenses in accordance with MAS requirements.
- Ensure compliance standards are met during the onboarding process for agents and sub-agents.
7. Stakeholder Engagement
- Act as the primary liaison with regulatory authorities, including MAS and STRO, and law enforcement agencies when required.
- Address compliance-related inquiries from internal and external stakeholders.
Requirements
- Qualifications: Bachelor's degree in Law, Finance, Accounting, or a related field.
- Experience: Minimum of 2 years in compliance, AML/CFT, or a related field, preferably within the remittance or payments industry.
- Knowledge: Comprehensive understanding of MAS regulations, the Payment Services Act, FATF standards, and AML/CFT practices.
- Skills:Strong analytical and investigative capabilities.
Excellent communication and interpersonal skills.
Proficiency in compliance tools and transaction monitoring systems.
- Attributes:High level of integrity and attention to detail.
Proactive problem-solving mindset.
