FVP/VP, Business Compliance, Group Wholesale Banking
Posting Date: 03-Oct-2021
Location: Raffles Place, Singapore, SG
Company: United Overseas Bank Limited About UOB
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 branches and offices in 19 countries and territories in Asia Pacific, Europe and North America. In Asia, we operate through our head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia and Thailand, as well as branches and offices.
Our history spans more than 80 years. Over this time, we have been guided by our values - Honorable, Enterprising, United and Committed. This means we always strive to do what is right, build for the future, work as one team and pursue long-term success. It is how we work, consistently, be it towards the company, our colleagues or our customers. About the Department
The Wholesale Bank
function operates a dynamic business model that provides financial services and solutions to help our clients achieve their strategic business objectives. Our mission is to become the premier-provider of banking services and solutions for Asia-based commercial banking companies (small medium enterprises), large corporations, Global Financial Institutions Group ("GFIG", which consists of Banks, Non-Bank FIs, Global Property Funds & Financial Sponsors) as well as multinational corporations. Our coverage teams work in full alignment with specialised teams across Transaction Banking, Investment Banking, Global Markets and Group Retail to deliver seamless solutions to our clients. Job Responsibilities
The successful candidate will be part of the Group Wholesale Banking Business Compliance team and the key responsibilities are as follows:
Undertake advisory support and provide guidance, training and support to the business units within Group Wholesale Banking and represent Business Compliance on AML projects and working groups
Proactively identify areas for improvements and assist to implement/enhance procedures, processes, internal controls to strengthen the first line.
Provide necessary support to the BU and perform quality review of the assessment results including challenging the results where necessary pertaining to the Enterprise Wide Risk Assessment.
Track enquiries into compliance incidents and complaints, and assist Group Compliance and Risk Management teams with carrying out further investigations as appropriate
Support the development operational risk program including Key Operational Risk Indicators (KORI)
For AML, the focus will be primarily on: Correspondent Banking AML/KYC Risk Management
From first line perspective, working with GFIG relationship manager, GWB Client Fulfillment and Services and Group compliance, he/ she will be responsible to manage end to end correspondent banking relationship reviews within GFIG as the centre of excellence (COE) for correspondent banking (CB) AML/KYC risk management. This includes (but not limited to)
o Benchmarking with international best practices, he / she will be specialist advisory to GFIG Relationship Managers ("RM", SG and overseas) on CB relationship management including internal policy, external bank competitors and regulatory development in CB AML/KYC and rationalization considerations.
o Resolves issues, and provide support to GFIG RM on all AML/ KYC matters regarding CB relationship management to drive operational efficiency and enhance KYC/AML standard.
o Effective engagement and communications with internal product and business partners to ensure continuous alignment with CB AML/ KYC governance objective to rationalize high risk CB relationship to protect UOB interest.
o Representative for GFIG and taking lead in CB risk area to achieve desired outcomes in governance, execution of key controls and risk surveillance according to the planned roadmap.
o Set up implementation framework within GFIG to operationalize the various enhanced key controls identified in uplift project in compliance with GC policy, for example:
Simplified Due Diligence (DD) for Relationship Management Application ("RMA")
Enhanced DD for higher risk correspondent banks (site visits/ calls)
Data analytics requirement/ enhancement for GFIG on correspondent banking relationship reviews
o At later stage, to rollout SG gold standard in CB AML/KYC risk management to overseas subs/branches to ensure global alignment in CB AML/KYC end to end risk management process. GFIG strategic initiative AML/KYC risk management
Specific to GFIG customers being forefront of digitalization (eg, digital bank, digital exchange), he/ she will be responsible to work with internal stakeholders (GC, GWB CFS, product partners) to setup and operationalize/ implement onboarding, ongoing review governance procedures for such GFIG clients.
Communicate regularly with peer banks and industry organization to maintain awareness of emerging risks and trends in such new industry, he/ she is accountable to develop procedures for first line (RM) to ensure day-to-day client management is in accordance to group compliance policy and within risk acceptance of the bank. Job Requirements
Degree or professional qualification in business or banking/financial services related areas
Has minimum 10 years of relevant work experience preferably in AML/CFT/Sanction compliance function in a financial institution, preferably in a corporate banking/wholesale banking environment
Excellent research skill including experience with online research tools and databases
Knowledge in the application of digitalisation, technologies and data analytics would be a clear advantage
Good knowledge/understanding of banking and financial services laws & regulations, compliance best practices and understanding of financial products & systems
Ability to work effectively, under pressure, in a rapid changing environment, as well as autonomously and as an effective member of a dynamic team
A team player, strong interpersonal, communication and presentation skills
Possesses good analytical and problem-solving skills
Able to work on multiple assignments
Self-driven, meticulous and able to operate expeditiously
Having a professional AML-related certification is an advantage Be a part of UOB Family
UOB is an equal opportunity employer. UOB does not discriminate on the basis of a candidate's age, race, gender, color, religion, sexual orientation, physical or mental disability, or other non-merit factors. All employment decisions at UOB are based on business needs, job requirements and qualifications. If you require any assistance or accommodations to be made for the recruitment process, please inform us when you submit your online application.
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