Compliance Officer, Wealth Management

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Compliance
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Overview of role

 

Working closely with the Head of Compliance and Risk, and provide strong support to the Compliance & Risk Function in ensuring compliance with the industry’s rules and regulations, best practices; as well as SCAL and Schroder Group policies and procedures. 

 

To enable the 2nd Line of Defence support, as a compliance officer within the SCAL Compliance and Risk Team by ensuring ongoing development and maintenance of the SCAL compliance framework as part of the Global Compliance Team within Wealth Management. 

 

Main responsibilities are : 

  • Provide Compliance advisory support to the SCAL business on how to effectively manage and mitigate the compliance risks; and daily support to the business with execution of compliance controls effectively and efficiently, within timeframes specified
  • Build and develop the relationship with the business, and work collaboratively with the Front Office, Management and Staff; to provide assistance in fulfilling their responsibilities and the firm’s objectives as well as maintaining effective compliance and controls
  • Monitor the effectiveness of compliance controls within the SCAL business model, and ensure that critical issues are identified in a timely manner through ongoing monitoring and reviews. This includes :
    • Performing the compliance surveillance/monitoring program in Singapore and conducting regular reviews of business activities for adherence to regulatory requirements, internal policies and procedures.
    • Assist in Operational Risk Incident identification and Reporting
    • Participate and assist in ad hoc projects carried out by the Compliance & Operational Risk Department
    • Process STR filings
    • Liaise with the MAS, Internal and External audit as required. 

 

Key duties

 

Perform Compliance daily Business as Usual in a timely manner as follows : 

  • Review client account opening and ongoing reviews, including risk ratings and compliance screening requirements, and closures in a timely manner
  • Perform compliance checks for ongoing client, IAM and Introducer PCCD
  • Provide compliance advice pertaining to regulatory compliance, Financial Crimes, AML/KYC and Sanctions and ensure timely reporting of issues
  • Review of clients payments as required
  • Review, clearance and escalation (as applicable) of adverse news and sanction hits on client and partner names
  • Assist in Investment Suitability checks and annual review
  • Process Personal Account Dealing applications
  • Review and advise on Gift and Entertainment applications
  • Process MAS RNF licensing notifications, amendments and withdrawals in a timely manner
  • Prepare STR in STROLLS for review by Head of Compliance and Risk
  • Ensure timely responses to regulatory requests
  • Ensure adherence to timeframes (unless otherwise agreed) of departmental actions
  • Update Compliance Work in Progress list in a timely manner
  • Check MAS website and MASNET on a daily basis for updates which may impact SCAL
  • Ensure the regulatory framework is robust according to future demands
  • Assist the SCAL Head of Compliance and Risk with the performance of the SCAL Compliance Surveillance/Monitoring Program
  • Provide Training
  • Participate and assist in ad hoc projects
  • Handle departmental administrative matters together with the SCAL Head of Compliance and Risk
  • Assist with internal and external audits, regulatory inspections, and closure of identified items.

SCAL Operational Risk program with main responsibilities as follows :

  • Assist in Operational Risk Event / Incident identification and reporting
  • Assist in performance of RCAs and drafting of reports
  • Assist in Error, Omission and Breach reporting assessments
  • Participate and assist in ad hoc projects 

 

Requirements 

  • Degree in Finance, Banking or Accountancy with AML certification
  • At least 6 - 8 years of relevant compliance experience within the private banking business
  • Sound understanding of the regulatory landscape and relevant laws and regulations (Banking Act, SFA, FAA, MAS Notices and Guidelines relating to merchant banks, AML and sanctions regulations)
  • Experience in AML review and transaction monitoring
  • Experience in supporting the development and roll out of operational risk management frameworks
  • Ability to identify and articulate inherent risks
  • Ex MAS experience is an advantage
  • Self motivated and resourceful
  • Ability to effectively time manage and prioritise multiple requests and deadlines
  • Problem solver who is independent and committed
  • Analytical and meticulous
  • Excellent interpersonal and communication skills; able to articulate well and work with senior stakeholders and front line staff
  • Strong team player

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