AML Specialist - Manila - ref. j56640719

Overview:

The AML Specialist will support the Chief Compliance Officer (CCO) in implementing and monitoring the Bank’s Anti-Money Laundering and Counter-Terrorism/Proliferation Financing (AMLCTPF) program. This role involves overseeing the Bank’s compliance with AMLCTPF regulations, managing suspicious transaction reports, conducting risk assessments, and ensuring staff awareness through training.

Key Responsibilities:

1. Money Laundering and Terrorism/Proliferation Financing Prevention Program (MLTFPP) Manual

• Review and update the Bank’s MLTFPP Manual annually or as needed to ensure compliance with applicable laws and regulations.
• Coordinate with relevant departments regarding updates and changes.
• Present the updated manual to the Audit Committee and Board of Directors for approval.
• Ensure Board-approved MLTFPP Manual is communicated across all Bank units.

1. AMLCTPF-related Policies and Guidelines

• Develop and update AMLCTPF-related policies and guidelines as necessary to support the implementation of the MLTFPP.
• Coordinate the development and dissemination of policies and guidelines to the concerned departments.
• Present policies and guidelines to the Audit Committee and Board of Directors for review and approval.
• Ensure Board-approved policies and guidelines are communicated to all relevant Bank units.

1. Alert Management and Monitoring of Suspicious Transactions

• Notify business units promptly about the timely and accurate management of alerts.
• Monitor transactions and accounts for potential suspicious activities, both flagged by the business units and the electronic AML monitoring system.
• Gather relevant information and documents for further investigation into suspicious transactions.
• Prepare detailed reports on possible suspicious transactions based on investigation results.
• Escalate suspicious transactions to the AML Committee for review and final decision.
• Submit Suspicious Transaction Reports (STRs) to the AMLC via the Bank’s AML System and AMLC Portal for transactions deemed suspicious by the AML Committee.
• Maintain a comprehensive database of STRs filed with the AMLC.
• Keep detailed records of customers under review for suspicious transactions.
• Provide information to the Compliance Testing Unit regarding STR-related issues during testing.

1. Covered Transaction Reports (CTR)

• Ensure timely completion of manually encoded covered transactions by the Business Units using the CTR maker and checker.
• Verify that all incomplete covered transactions in the AML System are provided with mandatory information.
• Notify relevant business units regarding the timely and accurate completion of covered transactions.
• Provide business units with a list of CSV files of CTRs submitted to the AMLC.

1. AMLCTPF Awareness Training

• Review and update the AMLCTPF training program annually or as needed to ensure regulatory compliance.
• Present the updated training program to the Audit Committee and Board of Directors for approval.
• Design tailored training modules specific to each employee’s function within the Bank.
• Update training modules regularly to ensure effective implementation of the awareness program.
• Devise questionnaires to assess employee awareness regarding the Bank’s MLTFPP.
• Utilize the PTC EduCenter System for conducting ongoing training and briefings.
• Maintain and update the PTC EduCenter System as necessary.
• Disseminate weekly AMLCTPF-related “TidBits” to Bank units.

1. Correspondent Banking Compliance

• Prepare responses to queries from Correspondent Banks.
• Provide responses to the International Department regarding SWIFT KYC requirements.
• Prepare required KYC documents, including certifications related to Correspondent Accounts for Foreign Banks (USA Patriot Act), W-8BEN-E forms (FATCA), and Wolfsberg Group’s Correspondent Banking Due Diligence Questionnaire (CBDDQ).

1. AML Institutional Risk Assessment (IRA)

• Develop and maintain a methodology for conducting the AML Institutional Risk Assessment, aligned with the Bank’s business model.
• Coordinate with Bank Units to gather necessary data and information for IRA preparation.
• Consider national and international risk assessments, as well as new laws and regulations, in the IRA process.
• Present the results of the IRA to the Audit Committee and Board of Directors for approval.
• Incorporate IRA findings to enhance the Bank’s MLTFPP Manual and communicate any updates to all concerned Bank units.

1. Internal Screening Database Management

• Develop and maintain an internal screening database, tracking entities related to suspicious transactions, crimes, terrorism, and various compliance alerts (e.g., SEC Advisories, freeze orders, etc.).
• Regularly update the internal screening database as necessary.
• Conduct regular scrubbing of the customer database against the internal screening list.
• Communicate the results of the scrubbing process to relevant Business Units.

1. Enhancement and Updates to AML Electronic Monitoring System

• Develop a User's Manual detailing the system's functionality and ensure users are trained accordingly.
• Calibrate alert scenarios and parameters to optimize the generation of meaningful alerts.
• Ensure that covered transactions are complete and reported as required.
• Review and update the system's aggregation functionality as needed.

1. AML Surveys and Reporting

• Facilitate responses to BSP and AMLC AML/CTPF surveys and ensure timely submission of requested data.

1. Other Functions

• Perform additional duties as assigned by the Chief Compliance Officer.

Qualifications:

• Bachelor’s degree in Law, Business, Finance, or related fields.
• Strong knowledge of AMLCTPF regulations, the Bank Secrecy Act, and relevant compliance laws.
• Experience in conducting risk assessments, monitoring suspicious transactions, and maintaining compliance systems.
• Excellent communication, analytical, and organizational skills.
• Ability to manage multiple tasks and meet deadlines in a fast-paced environment.
• Proficient in using compliance-related software and tools.