AML Officer

3 days ago

Pasig, National Capital Region, Philippines CIS Bayad Center, Inc. Full time

I JOB PURPOSE

The AML Officer is responsible for developing, implementing, maintaining, and monitoring an effective Anti-Money Laundering (AML) compliance program to prevent and detect money laundering and terrorist financing activities. The AML officer monitor transactions for suspicious activity, conducts investigations, and ensures that BAYAD complies with AML laws and regulations. The AML officer plays a critical role in safeguarding BAYAD's financial integrity and reputation.

II GENERAL RESPONSIBILITIES

a Policy and Procedure Development. Develop, implement, and update AML policies and procedures to comply with regulatory requirements and best practices.

b AML Institutional Risk Assessment. Conduct risk assessments to identify and mitigate money laundering and terrorist financing risks.

c Customer Due Diligence (CDD). Implement and oversee Customer Due Diligence processes of different Business Units to verify the identity of customers and partners and assess their risk profile.

d Transaction Monitoring. Establish and maintain a system for monitoring transactions for suspicious activity and reporting such activity to AMLC.

e Suspicious/Covered Transaction Reporting (STR / CTR). Prepare and file STR/CTR with the Anti-Money Laundering Council (AMLC) when suspicious activity is detected.

f Employee Training. Provide training to employees on AML laws, regulations, and procedures to ensure awareness and compliance.

g AML Compliance Testing. Conduct regular AML compliance testing of Business Units to identify and address weaknesses.

h Internal Controls. Oversee business units' internal controls to prevent money laundering and ensure compliance with AML regulations.

i Reporting and Record Keeping. Maintain accurate records of AML activities and prepare reports for management, the board of directors and BSP agencies as required.

j Regulatory Compliance. Stayed informed of all AML laws, regulations, and industry trends to ensure compliance and recommend changes to policies and procedures as necessary.

k Coordination. Coordinate with other Business Units to ensure AML compliance efforts are integrated into the organization's overall strategies.

l Communication. Communicate AML compliance requirements and updates to stakeholders including employees, management, the board of directors, BSP, AMLC and other regulatory agencies.

m.     Cooperation. Collaborate with law enforcement agencies and regulatory authorities in AML investigations and enforcement actions.

n Sanction Screening. Implement and maintain processes for screening customers and partners against sanctions lists and other relevant databases.

o Monitoring Technology/Tools. Utilize AML monitoring tools to enhance compliance efforts and improve efficiency.

p External Relations. Serve as one of the points of contact for BSP and external auditors.

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