To investigate cases / alerts escalated by GSSC TSU team and transactional trends for the purpose of identifying suspicious transactions / activities and escalate Suspicious Transactions Reports to the Head of FCC or designate, in compliance with Group policy and procedures, laws and regulations in Singapore on AML/CFT.
To perform Quality Assurance and support other related activities for TSU & CSU. Maintain all the registers and provide MIS in a timely manner.
Scope of role include Standard Chartered Bank (SCB) Singapore Branch, SCB (Singapore) Limited, Standard Chartered Bank Singapore Financial Crime Investigation Operation (FCIO) Analyst.
Conduct detailed investigations on the cases escalated by GSSC (FCSU) for the purpose of identifying suspicious transactions and preparation of Suspicious Transaction Reports (STR)/recommending for filing STR to Singapore's Head FCC or designate.
Ensure that alerts raised by the Transaction Surveillance system are validated, investigated, disposed satisfactorily and investigation outcome is adequately documented, in a timely manner (within TAT)
Contact point for all external law enforcement agencies in respect to Production Orders to the Bank. Also conducts further review of customer's features in Production Orders for possible misuse of their accounts with the Bank.
In respect of transaction surveillance, establish and develop effective working relationship with Business Units, Group and ASA Financial Crime Compliance, GSSC Transaction Surveillance team and Country Compliance.
Maintain registers such as SAR/STR, Case registers up-to-date & ensure timely escalations, trigger event mails are sent to RM/business touch points.
Ensure that records of suspicious activity reports are kept in accordance with the Bank's record retention requirements.
Coordinate information requests from Commercial Affairs Department relating to STRs and ensure that they are promptly attended to maintain all records evidencing the Bank's compliance with respect to each request. Ensure compliance with Singapore regulations (specifically MAS 626 and such other regulations as disseminated by Legal & Compliance, Singapore).
Conduct reviews of the alerts escalated by GSSC in Detica CMR system to mitigate Sanction risks, identify customers who are PEPs or linked to adverse news and take appropriate action either by preparing Suspicious Transaction Reports (STR) or by communicating to the respective business units/RM for further action.
Conduct quality assurance reviews on work performed by the GSSC Transaction Surveillance team, CSU team and cross functional quality assurance check within RFCIO.
Secure 'Acceptable' audit ratings for the unit and ensure timely resolution of audit and risk related issues
Provide pro-active support to Business Units and senior management in ensuring the Bank operates in accordance with legal, regulatory and Group requirements in respect of the identification, timely reporting of SARs/STRs and lists names in name screening.
Ensure timely reporting and escalation of significant risk issues to management.
Coordinate & perform IT initiatives in managing database and systems used by the unit to ensure operational issues are promptly addressed.
Support Technology initiatives up to and including development of BRDs to support required system enhancements, UAT and system evaluations.
Coordinate & perform BCP / DR testing in addition to taking appropriate measure for managing crisis situation.
Cooperate and support the management in implementation of any other initiative (including intelligence exchange but not limited) that may arise during the course of the year.
Support and drive operational excellence initiatives, to improve effectiveness & efficiency of the unit.
Key Roles and Responsibilities
Support relevant stakeholders to make decisions based on current and possible future policies, practices, and trends.
Keep track of and provide advice to relevant stakeholders on the interpretation and application of regulatory expectations, laws, best practices and policies related to FCC.
Develop, keep up to date and recommend for approval by the relevant Risk Committee, appropriate policies/processes/DOIs to address financial crime risks, aligning with relevant regulatory requirements.
Providing governance and oversight over the implementation of FCC-related policies and procedures in Singapore to ensure compliance with such policies and procedures.
Provide advice to relevant stakeholders on compliance with Group standards relating to AML.
Ensure the suitability and quality of case data maintained on enterprise case management systems.
Understand technical aspects of systems relevant to CDD, Client Risk Assessments, Name and Transaction Screening, AML Monitoring and Case Management [EDIT IF REQUIRED].
Apply risk and data analytic tools/techniques to optimise and tune relevant detection scenarios, and screening and monitoring systems.
Ensure that detection scenarios that are developed and deployed are fit-for-purpose.
Review and assess existing system and controls relevant to FCC to ascertain operational performance and effectiveness.
Align/support with the alignment of relevant systems and controls to industry best practice and close out any compliance gaps.
Ensure that the relevant lists and database as used by the screening systems are up to date.
Apply Group and FCC policies and processes (AML surveillance, client screening, risk assessment) to manage risks.
Make recommendations (and/or implement) to relevant stakeholders on possible risk management responses to identified risks and/or findings of concerns from investigations.
Advise relevant stakeholders on outcomes of AML risks identification and assessment methodologies.
Conduct a root cause analysis on the control/other failures to ensure lessons are learned across the bank.
Provide intelligence inputs to support calibration of bank's Risk Methodologies (including aggregate client risk, product risk and country risk assessments).
Propose control improvements, enhancements and simplifications where appropriate.
Support all control checks undertaken by FCC under the Operational Risk Framework (ORF).
Collate, analyse and interpret data in reports to senior management and relevant governance/risk committees.
Analyse and interpret data to produce reports that help the bank identify and manage emerging areas of risk / vulnerability and thus drive remediation action within the FCC function.
Regulatory & Business conduct
Display exemplary conduct and live by the Group's Values and Code of Conduct.
Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
Contribute to Singapore FCIO effort to achieve the outcomes set out in the Bank's Conduct Principles: Fair Outcomes for Clients; Effective Operation of Financial Markets; Financial Crime Prevention; The Right Environment
Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
Country FCC, Country Compliance, Business Segments
Embed Here for good and Group's brand and values in Singapore FCIO
Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures.
Multiple functions (double hats)
Qualifications and Skills
Professional with core compliance or business skills.
Effective collaborative skills that contribute to positive working relationships with GSSC and SCB Singapore Business Units.
Sound knowledge of applicable AML Laws and Regulations of the respective country and the ability to interpret and apply them to actual situations.
Comply with Group Money Laundering Prevention Policy and Procedures to the extent applicable and reporting all Suspicious Transactions to the Line Manager/Team Lead.
Detailed understanding of relevant Group and local policies and standards.
Good knowledge of banking products and support structure.
Good data analytics, application & interpretation skills. An inquisitive approach to practices and procedures. Personal authority and integrity. Independence and resilience.
Strong written and verbal communication skills.
Experienced in AML investigations from financial industry or from law enforcement is a plus.