Senior Associate / Associate, KYC Specialist (Financial Institutions Group), Institutional Banking Group

DBS Bank

  • Singapore
  • Permanent
  • Full-time
  • 7 days ago
Business FunctionCorporate and Investment Banking provides corporate customers with a full range of commercial banking products and services, including cash management services, current accounts, time deposits, trade finance, working capital finance, term loans and foreign exchange. Through our continued commitment, DBS has cultivated long-standing relationships with its customers in the region that are based on account relationship management, service differentiation, product development and rigorous credit standards.The position is part of the Anti-Money Laundering / Know Your Customer (“AML/KYC”) – Customer Onboarding and Review (“CORE”) team within the COO Office in IBG. The CORE team is a centralized specialist team established to scale independent, quality and effective management of money laundering / terrorist financing risks during onboarding and Customer Due Diligence (“CDD”) reviews.Responsibilities:
  • Partake in Virtual Account Migration Project which includes the following tasks:
  • Perform Virtual Account Name Screening
  • Review all screening results & determine True / False matches by conducting internal checks and/or public domain searches.
  • Assess materiality of True or Potential matches (e.g. Adverse News Media, Internal Watchlists & Sanctions).
  • Perform escalation to internal stakeholders (eg. Business Units / RMs)
  • Conduct the full end-to-end CDD review on prospects and existing corporate customers such as payment service providers and cryptocurrency-related businesses
  • Establish and corroborate the Source of Wealth (SOW) on the corporate entity as well as the beneficial owner or ultimate controlling person
  • Review and assess KYC screening results
  • Identify ML/TF/Sanctions concerns and escalate to respective stakeholders when necessary
  • Liaise with internal and external stakeholders for CDD completion and advise on any CDD & AML queries
  • Understand the Bank’s AML policies, standards and procedures and apply the appropriate concepts
  • Contribute towards the Bank’s continuous CDD improvement plan from a policy, process and systems enhancement perspective
  • Provide support on ad-hoc CDD or AML requests or projects
Requirements:
  • Bachelor’s degree with a minimum of 3-5 years of relevant working experience
  • Knowledge of laws and regulatory requirements that are applicable to money laundering in Singapore (i.e. MAS 626 and PSN02)
  • Familiar with AML typologies and the risk of different customers
  • Possess strong problem-solving abilities and a proactive, independent mindset
  • Analytical skills to review & analyse watchlist alerts/ hits against corporate clients’ data
  • Good research skills and the ability to use the various systems in the Bank and commercial databases
  • Excellent verbal and written communication skills required
  • Capable of thriving in a fast-paced and high-pressure environment while managing task on hand autonomously
  • Exposure to cryptocurrency or previous working experience in a payment service provider company will be ideal

DBS Bank