KYC Compliance Analyst - Private Banking

  • Competitive
  • Dubai, United Arab Emirates
  • Permanent, Full time
  • Abu Dhabi Commercial Bank
  • 12 Nov 17 2017-11-12

Focused on Private / UHNI Clients, the role purpose is to complete KYC due diligence on new-to-bank client on-boarding, monitor existing clients to rule out money laundering/terrorist financing/sanctions risks, investigate and report unusual/suspicious cases to UAE Central Bank in order to comply with regulatory requirements and mitigate risk for the bank.

ACCOUNTABILITIES

Client On-boarding:

  • Review account opening/know your customer (KYC) documentation, conduct quality client due diligence factoring AML/CFT and sanctions risks, liaise with business units and vigilance and control team to ensure quality of KYC forms and documents. 
  • Document on-boarding decisions for reviewed clients, provide advisory for sanctions matches referred by operations and business units and provide sign off for account opening for increased risk and Politically Exposed Persons (PEP) customers to ensure compliance with regulatory requirements. 

Client Risk-Assessment: 

  • Conduct risk assessments on reviewed clients, issue advisory/take decisions on new to bank account opening requests, make decisions on the risk assessment (increased, neutral, unacceptable risks) of existing relationships to ensure compliance with regulatory requirements 

Client Monitoring/Investigation: 

  • Review system generated alerts against customer data, investigate for potential money laundering/terrorist financing/sanctions risks, collect documentary proof, build/maintain case files for transactions and customers deemed suspicious, update relevant MIS to ensure accurate tracking and record keeping, mitigate sanctions risks by taking decisions on payment filtering system, update internal watch-lists, identify tainted/blacklisted names and ensure required actions are taken in order to fulfill regulatory requirements and avoid penalties. 

External Reporting and Correspondence: 

  • Draft and report on MLRO/Deputy MLRO approved suspicious transaction reports (STRs), action and submit responses to UAE Central Bank on STRs, assist with addressing queries from corresponding banks relating to money laundering and sanctions matters, carry out freezing of funds and blocking of accounts, respond to and raise requests for information (RFIs) from other banks on anti-money laundering and sanctions in order to fulfil regulatory requirements and avoid penalties 

Advice and Guidance: 

  • Act as a subject matter expert to employees providing guidance on what actions to take when dealing with high risk accounts and transactions, contribute to the formulation of internal policies, procedures and training materials to support compliance with regulatory requirements


Minimum Experience 

  • At least 4 years of banking experience in client on-boarding due diligence - particularly for Private Banking / UHNI clients 
  • Experience in an international bank is a plus 
  • Knowledge of UAE compliance and documentation regulations is a plus 

Knowledge and Skills 

  • Microsoft Office (Word, Excel and PowerPoint) 
  • Understanding of account opening and customer documentation 
  • Knowledge of customer transactions and behaviours 
  • Exposure to banking transactions 
  • Understanding of local/International and Central Bank rules and regulatory requirements 
  • Understanding of banking systems, reports and workflows.