We are seeking a Private Banking Compliance Officer / Senior Officer to support the establishment and development of the Bank's private banking business in Singapore.
The successful candidate will provide compliance advisory and control support across Private Banking, AML/CFT, KYC/CDD/EDD, client onboarding, customer risk assessment, sanctions screening and transaction monitoring, ensuring compliance with applicable MAS regulations, Singapore AML/CFT requirements and the Bank's internal policies and procedures.
Key Responsibilities
- Support the establishment and development of the Bank's Private Banking business in Singapore, ensuring compliance with MAS regulations, Singapore regulatory requirements and internal policies.
- Develop, draft and review Private Banking AML/CFT, KYC/CDD/EDD, customer risk assessment, client onboarding and compliance policies and procedures.
- Draft and review Private Banking account opening documents, customer agreements, product and service procedures, compliance guidelines and other related documentation.
- Provide compliance advisory on a broad range of Private Banking products and services, including deposits, foreign exchange (FX), financing, insurance and trust referrals, funds, bonds, equities and structured products.
- Review and advise on Private Banking client onboarding and ongoing client management, including KYC/CDD/EDD, Source of Wealth (SOW), Source of Funds (SOF), customer risk assessment, PEP and sanctions screening, periodic reviews and transaction monitoring.
- Assess and advise on complex or higher-risk client cases, identifying potential AML/CFT, sanctions, reputational and regulatory risks and recommending appropriate risk mitigation measures.
- Work closely with Relationship Managers, Front Office, Operations, Legal, Risk, Compliance and other internal stakeholders to ensure timely resolution of compliance matters and effective implementation of controls.
- Draft business requirements, functional specifications and compliance control requirements for Private Banking systems and technology enhancements.
- Work with IT and relevant stakeholders on the design, implementation, testing and enhancement of Private Banking systems and compliance controls.
- Support the development and implementation of compliance controls, processes and monitoring frameworks as the Private Banking business grows.
- Provide compliance advisory and support for regulatory reporting, escalation and remediation activities where required.
- Monitor regulatory and industry developments and assess their impact on the Bank's Private Banking business and compliance framework.
- Perform other compliance-related duties and projects as assigned by the Department Head or Team Head.
Job Requirements
- Bachelor's degree in Finance, Banking, Business, Law, Accounting or a related discipline.
- Minimum 3-5 years of relevant Private Banking Compliance, Wealth Management Compliance or AML/CFT experience in Singapore.
- Experience with a private bank, international bank, wealth management institution or established financial institution is preferred.
- Strong practical knowledge of Private Banking compliance, AML/CFT, KYC/CDD/EDD, client onboarding, customer risk assessment, SOW/SOF assessment, PEP and sanctions screening, periodic review and transaction monitoring.
- Good understanding of MAS regulations and Singapore's AML/CFT regulatory framework, including requirements applicable to Private Banking and high-net-worth clients.
- Strong understanding of Private Banking products and services, including deposits, FX, lending/financing, funds, bonds, equities and structured products.
- Experience in compliance advisory, policy and procedure development, system implementation or compliance control enhancement will be an advantage.
- Strong written and verbal communication skills in English and Chinese, with the ability to draft and review compliance and Private Banking documentation and communicate effectively with Chinese-speaking clients, Relationship Managers and Head Office stakeholders.
- Strong analytical, problem-solving and stakeholder management skills.
- Proactive, detail-oriented and able to work independently in a fast-paced environment.
- A strong team player with excellent communication and interpersonal skills.
- Relevant professional qualifications such as ACAMS, ICA, CAMS or other compliance/AML certifications will be an advantage.
