Manager, KYC EDD Team
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Job Purpose-
In accordance with the international
Anti-Money Laundering (AML) standards and new AML Regulation of the UAE Central
Bank, banks are obliged to perform Enhanced Due Diligence (EDD) on the
customers subject ISTR / ESTR filing. This requirement is applicable to the
customers across all business segments in the bank.
To perform duties as required in the Risk &
Controls function (Group Operations), a centralised KYC EDD team will perform
the role of conducting EDD on the clients. The EDD will be
performed on the existing clients of the bank when it will become applicable
based on the advice from Group Compliance. The team will ensure that such EDD reviews
are performed within the timelines defined in the CB UAE regulations and bank’s
Policies / SOPs, and necessary due diligence is performed along with obtaining all
relevant supporting documentary evidence from the bank customers to meet the internal
guidelines and regulatory expectations. The role and responsibilities also
include managing and tracking compliance-initiated client exits in coordination
with business and FCC/Compliance teams. The team will also provide updates to
the senior management on the progress and status of KYC EDD reviews and client
exits. Additionally, adherence to the Group AML standards need to be enforced.
Key Accountabilities-
KYC EDD (all business
segments)
Working for the Risk & Controls
(Group Operations) which
will conduct the following activities:
Main Objectives: Manger will act as a support to the Team Leader (AVP)
to local KYC EDD team, working both as an individual contributor and guiding the
team on day-to-day activities. Manager’s objective is to be accountable for the
end-to-end KYC EDD process, from the moment advice is received from FCC
(Compliance) to conduct EDD on the client, through reviewing existing KYC
profile of the client, initiating the EDD, liaising with business, completing KYC
EDD forms, analysing the key risks / red flags highlighted by compliance,
mitigating the key risks, managing relevant stake holders, and tracking clients
exits. Aligned to business teams he/she will work closely with Business,
Compliance and FLOD Operation teams to deliver the service required.
to local KYC EDD team, working both as an individual contributor and guiding the
team on day-to-day activities. Manager’s objective is to be accountable for the
end-to-end KYC EDD process, from the moment advice is received from FCC
(Compliance) to conduct EDD on the client, through reviewing existing KYC
profile of the client, initiating the EDD, liaising with business, completing KYC
EDD forms, analysing the key risks / red flags highlighted by compliance,
mitigating the key risks, managing relevant stake holders, and tracking clients
exits. Aligned to business teams he/she will work closely with Business,
Compliance and FLOD Operation teams to deliver the service required.
Key Role:
§ Manage
Enhanced Due Diligence (EDD) process for the clients where EDD becomes
applicable based on the advice received from FCC / Compliance to conduct such
EDD reviews.
§ Ensure that
EDD is conducted on the clients in line with the requirements of applicable
bank’s policies / SOPs and regulatory expectations.
§ Ensure
that key risks are properly assessed, highlighted, and mitigated while
conducting EDD reviews on the clients to manage reputational and regulatory
risks for the bank.
§ Ensure
that EDD reviews are completed within the timelines / turnaround time defined in
the CB UAE regulations and applicable bank’s policies / SOPs.
§ As part
of EDD process, work closely with the key stakeholders. Main stakeholders are
Clients, Business, KYC Onboarding, FLOD Operations, TM&R and FCC / Compliance.
§ Experience
in risk management field which include identification, assessment and
mitigation of AML / CTF risks.
§ Previous
experience of developing relationships by communicating, influencing, and
negotiating effectively with business, senior management, consultants, and technical
experts across the whole relevant departments / units.
§ Experience
with sound knowledge of the wide range and complex variety of Corporate &
Commercial clients and consumer banking clients.
§ Review KYC
files and key KYC information to understand client’s risk profile.
§ Be aware
of the strategic clients and their longer-term requirements by engaging with
the business.
§ Ensure
adherence to all internal policies / procedures and external regulatory
requirements at all times
§ Previous
experience on transaction analysis by comparing client’s account activity with
the KYC profile and anticipated level of transactions / account turnover.
§ Experience
of understanding the requirements and queries raised by transaction monitoring
team with regards to unusual / potential suspicious transactions carried out by
the client.
§ Ability
to review supporting documentary evidence provided by the client and correlate
the same with the transactions carried out by the client.
§
Perform
independent analysis of high-risk factors and as an outcome of key risk
indicators.
§
Efficiency-
Adherence to the escalation matrix.
§
Experience of
understanding the KYC risks and KYC documentation requirements for various
types of clients such as consumer banking, corporate and commercial banking
clients.
§
Ability to
analyse unusual / potential suspicious transactions taking into consideration
client’s account activity and KYC profile.
§
Experience of
demonstrating timely follow up and escalations to business through applying
strong interpersonal skills.
§
Managing and tracking compliance-initiated client exits in coordination
with business and FCC/Compliance teams.
§ Prioritization
– maintain the discipline in partnership with the local business. Communicate
consistency to internal and external stakeholders to ensure that the cases.
§ Provide updates to the senior management
on the progress and status of KYC EDD reviews and client exits etc.
Relationship Management
§
Develop and manage strong working relationships
with stakeholders across business lines and supporting functions.
§
Undertake strong communication with business
and other stakeholders.
Reporting
§ Ensure MIs
for EDD reviews and client exits are maintained.
§ Ensure
exceptions are updated in the relevant tracker and tracked for resolution.
Tracker to be circulated to relevant stakeholders on timely basis.
§ Monitor
monthly KYC KRI /KPI reports
Interact with other
stakeholders and help the KYC teams achieve KIR’s / KPI’s.
stakeholders and help the KYC teams achieve KIR’s / KPI’s.
Minimum
Qualification
§ Minimum bachelor’s degree or higher in management, banking, finance.
§ Certification in Compliance, KYC/AML/CFT, Financial Crime Compliance
(FCC) or risk management (will be added advantage)
Minimum
Experience
§ Minimum
of 3 years of experience in a reputable bank
§ Relevant
experience (Compliance/AML/KYC/Transaction Monitoring) with the understanding
of Consumer Banking, Commercial and Corporate KYC requirements.
§ Familiarity
with AML/KYC regulations and industry guidelines.
§ Experienced
with operating in a global regulatory environment
§ Sound
Microsoft Office applications knowledge
Pro-active
and business oriented with proven ability to prioritize, manage conflicting
demands and ability to assess.
and business oriented with proven ability to prioritize, manage conflicting
demands and ability to assess.