Job description
The role is the primary Money Laundering Reporting Officer (MLRO) for Singapore who will be a member of the Global Financial Crimes Compliance Team.
Responsibilities
Overseeing compliance with the obligations of the Singapore AML/CTF legislation, Notices and Guidelines including in particular, observance of the underlying AML/CTF requirements and taking overall charge of all AML/CTF matters o Advising and training senior management and employees on developments and implementing internal policies, procedures and controls on AML/CTF
Carrying out, or overseeing the carrying out by other teams ongoing monitoring of business relations and sample reviewing of accounts for compliance with Singapore AML/CTF laws, Notices and Guidelines
Acting as the single reference point within the Singapore LOBs to whom all employees are instructed to promptly refer all transactions potentially suspected of being connected with money-laundering or terrorist financing, for possible referral to Suspicious Transaction Reporting Office (“STRO”) via STRs
Keeping records of all transactions referred to STRO, together with all internal findings and analysis done in relation to them
Working with the Singapore LOBs to contribute to and oversee the design, implementation and maintenance of LOB procedures relating to AML/CTF Program in Singapore. The procedures include but are not limited to controls on CDD measures, record retention, the detection of unusual and/or suspicious transactions and the obligation to make suspicious transaction reports.
Sharing information on money laundering and terrorism risks and issues relating to Singapore with Global AML senior leadership o In conjunction with the Global AML Economic Sanctions Executive, provide oversight of the economic sanctions program
Develop a strong external network of senior anti-money laundering risk professionals from similar firms to ensure Bank of America remains at the forefront of best practice in the Singapore
Developing a strong relationship with regulators, including the MAS and CAD.
Desired Skills and Experience
Requirements
Five to Ten years of AML experience with a global financial institution, ideally with a background in corporate/wholesale banking.However, candidates with broad exposure in AML in other areas of banking, such as Private Banking are also viewed favourably
Proven strong understanding of anti-money laundering laws, rules and requirements affecting the business and products in the region, as well as a fundamental understanding of how money launderers operate in the global market.
Strong analytical skills and probative thinking, background in law enforcement or forensic accounting a plus.
Strong financial market understanding, particularly in wealth management or private banking areas.
Proven people management capability – particularly in managing and developing relationships with key stakeholders in the business and compliance.
Strong communication skills, both verbal and writing. Ability to present issues/ideas to large group of stakeholders
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Email: jobs@aarenconsultants.in
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