Anti Money Laundering

Brief Description:
The Anti Money Laundering (AML) Officer shall be responsible for developing, implementing, and overseeing the bank’s Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) compliance program. The AML Officer shall ensure that the bank adheres to regulatory requirements and industry best practices to mitigate the risk of money laundering and financial crimes.

Duties & Responsibilities:
1. Policy Development and Implementation:
Develop, update, and implement AML/CFT policies, procedures, and controls in accordance with regulatory requirements and guidelines.
Ensure policies are effectively communicated and understood by all relevant stakeholders within the organization.
2. Risk Assessment and Monitoring:
Conduct risk assessments to identify potential money laundering and terrorist financing risks associated with the bank’s products, services, customers, and geographic locations.
Monitor transactions and account activities for suspicious behavior and potential financial crimes.
3. Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD):
Establish and maintain risk-based CDD and EDD procedures to verify the identity of customers and assess their risk profile.
Determine appropriate risk mitigation measures for higher-risk customers and transactions.
4. Reporting and Investigation:
Prepare and submit suspicious activity reports (SARs) to relevant regulatory authorities as required.
Investigate and escalate suspicious transactions or activities in accordance with internal policies and regulatory requirements.
5. Training and Awareness:
Provide AML/CFT training and education to employees to increase awareness and understanding of money laundering risks and regulatory obligations.
Conduct periodic training sessions and workshops to reinforce compliance standards and procedures.
6. Regulatory Compliance:
Stay abreast of changes in AML/CFT laws, regulations, and industry trends.
Ensure the bank’s AML/CFT program is updated and compliant with regulatory changes and expectations.
7. Internal Controls and Audit:
Collaborate with internal audit teams to evaluate the effectiveness of AML/CFT controls and procedures.
Implement recommendations for enhancements to the AML/CFT program based on audit findings.
8. Collaboration and Communication:
Liaise with law enforcement agencies, regulatory authorities, and other financial institutions on AML/CFT matters as needed.
Maintain effective communication channels with senior management and the board of directors on AML/CFT issues, risks, and compliance initiatives.

Qualifications:
1. Bachelor’s degree in Finance, Business Administration, Law, or a related field is highly desirable.
2. Advanced degrees or certifications such as Certified Anti-Money Laundering Specialist (CAMS) is highly desirable.
3. At least five (5) years of proven experience in AML/CFT compliance within the banking or financial services industry is required, with a strong understanding of regulatory requirements and best practices.
4. Excellent analytical skills and attention to detail, with the ability to interpret complex regulations and apply them to practical scenarios.
5. Strong communication and interpersonal skills, with the ability to collaborate effectively across departments and levels of the organization.
6. Ability to handle sensitive information with confidentiality and integrity.

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