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Business Compliance Specialist (Senior Associate)

Bank of Singapore
Singapore, Singapore
Closing date
Jun 10, 2023

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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!

This position within Global Front Line Risk Control is primarily responsible for the banks' client on-boarding, continued AML/CFT monitoring and reviews from Front Office. The successful candidate is expected to maintain high and consistent standards in accordance to the AML/CFT Procedures within the bank. In addition, the successful candidate may also be assigned other compliance/risk management relevant tasks, assignments or projects.

Client on-boarding
  • Conduct in-depth due diligence background checks and screening on prospects, clients and counterparties to identify the risks of the client or counterparty
  • Work with Business and Compliance to ensure onboarding submission is of high AML quality and account is opened within the SLA.
Client and Transaction Reviews
  • Conduct reviews of existing clients to ensure their biodata remains updated
  • Organize Quarterly meetings and focus group training to align front office practices with current procedures.
  • Deliver regular progress reports to senior management
  • Handle the alerts arising from the periodic screening of the bank's customer database
  • Identifies and investigate a suspicious activity, prospect or client and make necessary recommendations to senior management to file the appropriate suspicious transaction reports to CAD and MAS/ HKMA.
  • Conduct periodic reviews of KYC and CDD information of existing relationships including but not limited to higher risk relationships and financial intermediaries.
  • Investigation of suspicious transactions surfaced during periodic review.
  • Liaise with relationship managers / business compliance managers for issues and deficiencies identified during review.
  • Update and implement periodic review processes.
  • Guide team members in conducting the onboarding and periodic review.
  • Work closely with relevant stakeholders to ensure effective review, implementation and adherence to Regulatory policies and procedures
  • Perform risk assessments from regulatory and business developments. Conduct assessment of an array of Risk and Regulatory attestations (RCSA, RRSA, etc.)
  • Facilitate the consolidation of MIS reports for management reporting and support in various risk and governance forums/committees
  • Assist in conducting reviews/sample testing on a risk-based approach to ensure Front Office staff meet the regulatory and Bank policy requirements
  • Monitoring of staff travel under Cross Border Marketing Guidelines - Length of Stay restrictions
  • Collaborate with Front Office to drive completion on various remediation and review exercises (e.g. W8 refresh, FATCA - CRS Submission and RM inquiry, MANTAS, STR, etc.)
  • Provide support to Business Compliance Manager and Head of Business Management in various Compliance-related projects and working groups
  • Assist in tracking of issues and actions escalated by Front Office or management
  • Conduct internal training for staff in front office.
  • Lead projects or process improvements assigned by management.
  • Consolidate review findings and Group management reports to Senior Management.
  • Collation of statistics.


  • Minimum 4 years of experience in AML and client review in a private banking environment.
  • Knowledgeable and sensitive to the risks and suspicious activities typical of private banking clients.
  • Experienced in investigating suspicious transactions.
  • University degree in Accountancy, Finance, Business Administration or equivalent, or higher education.
  • Preferred skills
    • Strong understanding of AML/CFT framework and the regulatory environment and its applicability to Private Banking clients in the areas of onboarding, on-going client reviews and transaction monitoring. Collect and perform data analysis across various risk metrics. Prepare and present timely summary to management.
    • Familiar with MS Excel and preparation of statistics for reporting

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