The role involves conducting periodic reviews for trust client accounts, ensuring compliance with regulatory requirements, and assessing clients' source of wealth. It includes managing documentation and interacting with the front office.
Bank of Singapore opens doors to new opportunities.
At Bank of Singapore, we are constantly on the lookout for exceptional individuals to join our team. We promote a culture of openness, teamwork and fairness. Most importantly, we invest in our people through our programmes that develop them on both professional and personal levels. Besides attractive remuneration packages, we offer non-financial benefits and opportunities to develop your potential within OCBC Group’s global network of subsidiaries and offices. If you have passion, drive and the will to succeed, rise to the challenge today!
The incumbent will support the trust company in carrying out periodic reviews for private banking clients who have set up a trust structure for succession planning purposes
Main duties
- Perform periodic reviews on trust client accounts in accordance with scheduled cycles pegged to risk ratings – AML requirement
- Review source of wealth background of private bank clients, corroborate the declared net worth independently and assess supporting documentation (e.g. financial statements) in line with regulatory requirements
- Carry out name screening in accordance with bank standards whether as part of periodic reviews, onboarding, investigations or ad-hoc requests. Conduct assessment on potential hits, follow compliance guidance and procedures.
- Complete the periodic review checklist, and assessment for trust relationship manager and team head sign-off. In this process, address comments as necessary.
- Support onboarding source of wealth assessments for new trust business.
- Interact with front office to obtain documents
- Track due reviews and produce management reports as necessary.
- Ensure client due diligence documents (Eg. passports, address proof, certificates of incumbency etc.) are up to date and accurately recorded (on file and on the system)
- Ensure outstanding matters are attended to or, if not, escalated accordingly.
- Ensure that Compliance approval is obtained where required.
- Review the permanent file to ensure good order and completeness.
- Assist with other departmental projects and tasks as necessary
Requirements
- Degree/Diploma holders
- 3 to 5 years in banking/financial industry, experience in KYC/AML/Compliance/Risk, knowledge of anti-money laundering procedures will be an advantage
- Team player
- Organised, detailed and with good risk awareness
Top Skills
Aml
Compliance
Kyc
OCBC Bank Singapore Office
65 Chulia St, Singapore, 049513
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