Job Description
This role is pivotal in maintaining the integrity of financial systems by implementing robust anti-money laundering (AML) and counter-terrorist financing (CFT) protocols. The primary focus involves conducting comprehensive customer due diligence (CDD) and know your customer (KYC) processes to ensure adherence to regulatory standards. By meticulously verifying the identity of individuals and entities, assessing risk profiles, and monitoring transactional activities, the candidate will contribute to the prevention of financial crimes. Additionally, the position requires active collaboration with cross-functional teams to enhance compliance frameworks and uphold best practices in AML/CFT operations.
Key Responsibilities
- Perform detailed KYC/CDD/name screening using advanced databases and compliance tools, ensuring alignment with AML/CFT policies and international regulatory guidelines.
- Collaborate closely with the AML team to review and update compliance procedures, conduct internal audits, and identify potential vulnerabilities in the current systems.
- Investigate suspicious activities and anomalies detected during screening processes, preparing comprehensive reports for senior management and regulatory authorities.
- Develop and maintain risk assessment models to evaluate the likelihood of money laundering or terrorist financing, incorporating data analytics and trend monitoring.
- Provide training and guidance to colleagues on AML/CFT best practices, ensuring consistent application of compliance standards across the organization.
- Stay updated on evolving AML/CFT regulations and industry developments, integrating new requirements into existing workflows and documentation.
- Coordinate with legal and compliance departments to ensure all documentation meets regulatory standards and is properly archived for audits.
- Support the implementation of automated screening systems, optimizing their efficiency and accuracy while addressing false positives and operational gaps.
- Engage in the development of customer onboarding processes, ensuring they incorporate robust AML/CFT checks from the outset.
- Participate in regulatory inspections and examinations, providing clear documentation and explanations to demonstrate compliance with AML/CFT obligations.
Job Requirements
- Minimum of a bachelor's degree in finance, law, or a related field, with a preference for advanced qualifications such as a master's degree or professional certifications in AML compliance.
- Proven experience in AML/CFT operations, ideally with 3+ years in a compliance or risk management role within the financial services industry.
- Thorough understanding of AML/CFT regulations including but not limited to the Bank Secrecy Act, FATF guidelines, and local financial laws.
- Proficiency in using AML screening software and databases, with experience in configuring and maintaining these systems for optimal performance.
- Excellent analytical skills to interpret complex financial data, identify patterns, and assess risk levels effectively.
- Strong communication abilities to collaborate with internal teams, present findings to stakeholders, and document compliance processes clearly.
- Ability to work independently and manage multiple tasks simultaneously, with a focus on accuracy and attention to detail in all compliance-related activities.
- Knowledge of customer due diligence frameworks, including the identification of beneficial owners and verification of source of wealth.
- Experience in conducting regulatory reporting and maintaining audit trails for AML/CFT compliance activities.
- Preferred qualifications include certifications such as CAMS (Certified Anti-Money Laundering Specialist) or CFA (Chartered Financial Analyst) to demonstrate expertise in financial compliance.
