COMPLIANCE OFFICER

SPACE STONE GROUP PTE. LTD.; Singapore; On-site; SGD 60,000 - 80,000; Full time

Job summary

A financial services firm in Singapore is seeking an experienced Compliance Officer to oversee AML/CFT regulations and enforce compliance. This role involves managing policies, conducting audits, and liaising with regulators. The ideal candidate has 3-5 years in compliance, a relevant bachelor's degree, and strong analytical skills. It is critical to foster a culture of compliance while ensuring robust transaction monitoring and training for all employees. This position is essential to uphold the firm's integrity and adherence to regulations.

Qualifications

• 3-5 years of proven experience in a compliance role in financial services.
• In-depth knowledge of Singapore’s AML/CFT regulatory landscape.
• Prior experience interacting with regulators is advantageous.

Responsibilities

• Develop and maintain AML/CFT policies, procedures, and controls.
• Conduct compliance audits and risk assessments.
• Implement and manage a transaction monitoring system.
• Provide compliance training for all employees.
• Liaise with regulatory authorities during audits and inspections.

Skills

Analytical & Investigative Skills

Meticulous Attention to Detail

Integrity & Professional Skepticism

Communication Skills

Leadership & Influence

Education

Bachelor’s degree in Law, Finance, Business, or related field

CAMS or ICA Diploma in AML

Job description

We are seeking a highly diligent, analytical, and experienced Compliance Officer to oversee and enforce all regulatory obligations for our licensed money changing and remittance business. This is a critical role responsible for developing, implementing, and maintaining an effective Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework in strict adherence to the Monetary Authority of Singapore (MAS) guidelines, including the Payment Services Act 2019. The ideal candidate will act as the company's primary point of contact for all compliance matters and will be responsible for fostering a culture of compliance throughout the organization.

Key Responsibilities

1. Compliance Program Management:
   • Develop, implement, review, and update the company’s AML/CFT policies, procedures, and controls to ensure ongoing compliance with MAS regulations.
   • Conduct regular compliance audits and risk assessments to identify, assess, and mitigate money laundering and terrorist financing risks.
   • Ensure the company’s compliance framework remains effective and adapts to changes in regulations, business products, and emerging risks.
2. Transaction Monitoring & Reporting:
   • Implement and manage a robust transaction monitoring system to detect suspicious patterns and activities.
   • Review and investigate alerts generated from the monitoring system and from staff reports.
   • Prepare and submit Suspicious Transaction Reports (STRs) to the Suspicious Transaction Reporting Office (STRO) in a timely and accurate manner.
   • Ensure proper record-keeping of all transactions and compliance-related documents for the minimum statutory retention period (at least 5 years).
3. Training & Advisory:
   • Develop and conduct mandatory annual AML/CFT training programs for all employees, including frontline tellers and management.
   • Serve as the primary internal advisor on all compliance-related queries, providing clear guidance to staff on KYC, CDD, EDD, and sanctions screening.
   • Brief senior management and the board on compliance status, significant issues, regulatory changes, and the overall health of the compliance program.
4. Customer Due Diligence (CDD/KYC) & Sanctions:
   • Oversee the end-to-end KYC/CDD process, ensuring it is properly executed for all customers, particularly for higher-risk categories requiring Enhanced Due Diligence (EDD).
   • Implement and manage systems for screening customers and transactions against relevant sanctions lists, Politically Exposed Persons (PEPs) lists, and adverse media.
   • Approve the onboarding of high-risk customers and ongoing monitoring of their transactions.
5. Regulatory Liaison & Internal Reporting:
   • Act as the key point of contact for MAS and other relevant authorities during audits, inquiries, and inspections.
   • Prepare and submit periodic regulatory reports and declarations as required by MAS.
   • Prepare regular reports for internal management on compliance metrics, audit findings, and risk management efforts.

Qualifications and Experience

• Essential: Minimum of 3-5 years of proven experience in a compliance role within the financial services sector, preferably within a licensed money-changing and remittance business in Singapore.
• Mandatory: In-depth knowledge of Singapore’s AML/CFT regulatory landscape, including the Payment Services Act (PS Act), MAS Notice PSOA-N01, MAS Notice PSOA-N02, MAS Notice PSOA-N03, and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA).
• A bachelor’s degree in Law, Finance, Business, or a related field.
• Professional certifications such as CAMS (Certified Anti-Money Laundering Specialist) or ICA Diploma in AML are highly preferred and may be required.
• Prior experience interacting with regulators is a significant advantage.

Key Competencies and Skills

• Analytical & Investigative Skills: Strong ability to analyze complex transactions, identify red flags, and conduct thorough investigations.
• Meticulous Attention to Detail: Exceptional accuracy in reviewing documents, monitoring transactions, and preparing reports.
• Integrity & Professional Skepticism: Unquestionable ethics and the confidence to challenge business units when necessary.
• Communication Skills: Excellent verbal and written communication skills to effectively liaise with regulators, train staff, and advise management.
• Leadership & Influence: Ability to drive a culture of compliance and influence stakeholders at all levels without direct authority.

Working Conditions

• This is primarily an office-based role but may require occasional oversight of branch operations.
• Must stay abreast of evolving regulatory requirements, which may involve independent research and attending industry seminars.