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Assistant Anti-Money Laundering (AML) Officer (Makati)

Job Category:

Banking

Job Level:

Managerial

Open Date:

31-Jan-2019

Location:

CITY OF MAKATI

Close date:

31-Mar-2019

Client Overview:

About Security Bank

We are the Philippines’ largest independent bank, having won countless awards over the years including the most prestigious industry award in both 2015 and 2016—the Bank of the Year – Philippines by The Banker.

We’re changing how people bank. From the moment customers enter our branches to their experience online, we make them feel valued and empowered.

Now, with more than 300 branches spanning the country, BetterBanking has become the gold standard in improving the banking lives of millions of Filipinos. But we’re far from done.

In our constant pursuit of excellence and improvement, we create teams that support our business and each other.

Client Industry:

BANKING

Job Description and Qualification:

The Position

The Anti-Money Laundering Assistant Compliance Officer assists the Chief Compliance Officer in ensuring that the Bank complies with anti-money laundering rules and regulations; acts as the lead implementor of the Bank’s Money Laundering and Terrorist Financing Prevention (MLPP).

Responsibilities:

  • Management of the Base 60 AML Electronic AML Monitoring System
    1. Ensures OFAC, AMLC, PEP and Whitelist are updated in Base 60 AML System
    2. Monitors completeness and timeless of CTRs that should be automatically submitted to AMLC
    3. Coordinates with ITG on immediate resolution of AML-related problems particularly Base 60 reporting system e.g. non-generation of CTR, erroneous CTR & STR files
    4. Attends to meetings with users and system vendor to address Base 60 System issues, handles maintenance, review and monitoring of AML System reports, alerts case management
    5. AML and Base 60 system administration especially for head office units/divisions in compliance with Circular No. 495 and X807.2 of Circular No. 706, oversees AML automation projects
  • Monitoring of Client Transactions and Accounts
    1. Evaluates STRs raised by the concerned units
    2. Monitors escalation, review, approval, submission of STRs and document deficiency of accounts opened; monitors alerts and coordinating these to concerned business units to ensure that these are not candidates for suspicious transaction reporting (STR)
    3. Reviews reports generated by the system and prompts business units for action/disposition on transaction that requires such
    4. Ensures that the Bank does not engage in suspicious transaction through:
      • Monitoring of client account/transaction
      • Monitoring timely and proper disposition of Base 60 AML System alerts
  • Dissemination and Conduct of Training on AML rules and regulations
    1. Disseminates all resolutions, circulars and other issuances by the BSP and the AMLC relating to matters governing money laundering and terrorist financing prevention to all responsible officers and employees
    2. Coordinates with Legal and Audit Divisions to ensure high level of operational quality and compliance to mandated laws and/or regulations
    3. Organizes the timing and content of AML training of officers and employees including regular refresher trainings:
      • New Hires Orientation seminar
      • Risk-Based seminar (update on regulations or issues)
      • e-learning modules
      • Preparing and updating AML-related FAQs
    4. Coordinates and conducts periodic table discussions with the AML Auxiliary Compliance Officers for new rules and regulations and proper handling of AML-related matters
  • Attend to BSP AMLC Requirements
    1. Coordinates requests for KYC documents from Anti-Money Laundering Council (AMLC) of the BSP with the different units of the bank and ensures timely submission of complete documents
    2. Coordinates the receipt and immediate action required on the receipt of “freeze order” or submission of bank documents to AMLC
    3. Coordinates and consolidates all replies to all AML related exceptions of the regulatory bodies and ensures compliance to all requirements
    4. Handles replies to the queries and ensures completion of requests of the different regulatory bodies and coordinates this with the different units of the Bank
    5. Prepares draft/letter/report and other documentary requirements by the regulatory agencies
  • AML Certification
    1. Handles review of draft replies to all surveys and questionnaires requested by correspondent banks and other local banks prior to endorsement to the Chief Compliance Officer
    2. Sends surveys and questionnaires to the Bank’s correspondent banks and monitors collation of the same
  • Internal Clients Queries
    1. Attends to various inquiries from bank officers and staff with regards to AML-related compliance requirements
  • BSP Examination
    1. Assists the Bangko Sentral Regulators/Examiners in the conduct of their regular audit/examination
    2. Follows up status of exceptions cited by the BSP in their regular audit/examination
  • Policy Formulation/Update
    1. Assists the Chief Compliance Officer in the evaluation of existing processes, policies and procedures
      • Prepares and updates/revises the Bank’s Money Laundering System and Terrorist Financing Prevention Program (MLPP)
      • Participates in the extensive review of BBG Bulletins
      • Participates in the assessment of internal policies and procedures
      • Recommends revision as necessary
  • Preparation of Agenda & Minutes of Meeting – AML Committee & Corporate Governance Committee for AML-related matters
    1. Identifies AML issues and prepares agenda for the Bank AML Committee meeting; monitors status and disposition of issues resolved by SBC AMLC
    2. Prepares and submits Quarterly Compliance Report on AML regulations to the Corporate Governance Committee
  • Compliance Testing
    1. Reviews the reports on self-assessment conducted by AML Auxiliary Compliance Officers and Internal Audit and on independent tests conducted by QA Officers and determines AML-related and determines AML-related violations, recommends actions to ensure compliance thereto, and monitors timely resolution
    2. Other testing to check compliance to Circular 706
  • Special Projects
    1. Supports the Chief Compliance Officer in all special projects assigned to the unit
    2. Performs other duties that may be assigned from time to time
  • Others
    1. Ensures that the infractions discovered either by internally initiated audits or by special or regular examination conducted by the BSP, are immediately corrected
    2. Alerts the Chief Compliance Officer if the bank is believed to be failing to sensibly address anti-money laundering and terrorist financing issues

Qualifications:

  • Bachelor’s Degree in any Quantitative Course
  • Must have at least 4 years of related work experience
  • Knowledge on regulatory compliance and Anti-Money Laundering (AML)

Salary:

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