COO – Client Onboarding Life Cycle Management

THE COMPANY:

We are working with an international Wealth Management Firm.  This position within Client Onboarding Life Cycle Management is primarily responsible for the client on-boarding, continued AML/CFT monitoring and reviews from Front Office and AML Exit process.

THE RESPONSIBILITIES:

General:

• Collaborate with Front Office to drive completion on various remediation and review exercises from Bank wide COLM Project
• Provide support to other COLM Managers and COO and Business Managers in various Compliance-related projects and working groups
• Review and monitoring of SLA for COLM (Annual review, perform monthly controls for COLM) 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.

Client on-boarding:

• Lead, manage and guide Private Banking clients’ account opening KYC profile in accordance with bank’s policy and regulatory expectations.
• Ensure thorough, timely and quality review new client onboarding requests including account approval.
• Advise front office and other colleagues within the team on client onboarding matters including deficiencies in KYC information and documentation for onboarding.
• Perform independent and thorough review, including KYC/AML/Tax risk identification, plausibility checks as well as corroboration of clients Source of Wealth and Source of Funds.
• Review and approve new business relationships with Independent Asset Managers, Referral Intermediaries, and counter parties.
• Collaborate with key stakeholders involved in the process, viz, Relationship Managers, Team Heads, Market heads, Compliance, and other colleagues within the bank to ensure seamless on-boarding.
• Train team members as well as colleagues from front office on matters pertaining to KYC AML.
• Assist to response queries, clarifications resulting from internal, external, statutory or regulatory audit.
• Identify gaps and implement on-boarding controls including system and process enhancement that are fit for purpose.

Client Account Services:

• Review client documentation by performing signature verification, version and completeness check based on the Account opening Framework and Checklist in place.
• Archive and file documents based on the Account opening Framework and Checklist in place.

Client and Transaction Reviews:

• 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 Group’s customer database.
• Identifies and investigate a suspicious activity or transaction, prospect or client and make necessary recommendations to senior management.
• Facilitate discussion and resolution of any escalated, matters
• When new triggering risk are identified, assist FO in the escalation of cases to governing committee, by ensuring completeness of their submission.
• 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.

AML Exit:

• Preparation of the monthly report based on the extraction provided by AML Exit desk and dissemination of the report to  relevant stakeholders
• Support FO with the preparation of Extension approval and Appeal request when required, provide assessment, and facilitate obtention of management ‘s approval.
• Facilitate the discussion between required parties.
• Collate information and updates from FO to prepare the slides for the cases that need to be escalated to the AML Exit Forum monthly and submit the deck to the AML Exit desk in the given timeline.
• Participate to the AML Exit Forum, second FO when required, and disseminate the minutes of the Meeting to FO and FCC, once provided by AML Exit desk, while following up on the actions required by the Forum.

Marketing guidelines (MG) and Regulatory matters:

• When New Marketing Guidelines are to be implemented: Planning work to include Market penetration numbers, pipeline numbers, etc; Lead the engagement with FO to provide any feedback as required by Compliance or Counsel, collaborate internally  on implementing FO control and operationalisation.
• During Biennale Review: cover location specificities,  and collaborate with relevant stakeholders on implementing FO control and operationalisation.
• Ensure that all relevant invoices are approved and paid after being notified by Compliance.
• Advise FO regulatory requirements and facilitate the communication accordingly.

EXPERIENCE REQUIRED:

• Minimum 8 years of experience in AML and client review in Private Wealth industy
• Knowledgeable and sensitive to the risks and suspicious activities typical of Private Wealth clients.
• Experienced in investigating suspicious transactions.
• Experienced in handling operational incidents and operationalization of policies.
• University degree in Accountancy, Finance, Business Administration or equivalent, or higher education.
• Strong understanding of AML/CFT framework and respective regulations in particular of client onboarding, client reviews and transaction monitoring.
• Collect and perform data analysis across various risk metrics.

For further information please contact Hannah Tabatabai