Financial Crime Compliance Monitoring (6months contract)

  • Up to $2.7K
  • Singapore
  • Contract, Full time
  • Allegis Global Solutions
  • 08 Sep 17

Based in MBFC and part of a team of 10, you will be part of the remediation backlog project monitoring transactions moving through retail banking and commercial banking. You will need to be meticulous and have an eye for detail.

To investigate cases / alerts escalated by Financial Crime Surveillance Unit (FCSU) 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 FCSU. Maintain all the registers and provide MIS in a timely manner.




Overall Responsibilities

  1. Conduct detailed investigations on the cases escalated by 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.
  2. 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 Case Analysis Duration -CAD)
  3. 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.
  4. In respect of transaction surveillance, establish and develop effective working relationship with Business Units, Group and ASA Financial Crime Compliance, FCSU Transaction Monitoring team and Country Compliance.
  5. Maintain registers such as SAR/STR, Case registers up-to-date & ensure timely escalations, trigger event mails are sent to RM/business touch points.
  6. Ensure that records of suspicious activity reports are kept in accordance with the Bank’s record retention requirements.
  7. 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).
  8. Conduct reviews of the alerts escalated by FCSU in Global Name Screening’s case management 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.
  9. Conduct quality assurance reviews on work performed by the FCSU Transaction Monitoring team, CSU team and cross functional quality assurance check within FCIO.
  10. Secure ‘Acceptable’ audit ratings for the unit and ensure timely resolution of audit and risk related issues
  11. 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.
  12. Ensure timely reporting and escalation of significant risk issues to management.
  13. Coordinate & perform IT initiatives in managing database and systems used by the unit to ensure operational issues are promptly addressed.
  14. Support Technology initiatives up to and including development of BRDs to support required system enhancements, UAT and system evaluations.
  15. Coordinate & perform BCP / DR testing in addition to taking appropriate measure for managing crisis situation.
  16. 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
  17. Support and drive operational excellence initiatives, to improve effectiveness & efficiency of the unit.