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GENERAL DESCRIPTIONThe Client Onboarding Officer is part of the COO Division of Julius Baer Singapore (BJBS) in the Client Onboarding Team.
The Client Onboarding Officer is responsible for reviewing and assessing AML/KYC risk for Standard and Medium Risk client relationships booked in BJBS, and escalating higher risk accounts to Compliance, in accordance with internal policies and procedures.
PRINCIPALES FUNCIONES
KEY FEATURES OF THE POSITION
Business Management
- Review and approve the onboarding of new client relationships and accounts for Individuals, Domiciliary Companies, Legal Entities, Financial Institutions, Trusts, Fund, External Asset Managers, and ensure compliance with the Bank’s policies & procedures, MAS 626 Notice and Guidelines, and to mitigate risks (legal, regulatory and/or reputational) for the Bank
- Review and assess the adequacy of the Source of Wealth narrative and corroboration submitted by the Front for new to bank prospects and existing clients opening new accounts
- Review and assess the risk of opaque legal structures
- Address true matches for Sanctions and other AML/CFT risks identified during the Bank’s Name Screening process at client onboarding
- Provide advice to Front employees on KYC/CDD- related matters
- Provide advice to the management and local risk committees on the AML/CFT risk of a client relationship
- Strong commitment to quality service and a desire to drive continuous process improvement initiatives
People Management
- Lead a team of 5-8 Client Onboarding Officers
- Support Senior Management in ensuring client relationships onboarded comply with regulations and internal policies, thus actively manage operational, regulatory and reputational risks
Client Management (internal & external)
- Build strong relationships with key stakeholders such as the BJBS Front Office, Legal, Compliance and Risk Management teams
- Assess AML/KYC risk and approve or reject new account opening applications for Standard and Medium Risk client relationships in accordance with internal policies and procedures. Where applicable, escalate higher risk client relationships to Compliance for review
- Work closely with Head Office and overseas offices (particularly Hong Kong, Dubai, and Thailand) to provide input on account opening
Regulatory Responsibilities &/OR Risk Management
- Demonstrate appropriate values and behaviours, including but not limited to standards on honesty and integrity, due care and diligence, fair dealing (treating customers fairly), management of conflicts of interest, competence and continuous development, adequate risk management, and compliance with applicable laws and regulations
- Ensure that KYC/CDD issues are adequately identified, assessed, and documented
- Where KYC/CDD measures cannot be completed, ensure that the client relationship is not established, and there is timely escalation to AML Controls where suspicious activity/conduct noted
- Ensure timely assistance and cooperation is rendered to MAS or law enforcements’ request for information
Supervisory Responsibilities
- Manage first level escalations from the team and assess if further escalation to Head of Client Onboarding required
- Conduct quality checks on approved accounts on a quarterly basis to assess if there are knowledge or systemic gaps to review with the team
YOUR PROFILE
SKILLS REQUIREMENTS OF THE POSITION
Professional and Technical
- At least 8 years’ experience in either KYC Onboarding or AML, preferably in Private Banking
- A good degree of understanding of the Private Banking and Wealth Management industry
- Strong knowledge of MAS 626 Notice & Guidelines
- A good degree of understanding of the private banking or trust industry
- Experience in preparing reports and strong excel skills
- Prior people management experience preferred
Personal and Social
- Strong personality with good organisational skills
- Excellent communication skills
- Ability to effectively manage internal and external stakeholders
- Ability to prioritize and work on multiple assignments concurrently
- A strong sense of responsibility and impeccable integrity
- Strong analytical skills
- Excellent command of spoken and written English, other languages are an advantage
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