Position: Head of Quality Assurance
Division: Compliance Division
Responsible for reviewing the AML/CFT framework and its implementation to identify any potential weaknesses and/or deficiencies in existing AML policies, processes, data and controls in order to initiate remedial actions to improve AML/CFT overall framework and meet regulatory expectations.
– Develop annual Quality Assurance Plan.
– Review policies, procedures and controls in relation to AML/CFT to assess their content and ensure consistency with regulatory requirements.
– Review the risk assessment/rating methodology and link it with the risk assessment of customers, products & services and country risk ratings to ensure that the risk methodology is up to date and captures the underlying risks accurately.
– Develop and periodically review baseline standards for documentation, data collection and procedures with regard to conducting of KYC, CDD and EDD.
– Identify, customize and ensure adopting the latest AML/CFT regulatory and global requirements, market best practices etc., keeping in view of changes in business such as new products, services & technologies and expansion to new geographical locations.
– Provide recommendations for improvements and changes in current policies on AML/CFT to remain compliant with the regulatory instructions/guidance and evolving changes globally.
– Recommend appropriate training programs based on the results of AML/CFT internal controls assessment.
– Conduct ongoing due diligence reviews/verification of the quality of business processes through detailed quality reviews of customer files from an AML/CFT perspective for all risk categories.
– Review all high-risk customers (including those customers, whose inherent risk is high) and cases warranting EDD procedures in order to ensure that an acceptable quality/standard is -maintained with regard to documentation, decision making and management oversight.
– Review effectiveness of transaction monitoring and escalation procedures for STRs, backlog alerts, closed alerts, red flags unique to business units wire transfers to/from high-risk countries, foreign currency transfers, non -resident account activities , customers from sanctioned countries or dealing with people from high-risk or sanctioned countries, PEPs, sanction screening, information sharing/requests etc.
– Review and assess the process of approving/rejecting exceptions to policy/procedures/risk methodology and categorization of high-risk cases to avoid regulatory/reputation risk.
– Ensure that the compliance testing is completed on a timely basis and within quality expectations, including writing clear and concise summaries and reports with the appropriate supporting documentation.
– Share periodic updates with senior management on identified issues, and provision of timely feedback on quality of business process and controls.
Minimum Experience & Qualification Required:
– Bachelor’s degree in any Banking/Finance major or relevant
– Minimum 5 years in relevant field
– Analytical and Reasoning skills.
– Risk Assessment.
– Understanding of AML/CFT risks.
– Strong understanding of the Banking Operations, products/services.
– Effective communication skills (verbal and written)
– Prioritization, planning and time management skills.
– Objective and fact-based decision making.
– Accuracy and attention to details.
– People Management skills.
– Ability to coach and develop teams.