compliance officer - Singapore - BANK OF INDIA

Description

Job Scope of Compliance Officer

> 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 on-going due diligence processes for all existing customers and at the time of onboarding.

> Conduct monthly and quarterly compliance testing to identify areas of non-compliance, 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 hands-on experience is preferred.

> Prepare draft suspicious transactions reports.

> Participate in any ad-hoc related projects.