KYC Onboarding Compliance Officer

At Julius Baer, we celebrate and value the individual qualities you bring, enabling you to be impactful, to be entrepreneurial, to be empowered, and to create value beyond wealth. Let’s shape the future of wealth management together.

The CRO division develops and oversees the global framework for risk identification, control, reporting, and management within the risk tolerance for the various business activities for Bank Julius Baer, aiming at sustainable growth of the franchise.

Compliance is part of the Risk, Legal and Compliance Division of Julius Baer and supports the Senior Management in ensuring compliance with external and internal regulations to actively manage operational, regulatory and reputational risks.

The KYC Onboarding Compliance Officer (KYC CO) is responsible for Compliance Singapore’s review and approval of all High and Highest client relationships, portfolios and accounts booked in Bank Julius Baer Singapore (BJBS).

The KYC CO supports both the BJBS Branch and the Julius Baer Trust Company (JBTC) in respect of BJBS-booked trust accounts.

YOUR CHALLENGE

KEY FEATURES OF THE POSITION

People Management

• Support the CRO and Senior Management of BJBS Branch and JBTC in ensuring compliance with external and internal regulations in the areas mentioned above and thus actively manage operational, regulatory and reputational risks.
• Part of the KYC Onboarding team of Compliance Officers supporting BJBS Branch.

Client Management (internal & external)

• Build strong relationships with key stakeholders such as the BJBS Front Office, Client Document Services (CDS), Periodic Review, AML Controls and Risk Management teams.
• Support Head of Singapore Compliance and the Head of AML/KYC Singapore in the management of Compliance’s review and acceptance of new client relationships, portfolios and accounts booked in BJBS, as well as the review of new/incremental KYC/CDD risk throughout the duration of the client relationship with BJBS.
• Work closely with Head Office and overseas offices (particularly, Hong Kong, Dubai and Thailand) to provide input on cross border referrals and account opening.
• Assist in handling ad hoc legal and compliance issues relating to KYC/CDD, and supporting Compliance Singapore with respect to related enquiries from and handling inspection by regulators, auditors (internal and external) and Head Office

Business Management

• Review and approve the on-boarding of new client relationships and accounts for Individuals, Domiciliary Companies, Legal Entities, Financial Institutions, Trusts, Fund, External Asset Managers, as well as on the retention of existing client relationships with BJBS, and ensure compliance with the Bank’s policies and procedures, and with MAS 626 Notices and Guidelines, and to mitigate risks (legal, regulatory and/or reputational) for the Bank
• Review and assess the adequacy of the Source of Wealth narrative and corroboration submitted by the Front for new to bank prospects and / or existing clients
• Review and assess the AML risk of higher–risk accounts, such as those with PEPs, significant adverse media and client’s involvement in Sensitive Industries.
• Review and assess the adequacy of the Source of Wealth narrative and corroboration submitted by the Front employees for new to bank prospects and / or existing clients.
• Review and assess the risk of opaque legal structures
• Review relevant account changes such as signatories, Power of Attorneys, changes in the source of wealth
• Manage the exit of clients for AML/CFT cause, including the conduct of enhanced monitoring of these accounts until exit
• Address Sanction true matches, as well as true matches for other AML/CFT risks identified during the Bank’s Name Screening, Transaction Screening and Periodic Review processes.
• Provide advice to Front employees and Operations on KYC/CDD- related matters
• Provide advice to the management and local risk committees on the AML/CFT risk of a client relationship.
• Support the enhancement of Name Screening controls and processes for BJB.
• Participate in projects, process improvement and discussions relating to KYC/CDD

Supervisory Responsibilities

• Not applicable

Regulatory Responsibilities &/OR Risk Management

• Demonstrate appropriate values and behaviours including but not limited to standards on honesty and integrity, due care and diligence, fair dealing (treating customers fairly), management of conflicts of interest, competence and continuous development, adequate risk management, and compliance with applicable laws and regulations
• Ensure that KYC/CDD issues are properly identified, assessed and documented.
• Ensure that where KYC/CDD measures cannot be completed, the client relationship is not established or exited, and there is timely escalation to AML Investigations, where suspicious activities /conduct is also noted.
• Ensure timely assistance and cooperation is rendered to MAS’ and law enforcements’ requests for information.

YOUR PROFILE

SKILLS REQUIREMENTS OF THE POSITION

Personal and Social

• Strong Personality with good organisational skills
• Excellent communication skill
• Ability to effectively manage internal and external stakeholders
• Setting the right priorities and ability to work on multiple assignments at the same time
• A strong sense of responsibility and impeccable integrity
• Strong analytical skills
• Excellent command of spoken and written English and Chinese, other languages are an advantage

Professional and Technical

• At least 5-7 years’ experience in either KYC On-Boarding and AML role in Private Banking/Wealth Management.
• A good degree and understanding of the Private Banking and Wealth Management industry
• Strong knowledge of the MAS 626 Notice & Guidelines
• A good degree and understanding of the private banking industry and or trust company.
• Experience in managing regulatory inspections, external and/or internal audits on AML/CFT issues
• PC proficient: MS word, excel, PowerPoint

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