AML & Compliance Expert

2 weeks ago

London, Greater London, United Kingdom Ballinger Group Full time
About the Role

The Ballinger Group is seeking a talented and motivated AML & Compliance Specialist to play a key role in ensuring regulatory compliance, focusing on client onboarding and the compliance lifecycle.

This vital position requires a dedicated professional with analytical skills and attention to detail to ensure the firm remains compliant with client onboarding regulatory requirements.

About the Team

At Ballinger Group, we specialize in providing Foreign Exchange Risk Management and Trading Services to Financial Institutions and corporate clients worldwide. Our expertise and insights enable us to navigate the global currency markets with confidence.

We offer a collaborative and inclusive work environment that values your contributions, with opportunities for professional development and growth.

Key Responsibilities

  1. Gather and analyze customer information to complete the KYC process.
  2. Verify client identities using prescribed documentation and processes.
  3. Collect necessary documents from new clients and ensure all data is accurate.
  4. Approve or reject applications based on the company's compliance policies.
  5. Stay up to date with regulatory changes and requirements related to KYC procedures.
  6. Communicate with clients to obtain missing documentation or data.
  7. Update and maintain client records in the company's database.
  8. Conduct risk assessments on new clients.
  9. Assist with internal audits and regulatory inquiries.
  10. Provide regular reports to management about the onboarding process.
  11. Collaborate with other departments to ensure efficient onboarding.
  12. Coordinate and assist in the update of policies and procedures in accordance with relevant laws and regulations.

Enhanced Due Diligence (EDD)

  1. Conduct in-depth reviews of high-risk customers and transactions.
  2. Gather additional customer information to establish their source of wealth and funds.
  3. Analyze customers' transaction patterns and behavior for suspicious activities.
  4. Liaise with customers to obtain necessary EDD information and documentation.
  5. Prepare and present detailed EDD reports to senior management.
  6. Collaborate with compliance and legal teams to ensure EDD procedures are up to date with regulatory changes.
  7. Conduct ongoing monitoring of high-risk customers and report any changes in risk levels.
  8. Escalate potentially suspicious activities to the appropriate internal teams for further investigation.
  9. Utilize financial intelligence and customer data to inform EDD processes.
  10. Ensure the confidentiality and security of customer information gathered during the EDD process.

Transaction Monitoring (TM)

  1. Monitor departmental queues for alerts on a regular basis throughout the working day, ensuring management is aware of outstanding alerts at the end of the day.
  2. Be familiar with departmental systems and processes and their implementation.
  3. Review transaction monitoring alerts in line with prescribed procedures:
    1. Investigate individual alerts to determine if there is a potential suspicious transaction involved.
    2. Follow the recommended standard investigation steps.
    3. In addition, assess if there is anything else unusual about a transaction, particularly based on experience of previous transactions.
    4. Assess the transaction in the context of previous transactions and the client's business/purpose of the account – if necessary, review the client file.
    5. Assess the relevance of the geographies of the remitter and beneficiaries of the transaction.
    6. Where there are grounds for suspicion or a requirement for guidance in relation to an alert, escalate in line with procedures.
  4. Create and maintain accurate and concise records of all investigations undertaken, including details on the rationale for any decisions made.
  5. Seek to build an understanding of the profile of customers highlighted through the transaction monitoring alert process.
  6. Assist with the preparation of departmental management information reports.
  7. Provide input to the maintenance of departmental procedures.
  8. Provide advice and support to the business units on the identification of areas of risk as a result of transaction monitoring trends.
  9. Any other associated duties required from time to time to meet departmental responsibilities and goals.

Requirements

To excel in this role, you should have:

  • Fluent in English.
  • Experience working in AML/Compliance roles in the financial services industry, preferably within the investment services sector.
  • Analytical mindset with exceptional problem-solving skills and keen attention to detail.
  • Strong multitasking and prioritization capabilities.
  • A constant willingness to improve and learn, staying proactive in staying up to date with industry trends.
  • Knowledge of complex corporate structures and funds would be considered an asset.
  • Familiarity with financial regulations affecting financial services firms and Malta Financial Services Authority rules would also be an advantage.

Benefits

Ballinger Group offers a competitive salary package, which includes comprehensive benefits such as:

  • Health insurance coverage for you and your dependents.
  • Death in Service Cover.
  • Performance-related bonuses and incentives.
  • Professional development opportunities to support your growth.
  • A collaborative and inclusive work environment that values your contributions.

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