Compliance Officer - Singapore - BANK OF INDIA

Description

• Keeping abreast with changes to regulatory requirements for AML/CFT and communicating the changes internally with a view to ensuring established policies, procedures and processes are in compliance with new requirements.
• Monitor for new regulatory changes/developments in respect of MAS Notices, MAS Surveys/Banking Act/ABS Guidelines and other regulations.
• Maintain the compliance regulatory obligation register and controls to address new regulatory requirements.
• AML Reviewer for ongoing due diligence processes for all existing customers and at the time of onboarding.
• Conduct monthly and quarterly compliance testing to identify areas of noncompliance, evaluates risk and recommend corrective actions.
• Head office monthly reports. Assist in the preparation of monthly compliance reports and ensure timely submission to Head Office.
• Liaise with auditors on the information request and draft responses for observations, if any.
• Assist in AML EWRA exercise and compilation of risk assessment for the Branch.
• Prepare FATCA/CRS returns to IRAS in coordination with Deposits department.
• Transaction monitoring. Level 2 Compliance review of transaction alerts generated from transaction monitoring system/AMLOCK system. Escalate any unusual and suspicious activities to Department head.
• Implement necessary process improvements that will increase the efficiency and quality of the team's work/ outputs.
• Assist in the preparation of AML questionnaire, Sanctions questionnaire relating to due diligence for correspondent banking relationships.
• Review of daily AML remittances and trade finance transactions, escalating material AML risks/concerns to Department Head.
• Review and validation of regulatory returns in compliance with MAS regulatory requirements. Prior handson experience is preferred.
• Prepare draft suspicious transactions reports.
• Participate in any adhoc related projects.