Client Due Diligence Analyst - Front Office Onboarding (6 Months Contract)

This position within Client Onboarding & Lifecycle Management is primarily responsible for the banks’ client on-boarding, continued AML/CFT monitoring and reviews. The successful candidate is expected to maintain high and consistent standards in accordance to the AML/CFT Procedures within the bank.  In addition, the successful candidate may also be assigned other compliance/risk management relevant tasks, assignments or projects.

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, 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 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.

Client Reviews

• Conduct reviews of existing clients to ensure their biodata remains updated

• Handle the alerts arising from the periodic screening of the bank’s customer database

• Conduct periodic reviews of KYC and CDD information of existing relationships including but not limited to higher risk relationships and financial intermediaries.

• Identifies and investigate a suspicious activity, prospect or client and make necessary recommendations to senior management to file the appropriate suspicious transaction reports to CAD and MAS/ HKMA.

• Investigation of suspicious transactions surfaced during periodic review.

• Liaise with relationship managers / business compliance managers for issues and deficiencies identified during review.

• Update and implement periodic review processes.

• Guide team members or relationship managers in conducting the periodic review.

General

• Support Front Line Risk and Control 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 and other 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.    

Job Requirements Minimum 5 years of experience in AML/KYC under a risk and control function in a private banking environment.

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. 
Familiar with MS Excel, MS Word, MS PowerPoint and other office automation tools.