Client on-boarding and Due Diligence
· Ensure thorough, timely and quality review new client onboarding requests including account approval.
· 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 counter parties.
· 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 on-boarding.
- Train team members as well as colleagues from front office on matters pertaining to KYC AML.
- Assist team lead / functional head on tasks related to client onboarding as well as post client onboarding including acting as a deputy as and when delegated.
· Assist to response queries, clarifications resulting from internal, external, statutory or regulatory audit.
· Identify gaps and implement on-boarding controls including system and process enhancement that are fit for purpose and to address current and future requirements in a rapidly changing regulatory environment and an evolving AML landscape, in line with industry best practices.
General
· Support Client Onboarding and Lifecycle Management team on the matters that are assigned from time to time in line with overall priorities of the bank.
· Collaborate with other colleagues within the bank to drive and assists remediation projects as and when required.
· Prepare Management information reports based on agreed requirements.
· Organize meetings with Front Office and focus group training to align front office practices with current procedures.
work experience requirements
- At least 3-5 years of experience in AML/KYC under the client review function in a private banking environment with at least 2 years’ experience of accounts approval function.
- Knowledgeable and sensitive to the risks (PEP, Sanctions, reputational risks) and suspicious activities typical of private banking clients.
- Knowledge of regulations including MAS, HKMA and other intergovernmental / non-governmental organization such as FATF / Wolfsberg.
- Client onboarding approval experience in HK and / or SG in PB industry (SoW/SoF, client risk assessment, purpose of accounts).
- University degree in Accountancy, Finance, Business Administration or equivalent, or higher education.
- Preferred skills
- Strong understanding of AML/CFT framework and the regulatory environment and its applicability to Private Banking clients in the areas of onboarding, on-going client reviews and transaction monitoring.
o Familiar with MS Excel, MS Word, MS PowerPoint and other office automation tools.
