As a Compliance Specialist (Financial Crime), you will play an important role in safeguarding the Bank against financial crime risks and supporting compliance with applicable anti-money laundering (AML), countering the financing of terrorism (CFT) and sanctions requirements.
The role will focus primarily on customer due diligence and KYC reviews, including onboarding, periodic reviews and enhanced due diligence. You will also support the Bank's broader Financial Crime Compliance framework through transaction monitoring, name and sanctions screening, investigations, regulatory reporting, advisory work and other compliance activities.
Key Responsibilities
- Customer Due Diligence: Perform customer due diligence (CDD) and enhanced due diligence (EDD) reviews for customer onboarding, periodic reviews and trigger events. Assess customers ownership and control structures, beneficial owners, nature and purpose of business relationships, source of funds, source of wealth and other relevant financial crime risks.
- KYC Review and Documentation: Review customer information and supporting documentation for accuracy, completeness and compliance with applicable regulatory requirements and the Bank's policies and procedures. Identify deficiencies, conduct follow-ups and ensure that conclusions and risk assessments are properly documented.
- Higher-Risk and Complex Cases: Review higher-risk customers and customers with complex ownership or control structures, politically exposed person exposure, adverse information, sanctions exposure or other elevated financial crime risks. Escalate material concerns to the MLRO where appropriate.
- Know Your Employee: Perform and support Know Your Employee (KYE) assessments in accordance with the Bank's policies and procedures.
- FATCA and CRS Documentation: Work with front-office and operational teams to review FATCA and CRS documentation and address any identified deficiencies.
- Advisory Support: Review and respond to financial crime compliance queries and escalations from the first line of defence, with appropriate guidance from the MLRO or senior Compliance personnel where required.
- Transaction Monitoring: Review and analyse transaction monitoring alerts, identify potentially unusual or suspicious activities, document the basis for alert disposition and escalate matters where appropriate.
- Name and Sanctions Screening: Review and analyse name and sanctions screening alerts relating to customers, connected parties, employees and transactions. Conduct further investigation where required, document the basis for alert disposition and escalate potential matches or sanctions concerns.
- Investigations and Regulatory Reporting: Investigate unusual or potentially suspicious transactions and activities. Prepare investigation reports and suspicious transaction reports (STRs) for review and approval by the MLRO before submission to the relevant authorities.
- Training: Support the MLRO in developing and delivering training on AML/CFT, sanctions, CDD and other financial crime compliance topics.
- Stakeholder Collaboration: Work closely with front-line and operational teams to support compliance with AML/KYC requirements and provide guidance on the Bank's policies, procedures and regulatory expectations. Assist with audits, regulatory inspections and internal reviews.
- Policy and Control Implementation: Assist in developing, updating and implementing AML/CFT and sanctions policies, procedures and controls, including enhancements arising from regulatory developments, audits and internal reviews.
- Documentation and Record-Keeping: Maintain complete and accurate records of financial crime compliance activities and ensure that supporting documentation is readily available for audits, regulatory inspections and internal reviews.
- Other Responsibilities: Perform other financial crime compliance and compliance-related duties as assigned by management.
Requirements
- Educational Qualifications: A degree in Finance, Business, Accounting, Law, Computer Science or a related discipline.
- Professional Experience: At least two years of relevant experience in customer due diligence, KYC, AML/CFT or financial crime compliance, preferably within a financial institution.
- CDD and KYC Knowledge: Practical experience in customer onboarding, periodic reviews, beneficial ownership assessment, customer risk assessment and the review of corporate and KYC documentation.
- Regulatory Knowledge: Familiarity with applicable MAS AML/CFT and sanctions requirements and relevant industry practices.
- Technical Skills: Proficiency in Microsoft Word and Excel. Experience with AML/KYC, transaction monitoring or screening systems would be an advantage.
- Analytical and Communication Skills: Strong analytical, written and verbal communication skills, with the ability to document assessments clearly and work effectively with internal stakeholders.
- Personal Attributes: A keen interest in financial crime compliance and a desire to develop a long-term career in the field, Self-motivated, resourceful and willing to learn, Strong attention to detail and sound judgement, Ability to manage multiple cases, priorities and deadlines, Willingness to raise questions and escalate concerns where appropriate.
Additional Information
- Employment Type: Permanent, five-day work week.
- Application information: Shortlisted candidates will be asked to provide their current and expected monthly salary during the interview process.
