Head of Correspondent Banking Due Diligence and Client Onboarding

Compliance Professionals; City Of London; On-site; GBP 80,000 - 120,000; Full time

Job summary

A global banking group located in the City of London is seeking a Head of Correspondent Banking Due Diligence and Client Onboarding. The ideal candidate will have extensive experience in Correspondent Banking and a strong understanding of the UK regulatory framework. Responsibilities include managing the due diligence process, providing support to relationship managers, and ensuring regulatory compliance. A minimum of 10 years’ experience in a Customer Due Diligence function and 5 years of team management is essential.

Qualifications

• Must have strong Correspondent Banking experience.
• Extensive knowledge of the UK regulatory framework.
• Minimum of 10 years’ experience within a Customer Due Diligence function.
• Minimum of 5 years’ team management experience.

Responsibilities

• Manage the due diligence and client life‑cycle process.
• Ensure appraisals and competency assessments are completed.
• Provide advice to the Client Onboarding department.
• Draft and maintain client onboarding procedures.
• Support Relationship Managers with due diligence requirements.
• Manage Client Lifecycle Management system.
• Provide Management Information on operational effectiveness.
• Ensure regulatory compliance to on boarding management.

Skills

Correspondent Banking experience

Knowledge of UK regulatory framework

Customer Due Diligence expertise

Outcome focused regulation understanding

Risk awareness

Job description

THE COMPANY:

Our client is a global banking group with offices based in the City. They are looking to hire a Head of Correspondent Banking Due Diligence and Client Onboarding.

THE RESPONSIBILITIES:

• Managing the due diligence and client life‑cycle process for customer, vendor, and counterparty relationships from initial onboarding to periodic and trigger‑event driven reviews and offboarding and exits process for customers, counterparties and vendors / suppliers.
• Ensuring that appraisals and competency assessments are completed for members of the Client Onboarding department, and that opportunities to develop their, skills, knowledge and abilities are provided.
• Provide subject matter advise and guidance to the Deputy Head of Client Onboarding and Senior Business Compliance Manager, Correspondent Banking Due Diligence as well as the wider the Client Onboarding department with regards to customer due diligence and enhanced due diligence
• Drafting, maintain and where relevant update client onboarding / client life‑cycle operating procedures for the department in line with the Bank’s policies and procedures and ensure these are effectively implemented and embedded.
• Ensuring support and guidance is provided to Relationship Managers with regards to due diligence and client life‑cycle requirements.
• Working closely with Relationship Managers in maintaining adequate Service Level Agreements (SLAs) for the timely completion of due diligence records;
• Maintain ownership of the Client Lifecycle Management system and ensure relevant enhancements are identified, scoped and implemented.
• Provide on‑going support to the development and implementation of digital platforms for client life‑cycle management.
• Ensuring adequate records are kept with regards to the steps that have been taken in terms of due diligence and client life‑cycle management of individual relationships.
• Providing sign‑off (i.e. confirmation that KYC has been completed satisfactory) for all client accounts (both new and existing clients at point of onboarding and refresh and remediation);
• Identify, manage, initiate and where relevant execute projects and initiatives to improve the operational effectiveness of the Client Onboarding department.
• Providing relevant and timely Management Information (MI) to senior management and relevant governance and oversight committees on the operational and risk management effectiveness (i.e. Key Performance Indicators) of the Client Onboarding department;
• Ensuring the Risk Assessment and Controls Self‑assessment is completed.
• To ensure regulatory compliance to on boarding and Client Life Cycle management (CLM).

EXPERIENCE REQUIRED:

• Must have strong Correspondent Banking experience – this is a requirement for the role
• Must have extensive knowledge of the UK regulatory framework with excellent knowledge of retail, wholesale, and correspondent banking due diligence.
• Be a Customer Due Diligence and Enhanced Due Diligence subject matter expert with excellent understanding of requirements relating to high risk: a) regions, b) products and c) customers.
• Must be able to understand and apply outcome focused regulation and have a sound risk awareness.
• A minimum of 10 years’ experience within a Customer Due Diligence function in a financial services environment, ideally gained at a small or medium size firm.
• A minimum of 5 years’ team management experience essential.

For further information please contact Hannah Tabatabai