Compliance Specialist

Job Description

We are seeking an exceptional individual to join our team at Bank of Singapore. As a Compliance Specialist, you will play a critical role in ensuring the integrity of our financial services by conducting periodic reviews of existing client relationships.

Main Responsibilities

• Perform assessments on periodic reviews or trigger event reviews of existing relationships, including high-risk clients and financial intermediaries, to identify gaps and risks in Know-Your-Customer (KYC) information, transactions, and documentation.
• Conduct investigations on suspicious transactions/activities surfaced during periodic review and prepare Suspicious Transaction Report (STR) reports to the Suspicious Transaction Reporting Officer (STRO).
• Liaise with relationship managers/COLM officers for issues and deficiencies identified during periodic review.
• Identify and assess risk issues relating to clients during periodic review and provide appropriate resolution and decision-making.
• Keep abreast of changes to regulatory requirements for Anti-Money Laundering (AML)/Combating the Financing of Terrorism (CFT) and communicate changes internally to ensure established policies, procedures, and processes are compliant with new requirements.
• Update and operationalize periodic review processes and workflows to ensure consistency amongst team members.
• Provide AML/CFT advice to businesses on matters pertaining to periodic review of clients.
• Assist with training for new joiners and front office personnel on periodic review regulatory requirements in Singapore.
• Liaise with internal and external auditors on AML/CFT queries related to Singapore.
• Prepare weekly and monthly reports to Senior Management on periodic review statistics in Singapore.

SOW Uplift Project

• As part of periodic review or trigger event review assessment, the Compliance Specialist will be responsible for ensuring that the standards of Source of Wealth (SOW) corroboration of High-Risk clients are uplifted to prevailing standards.
• Perform corroboration and plausibility analysis on the SoW write-up in accordance with the bank's SoW guidelines.
• Review information from multiple sources to ensure complete and consistent information across the clients' profile.
• Follow up with the Relationship Managers where additional information or clarifications are required and support them by ensuring the final write-up meets the internal requirements.
• Accurately document your plausibility assessment, with supporting documents into the template and archive within the system.
• Provide transparency and oversight to senior management to ensure cases are reviewed and completed in a timely manner and any issues are identified early.

Requirements

To be successful in this role, you will require:

• At least 5 years of relevant experience in AML and SOW/KYC in a private banking environment.
• Knowledgeable and sensitive to the risks involved in onboarding various types of private banking clients, including complex structures like trusts, foundations, and private investment companies.
• Experience and familiarity in transaction review work would be required.
• Experience in investigating suspicious transactions would be beneficial.
• Familiarity with Excel and preparation of statistics for reporting.
• Good communication and interpersonal skills.
• Commercial astuteness.
• A self-motivated personality with the ability to make things happen.
• The ability to work independently, determine priorities, and meet deadlines.