Job Purpose:
- Act as the team leader to support the ongoing growth of the Private Banking Department (“PBD”) by ensuring that account opening, client onboarding, periodic reviews, ongoing transaction monitoring and AML / CFT controls are executed smoothly, effectively, and in a timely manner, thereby minimizing AML / CFT and reputational risks.
- Ensure the accuracy, completeness and quality of Customer Due Diligence (“CDD”) and customer data throughout the customer lifecycle, in compliance with applicable Hong Kong AML / KYC regulatory requirements and internal policies.
Main Responsibilities:
Client Onboarding & Account Opening
- Work closely with front line staff on account opening and client onboarding, including:
- Establishing the legitimacy and reasonableness of Source of Wealth / Source of Funds (SoW / SoF)
- Reviewing KYC documents, CDD information, and system records
- Conducting name screening, adverse media searches, and risk assessments
- Following up outstanding information with Front Office and customers
- Ensuring onboarding cases are completed within agreed service timelines and with appropriate quality standards
CDD Review & Ongoing Due Diligence
- Work with front line sales on CDD and periodic reviews, including:
- Regular / periodic reviews
- Reviews triggered by changes in customer profile or trigger events
- Reviews initiated by internal alerts or external risk indicators
- Ensuring reviews are completed accurately, consistently and within regulatory deadlines
- Providing guidance to Front Office to facilitate timely and proper completion of CDD reviews
Data Quality & Control
- Review and monitor customer databases and account records to ensure:
- Accuracy and completeness of CDD information
- Data consistency between source documents and internal systems
- Compliance with internal data quality and record keeping standards
- Identification of data gaps or control weaknesses and driving remediation actions
Transaction Monitoring & Alerts
- Oversee and perform ongoing transaction monitoring in accordance with internal guidelines, including:
- Review of transaction alerts and identification of unusual activities
- Timely and appropriate escalation of suspicious cases
- Supporting the escalation of potential suspicious activities to the BMLRO where required
Frameworks, Policies & Procedures
- Establish, review and implement frameworks, policies, guidelines and operating procedures covering:
- Account opening and client onboarding
- Customer due diligence and periodic reviews
- Ongoing transaction monitoring
- AML / CFT controls
- Ensure policies and procedures remain aligned with latest regulatory requirements and internal risk appetite
Systems, Projects & Process Improvement
- Participate in, and where appropriate take a leading role, in system development, process enhancement and digitalisation initiatives, including:
- KYC systems and workflow enhancements
- Transaction monitoring tools
- Process efficiency and turnaround time improvement
Reporting & Audit
- Prepare management information and reports on onboarding volumes, risk profiles, review status, and control issues
- Support internal audits, compliance reviews and regulatory examinations related to AML / KYC onboarding and monitoring
- Ensure timely follow up and closure of audit findings and regulatory observations
Requirements:
- Degree holder in Business, Finance, Law, or related disciplines
- Professional AML and/or compliance qualifications (e.g. CAMS) are an advantage
- Minimum 8 years of relevant experience in CDD, client onboarding, account review and transaction monitoring within a financial institution, preferably in Private Banking or Wealth Management
- Prior experience in dealing with Front Office and handling complex or high-risk client cases is preferred
- People management or supervisory experience is an advantage
- Sound knowledge of Hong Kong AML / KYC regulations and guidelines, including a risk-based approach to CDD
- Strong analytical and risk assessment skills, with attention to detail
- Ability to multi-task, manage priorities and work under pressure in a fast paced environment
- Self-motivated, proactive, and able to work independently