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DBS Bank

VP / AVP, KYC Specialist - Client Onboarding, Private Banking

DBS Bank
BankingSingapore - CentralOnsitePosted 1 week ago
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About the role

AI summarised

The KYC Specialist plays a crucial role in providing expert advice and partnership to the Front Office regarding all Know Your Customer (KYC) due diligence matters, guiding clients through the onboarding process from initiation to approval. This role involves close collaboration with Group Compliance on AML/KYC policy, procedures, and client risk profiling.

BankingOnsite

Key Responsibilities

  • Advise Front Office on onboarding requirements in accordance with the Bank's AML/KYC standards and regulatory mandates.
  • Review and corroborate customer Source of Wealth (SOW) information submitted by Relationship Managers (RM), conducting independent reviews and risk rating according to regulatory and Group AML/CFT policy.
  • Follow up with Front Office (RM & ARM) and other stakeholders on customer CDD matters, especially for escalated or prioritized cases.
  • Assess and ensure the relevance and completeness of CDD information supplied by the Front Office, performing due diligence checks to comply with bank onboarding standards.
  • Highlight deficiencies or suspicious AML/non-compliance issues to relevant parties and management.
  • Prepare reports for management review to facilitate enhanced control procedures and processes.
  • Train the Front Office on client documentation and KYC-related subjects, and coach junior team members on exception handling.
  • Involve in projects concerning new processes or industry initiatives, and participate in internal/external audits.
  • Stay current with global AML/CFT developments impacting due diligence on wealth clients to ensure compliance.

Requirements

  • Must possess expertise in KYC due diligence matters.
  • Ability to advise Front Office on AML/KYC compliance during client onboarding.
  • Proven ability to review and risk-rate customer profiles based on regulatory requirements.
  • Strong understanding of AML/CFT policy and procedures.
  • Detail-oriented approach to assessing the completeness and relevance of client documentation.
  • Experience in compliance or risk management within a financial institution is highly desirable.