Kyc team leader – retail

6 days ago

Manama, Manama, Bahrain RESO Full time
Job Purpose The role holder is responsible for conducting Customer Due Diligence, Enhanced Due Diligence (KYC) and related validation at the stage of onboarding customers and the time of periodic review for existing relationships. The primary role is to act as the first line of defense to mitigate potential risk associated with money laundering, terrorist financing, fraud and other illicit activities. Key Responsibilities Handle and monitor the triggers generated by Screening system in coordination with the relevant stakeholders and upon completing the investigation to close the case or escalate the case to the next stage as per the procedure (Act as Level 2 and Level 3). Review the highlighted reverse screening alerts from Group Compliance within the given Service Level Agreement. Perform the assigned screening during the onboarding and maintenance stages. Review and update business unit trackers including but not limited to screening, Know Your Customers (KYCs), request for information (RFIs), Transaction Authorization Code (TACs), Online Dispute (ODRs), etc. and coordinate with relevant stakeholders where required to maintain the records and updates for audit trail and for the submissions to the required forums. i.e. Group Compliance Management Committee (GCMC). Provide advisory to all stakeholders on KYC matters including but not limited to onboarding, screening and ongoing updates. Ensure that Customer Risk Assessment Methodology (CRAM) is in place for all the newly onboarded customers, existing customers and when any further assessment is required while ensuring that accurate risk assessment is reflected up to date at core level. Create, update, and maintain case files documenting relevant information used in the review, conducting KYC or any other assigned activity. Train and mentor other analysts within the team when qualified. Assist and review TACs and RFIs by requesting any additional information. Obtain additional information and required documents from the customers and execute the request within Turn Around Time (TAT). Respond and remediate issues identified by the Quality Assurance or Audit teams. Conduct validation for all the required KYC fields of the newly onboarded customers, relationships, and ongoing updates. Review and implement the required action related to the Cheque Abuser list. In a timely manner, draft and respond to correspondence and request letters to all relevant stakeholders including but not limited to FID, ODR requests. Perform thorough assessment on new and existing customers, to verify their identities and asses their risk profiles. Collect, review and analyze relevant documentation such as identification documents, financial statements/ bank statements/ income documents, licenses and ownership structure to ensure that the identification and verification requirements of the CBB are satisfied and met. Performs Standard Customer Due Diligence (CDD) and Enhanced Customer Due Diligence (EDD) on current, new and/or potential customers as assigned by the KYC Specialist. CDD is applicable for low/medium risk customers while EDD for high-risk customers. Monitor customer transactions and activities for any suspicious patterns or red flags that may indicate money laundering, terrorist financing, fraud, or other illicit activities when conducting the KYC at the stage of onboarding customers and the time of periodic review for existing relationships. Promptly report any suspicious activities to the bank's designated team through raising unusual activity reports (UAR). Ensure compliance with applicable banking laws, regulations, and internal policies related to customer due diligence. Stay updated on changes in regulatory requirements and guidelines to ensure the bank's processes align with the latest standards and the regulatory mandate. Ensure compliance with recordkeeping requirements, data privacy regulations, and internal policies regarding document retention. Maintain strong good working relationship with the Customer Service Executive, Relationship Mangers and other intra-department (i.e. within Retail banking) stakeholders. When applicable, for High-risk customers, submit validation of KYC memo to Compliance. Proactively outreach customers that fail KYC to encourage/assist them with the completion of the renewal process and manage unsatisfied customers in a professional manner. Assist business unit to conduct a gap analysis and review of Bank's policies and procedures from Financial Crime perspective to ensure adherence with regulatory requirements. Handle any other responsibilities assigned from time to time by business support unit manager. Governance & Code of Conduct Comply and adhere to financial crime policies and procedures, including but not limited to AML, Sanctions and Customer Due Diligence. Assist with performing ongoing monitoring of the accuracy of existing customers key data elements. Identify and advise management of risks/trends in terms of achieving and maintaining satisfactory data accuracy. Assist with clean-up efforts to remediate key data where required. Assist with account closure activity of uncooperative customers undertaken by compliance. Maintain confidentiality and observe data protection and associated guidelines where appropriate. Ensure that logs for different activities undertaken within the department are recorded and kept ready for management as and when requested. Adhere to internal and external regulations to avoid any reputational risks and operational losses. Qualifications & Experience Bachelor's degree in Finance, Accounting, Commerce or any related subject or equivalent is required. Master's degree in Finance, Accounting, Economics or in any other subject is preferred. Professional qualification such as ACAMS/ICA Certification is preferred. Minimum 3-4 years of practical experience in a bank or same or similar function.
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