Wealth Management Anti-Money Laundering Risk Associate - Customer Activity Review
Morgan Stanley ("MS") is a global financial services firm that conducts its business through three principal business segments-Institutional Securities, Wealth Management, and Asset Management. Morgan Stanley's network includes approximately 15,000 Financial Advisors with total client assets of over $1.5 trillion. Morgan Stanley provides comprehensive financial advice and services to its clients including brokerage, investment advisory, financial and wealth planning, credit and lending, deposits and cash management, annuities, insurance, retirement and trust services.
As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow.
Department Profile :
The Wealth Management Anti-Money Laundering Risk (WM AML Risk) team is embedded within the Firm's business line. It is responsible for identifying, assessing and escalating potential money laundering and reputational risks associated with higher risk client types. The WM AML Risk team is considered to be in the First Line of Defense and supports the onboarding, client due diligence, enhanced due diligence and negative news processes for Morgan Stanley.
The WM AML Risk Associate - CAR will be responsible for executing risk-relevant activities related to AML. The WM AML Risk Associate - CAR will identify and assess potential Bank Secrecy Act (BSA), money laundering and reputational risk matters identified through the execution of the Firm's CAR protocols for existing customers. The WM AML Risk Associate - CAR will have ultimate responsibility for the review, identification and, as appropriate, escalation of higher risk customer relationships.
The WM AML Risk Associate - CAR will :
- Perform the First Line of Defense's CAR process for existing clients, ensuring appropriate risk mitigation
- Analyze transaction types and usage appropriate for the product(s) and/or service(s), as well as information collected during customer onboarding and the customer's prior behavior (e.g., review of information included in the customer profile)
- Conduct reviews to determine whether the customer's actual activity is reasonable and consistent with the customer's expected activity given the nature and purpose of the customer's account(s).
- Effectively communicate with branch and lines of business to obtain additional information and insight as needed
- Document instances where actual activity is not in line with the expected activity (e.g., changes in transaction frequency/patterns, transactions to/from High Risk jurisdictions, etc.).
- Execute customer activity review escalation process to senior management
- Appropriately assess risk exposure and provide recommendations for customers that fall outside of the Firm's risk tolerance levels
- Actively identify, measure, control and remediate AML and reputational risk issues with partners in Global Financial Crimes Compliance and the Business Unit
- Partner with the WM Business Units, including International Wealth Management, Field Strategic Services, and WM Risk, to ensure appropriate adherence to BSA/AML requirements and Business Unit Risk Tolerance
- Actively manage pipeline and engagement with Financial Advisors, Complex Management and Risk Officers to manage WM client relationships
- Partner with the Second Line of Defense Global Financial Crimes Compliance teams, including US Investigations and Transaction Monitoring teams, to monitor client relationships on an ongoing basis
- Assist in executing key projects and initiatives related to assessing and mitigating Wealth Management's exposure to money laundering and reputational risk-relevant activities
- Perform processes in accordance with internal policies, develop and monitor periodic AML reporting and metrics to senior stakeholders, and make recommendations to improve procedures governing AML-related activities #LI-PM1
- Have 2-4 years of relevant experience with BSA/AML Regulations within the financial services industry, or at a financial services regulator (e.g., FINRA, Office of the Comptroller of the Currency, Federal Reserve Bank, Securities and Exchange Commission, etc.)
- Have an undergraduate degree in Business, Finance, or other related field
- Working knowledge of MS Office suite
- Certified as an Anti-Money Laundering Specialist by ACAMS or equivalent AML certification/license is a plus
- Strong knowledge of Know Your Customer, Customer Identification Program and Customer Due Diligence requirements
- Strong interpersonal skills and ability to communicate effectively both verbally and in writing
- Strong work ethic with an ability to work both independently and with team members, under tight deadlines
- Ability to work in a high volume, fast paced environment
- Ability to work in a matrixed organization; leveraging resources across the organization to complete deliverables
- Ability to handle highly confidential information professionally and with appropriate discretion #LI-PM1