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Compliance Specialist - Source of Wealth Remediation (Associate/Senior Associate)

Bank of Singapore
Singapore, Singapore
Closing date
Dec 1, 2022

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Job Function
Industry Sector
Finance - General
Employment Type
Full Time
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!

Overall Function

The Bank is actively recruiting a number of roles to join the Source of Wealth (SoW) Remediation Team. The key responsibility of the SoW Team is to uplift the standards of SoW corroboration of all High-Risk rated clients. This includes reviewing the client's source of wealth to ensure plausibility and to check for appropriate level of corroboration and evidence to identify the client's original source of funds and wealth growth.

Roles & Responsibilities include:
  • You will be responsible for performing corroboration and plausibility analysis on the SoW write-up in accordance with the bank's SoW guidelines.
  • You will be required to review information from multiple sources to ensure complete and consistent information across the clients' profile.
  • To follow up with the Relationship Managers where additional information or clarifications are required and support them by ensuring the final write-up meets the internal requirements.
  • You are required to document the source of wealth information, and your assessment of the corroboration and plausibility, with the supporting documents from available sources and share with the Relationship Manager to sign off.
  • You will accurately record the source of wealth information, and your assessment of the plausibility, with the supporting documents into the template and archive within the system.
  • You will provide transparency and oversight to senior management to ensure cases are reviewed and completed in a timely manner and any issues are identified early.


Work Experience Requirements:

Suitable candidates will have experience gained within private banking, regulatory or compliance environment, a sound understanding of financial markets and the ability to maintain and enhance productive relationships with staff and regulators. In addition, you will also have:
  • At least 1-3 years of relevant experience in Private Banking background may apply.
  • Candidate with experience in KYC/AML investigations related role performing review and assessment functions is preferred.
  • Knowledge of MAS and HKMA regulations is preferred
  • KYC / AML knowledge in particular an understanding of Source of Wealth is preferred
  • A critical mindset and strong analytical skills - ability to understand complex information and to apply logical reasoning to assess if that information is plausible.
  • Fast learner - the ability to pick up new information quickly and assimilate information from multiple sources.
  • Effective communication and stakeholder - management skills, particularly in the ability to liaise with relationship managers, compliance and checkers.
  • Strong attention to details to ensure that al items are accurately recorded for a robust audit trail.
  • Good organizational and time management skills, including the ability to prioritize tasks.
Education Requirements:
  • University degree in Accountancy, Finance, Business Administration or equivalent, or higher education.
  • Professional certifications such as ACAMs or ICA would be an added advantage.

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