Head, AML Unit

Bank of China (Hong Kong); Taguig; On-site; PHP 1,400,000 - 2,800,000; Full time

Job summary

Bank of China (Hong Kong) in Manila seeks an experienced compliance leader to oversee AML/CTF, sanctions, and fraud risk management for the branch. The role coordinates with BOCHK and Manila divisions to ensure effective implementation of the Bank’s AML CTF and sanctions programs and to supervise 2nd line controls.

The successful candidate will lead risk assessments, design preventive programs, monitor regulatory changes, enhance monitoring systems, and manage regulatory reporting.

Qualifications

• Graduate of any 4 year course.
• ACAMS certified or pass the same 1 year from hiring.
• More than five (5) years of AML work in a bank or similar financial institution.
• Familiarity with BSP, MORB and AML regulations.
• Experience interacting with regulators and drafting formal communications.
• Knowledge of audit procedures and CDD/Transaction Monitoring/Sanction Screening.

Responsibilities

• Takes the lead in AML CTF, sanctions and Fraud Risk Management for the Branch and coordinates with BOCHK and Manila branches.
• Conducts risk assessments of financial crime compliance and control effectiveness.
• Leads design of Money Laundering and Terrorist Prevention Program for Manila Branch and tracks regulatory issuances.
• Enhances AML system alert parameters to detect red flags and suspicious activity.
• Leads compliance testing on AML policy and procedures.
• Manages daily transaction monitoring and SAS alert handling within regulatory timelines.
• Validates and conducts independent due diligence on transactions and KYC documents.
• Manages ML work plan for timely regulator reporting and communications to regulators and senior management.
• Oversees filing of related regulatory reports.
• Performs other compliance tasks per laws, head office directives, and branch management.
• Part of transformation efforts including agile teams and additional BAU duties.
• Continuously review and improve customer protection procedures and education.

Skills

AML knowledge

Regulatory affairs

Risk assessment

KYC/CDD

Compliance communication

Fraud risk management

Education

Bachelor's degree

ACAMS certification

Job description

Ensures the design and implementation of an effective financial crime compliance program for Anti-Money Laundering (AML) & Counter Terrorist Financing (CFT) and Sanctions risk of the Bank and oversees it is functioning on a regular basis. Oversees the Fraud Risk Management (2nd line function) and Anti-Bribery and Corruption Management (2nd line function) of the Branch.

Duties and Responsibilities:

• Takes the lead in the Management of Anti-Money Laundering & Counter Terrorist Financing (AML CTF), Sanctions compliance, and Fraud Risk Management (2nd line) for the Branch as well as in coordinating with BOCHK and the various departments/divisions of Manila Branch for the effective implementation of the Bank’s AML CTF, Sanctions Compliance Program, and Fraud Risk Management.
• Conducts the risk assessment of the Bank’s financial crime compliance and the effectiveness of the controls to mitigate such risk.
• Takes the lead in designing an effective Money Laundering and Terrorist Prevention Program (MTPP) for Manila Branch and monitors the new regulatory issuances related to AML/CFT & Fraud Risk.
• Enhances the alert parameters and thresholds of the AML system to capture potential sources of Money Laundering/Terrorist Financing (ML/TF) risks capable to detect red flags and suspicious transactions.
• Leads the team in conducting compliance testing on AML Policy and Procedures.
• Manages the daily transaction monitoring and effective handling of SAS alerts within timelines prescribed by the regulator.
• Validates and conducts independent due diligence on transactions and KYC documents.
• Manages the ML work plan of timely reporting to the regulators, senior management and BOCHK to ensure that AML risks are monitored, duly documented and communicated.
• Supervises the filing of related regulatory reports.
• Performs other compliance management work in accordance with laws, rules and regulations, requirements of the head office and the directives of the general management office of the Branch
• Part of the transformation efforts of Manila Branch/BOCHK including but not limited to, being assigned to agile teams, and work on the required deliverables or take on additional business as usual functions designated by department/division heads.
• Continuously review and improve on customer protection procedures, handling and education.

Job Specifications:

• Graduate of any 4 year course
• Familiarity with operational, financial, quality assurance and regulations of the Bank.
• Familiarity with BSP, Manual of Regulations for Banks (MORB) and other regulatory agencies that govern the banks’ AML Programs.
• Association of Certified Anti-Money Laundering Specialist (ACAMS) certified or pass the same 1 year from hiring.
• More than five (5) years of work experience in Anti-Money Laundering work in a commercial bank or equivalent or comparable financial institution or the BSP
• Experience in compliance risk assessment and compliance testing
• Experience in dealing and communicating with regulators, especially the Anti-Money Laundering Council (AMLC) and BSP. Drafts the Bank’s formal communication and replies to the AMLC & BSP.
• Knowledge in audit procedures.
• Knowledge in Customer Due Diligence, Transaction Monitoring and Sanction Screening