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Head of Financial Crime Compliance

Prudential plc Kuala Lumpur, Malaysia
Posted 2 months ago Permanent Competitive
Head of Financial Crime Compliance
Prudential's purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people's career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

As a head of Financial Crime Compliance, you will be leveraging on your technical knowledge and exposure in financial institution, leading and working within teams to help stakeholders make strategic and operational changes to their processes.

You will have a solid background in AML and sanctions and will enjoy working in a collaborative and teaming environment.

Principal Duties & Responsibilities:

Anti-Money Laundering & Counter Financing of Terrorism (AML/CFT)
  • Discharge the Money Laundering Prevention Officer's (MLPO) accountabilities set out in the Group Money Laundering Prevention Officer Handbook.
  • Develop and manage a robust AML/CFT framework in line with changes in risk profile, business activities and regulatory landscape.
  • Provide advice and guidance to Business Functions on AML/CFT regulatory requirements impacting their business.
  • Lead the team to provide advice/collaborate with Business and AML Business Compliance officers in the development of AML/CFT/Sanctions controls, processes and procedures to ensure risks are effectively identified and mitigated.
  • Work together with the business functions in managing regulatory changes impacting AML/CFT, ensuring gaps and action plans are identified and implementing within agreed timeline.
  • Roll-out Group AML/CFT policy disseminated by PCA Compliance to the Business Functions and provide guidance and advice on the implementation of the policy. Ensure gaps and action plans are identified and implementing within agreed timeline.
  • Monitor development on related AML/CFT/Sanctions laws, regulations and risk trends.
  • Develop and enhance AML/CFT Policy and Procedures as well as AML Risk Assessment document, including taking appropriate steps to improve the effectiveness.
  • Develop and ensure comprehensiveness of compliance programs for the Bank in relation to end-to-end AML/CFT controls. This includes reviewing and providing comments on BU's internal policies and procedures to align them with regulatory expectations.
  • Prepare Annual Compliance Plan (ACP) in relation to AML/CFT activities.
  • Establish process enhancement to maintain a robust AML/CFT framework in line with changes in risk profile, business activities and regulatory landscape.
  • Provide support for the implementation of Regional AML initiatives.
  • Act as a central point for the receipt and validation of money laundering suspicion reports and evaluate and finalise the STRs for the review of MLPO prior to submission to FIED.
  • Follow-up on AML issues to ensure appropriate corrective actions are implemented accordingly and track them to closure. Verify the corrective actions for adequacy and appropriateness prior to closure.
  • Represent the Department as AML/CFT advisor in major initiatives or projects of the Company.
  • Provide support in reparing AML/CFT reports to Audit Committee, Executive Risk Committee, Group Compliance AML Working Groups and any other relevant stakeholders.
  • Assist in reporting to Group Compliance and Senior Management, any material breaches or potential breaches of money laundering regulations or any significant suspicions of money laundering activities.
  • Carry out any AML assignments as may be assigned from time to time.
  • Develop or update AML training materials for both employees and sales force, as well as organise and conduct AML training and awareness programme to Business Functions.

Anti-Bribery & Corruption (ABC) & Conflict of Interest
  • Provide advice or guidance to business functions on ABC related matters.
  • Roll-out Group ABC policy disseminated by PCA Financial Crimes to the Business Functions and provide guidance and advice to the Policy.
  • Coordinate gaps analysis on regulatory changes and Group ABC Policy with the relevant Business Functions and track action plans to closure.
  • Develop and enhance ABC Policy and Procedures including Conflict of Interest Policy and Procedures as well as ABC Risk Assessment document.
  • Assist Anti-Bribery & Corruption Officer ("ABCO") in preparation of ACP on ABC activities.
  • Delivery ABC monitoring activities in accordance with the ACP.
  • Follow-up on ABC issues to ensure appropriate corrective actions are implemented within agreed timeline. Verify the corrective actions for adequacy and appropriateness prior to closure.
  • Develop or update ABC training materials for both employees and sales force, as well as organise and conduct AML training and awareness programme to Business Functions.

Investigations
  • Responsible to provide oversight on the development and implementation of fraud investigations policies and programmes.
  • Provide holistic results of the investigations activities, taking appropriate steps to improve its effectiveness.
  • Inculcate fraud awareness among the staff members in the organisation and sales force.
  • Participate as a member to the Agency Disciplinary Committee.
  • Refine complex investigations processes, capture and implement business requirements in these processes.
  • Review work done by Investigators and propose final recommendations.
  • Quality-control investigations (ensuring proper execution of established processes); oversee documentation of concluded investigations.
  • Facilitate the flow of feedback to the relevant teams on analytical model outputs from the perspective of a model end-user.
  • Drive research to identify and adopt state-of-the-art investigative and intelligence tools / applications
  • Stay up-to-date on macro and local trends in AML; support the development of intelligence-led strategies to data and analytics.

People Development and Training
  • Lead the development of overall anti-Financial Crime Compliance culture and awareness program for the organization.
  • Develop team members to improve their professionalism, leadership and communication skills.
  • Assess the resources of each function under his/her responsibilities to ascertain it is sufficiently resourced to support the activities.

Job Specification:
  • Degree in Finance / Accounting / Business Administration or other related discipline.
  • Minimum 10 years' related working experience; working knowledge in the area of Financial Crime function; related working experience in insurance or banking would be an advantage.
  • Strong knowledge of Financial Crime related regulatory guidelines governing the insurance industry or banking or other related financial services.
  • Good knowledge of insurance or banking or other related financial services operations.
  • Experience in compliance risk management.
  • Good communication and interpersonal skills.
  • Ability to work effectively in a team and manage stakeholders.
  • Ability to recommend a pragmatic approach for problem solving.
  • Ability to work in a demanding and collaborative environment.

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.
Job ID  23040309
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