THE COMPANY: We are working with an international Wealth Management Firm, who has offices across the globe and assists UHNI and Family offices to manage their wealth.
THE RESPONSIBILITIES:
- Lead, manage and guide Private Banking clients' account opening KYC profile in accordance with bank's policy and regulatory expectations.
- Ensure thorough, timely and quality review new client onboarding requests including account approval and sign off.
- Approval and sign off of low, medium and high risk accounts.
- Advise front office and other colleagues within the team on client onboarding matters including deficiencies in KYC information and documentation for onboarding.
- Perform independent and thorough review, including KYC/AML/Tax risk identification, plausibility checks as well as corroboration of clients' Source of Wealth and Source of Funds.
- Review and approve new business relationships with Independent Asset Managers, Referral Intermediaries, and counterparties.
- Collaborate with key stakeholders involved in the process, viz, Relationship Managers, Team Heads, Market heads, Compliance, and other colleagues within the bank to ensure seamless onboarding.
- Provide training to team members on matters pertaining to KYC AML.
- Assist to respond to queries, clarifications resulting from internal, external, statutory or regulatory audit.
- Identify gaps and implement onboarding controls including system and process enhancement that are fit for purpose.
- Review client documentation by performing signature verification, version and completeness check.
- Organize quarterly meetings and focus group training to align front office practices with current procedures.
- Deliver regular progress reports to senior management.
- Identify and investigate suspicious activity or transaction, prospect or client and make necessary recommendations to senior management.
- Liaise with Relationship Managers for issues and deficiencies identified during review.
- Update and implement periodic review processes.
- Prepare monthly report based on the extraction provided by AML Exit desk and dissemination of the report to relevant stakeholders.
- Provide support to FO teams to facilitate management approval.
- When New Marketing Guidelines are to be implemented: Planning work to include Market penetration numbers, pipeline numbers, etc.; Lead the engagement with FO to provide any feedback as required by Compliance or Counsel, collaborate internally on implementing FO control and operationalization.
EXPERIENCE REQUIRED:
- Minimum 8 years of experience in AML and client review and Account approval in a Private Wealth/Private banking industry - please do NOT apply if you do not have the relevant Account approval experience in Private banking/wealth management as the client is only considering this experience.
- Must have experience of signing off and approving low, medium and high risk accounts (from a Private Bank or wealth management firm only).
- University degree in Accountancy, Finance, Business Administration or equivalent, or higher education is preferable.
- Knowledgeable and sensitive to the risks and suspicious activities.
- Experienced in investigating suspicious transactions.
- Experienced in handling operational incidents and operationalization of policies.
- Strong understanding of AML/CFT framework and the regulatory environment and its applicability.
- Familiar with MS Excel and preparation of statistics for reporting.
For further information please contact Hannah Tabatabai.