Role Overview
DBS Private Bank - Private Trust offers professional trustee services to clients of DBS Private Bank and Treasures Private Clients in the establishment and management of their private trusts. We strive to protect, manage and distribute the trust assets for our clients and their families through generations and to exercise our trustee's responsibilities in the best interests of the beneficiaries. We have a team of dedicated, experienced trust administrators who provide high-quality, timely and professional services to our clients in the management of their private trusts.
The KYC Lead is a key member of the Business Management Support (BMS) team within the Private Trust business and serves as the primary AML/CFT, sanctions and KYC subject matter expert. Reporting to the BMS Team Lead, this role is responsible for leading a team of KYC officers and ensuring the effective implementation of the AML/CFT and sanctions framework across the Private Trust client lifecycle. The role has a particular focus on customer due diligence, ongoing monitoring, client risk assessments, sanctions compliance, and the management of money laundering and terrorist financing (ML/FT) risks associated with private trusts, investment holding companies and other complex fiduciary structures.
The incumbent will provide leadership, coaching and technical guidance to the KYC team, and oversee the identification, assessment and management of ML/FT risks associated with private trusts, investment holding companies and other complex fiduciary structures. As the AML/CFT Champion for the Private Trust business, the role works closely with Trust Managers, Private Trust Operations, Compliance and other control functions to maintain a robust AML/CFT control environment and ensure the consistent application of regulatory and internal policy requirements.
Responsibilities
Team Leadership & Development:
- Manage, supervise and guide the KYC team members in the performance of their responsibilities
- Inspires the team to work collaboratively with their partners to achieve superior results
- Provide guidance, mentorship, and coaching to KYC reviewers, fostering their development in complex KYC assessments and risk identification.
- Set clear team goals, deadlines, and monitor team performance
Policies, Procedures and Training Management:
- Formulate, review, and implement AML/CFT and Sanctions-related policies and procedures, especially concerning the administration of private trusts and investment companies.
- Interpret regulatory papers (e.g. TCA-N03) and Bank CDD Standards, perform gap analyses, and implement updates to internal policies, operating manuals, and checklists.
- Effectively communicate changes to the private trust team and other relevant stakeholders.
- Provide training, briefings, and ongoing advice to ensure compliance with KYC requirements and standards across the private trust team.
- Contribute to the development and refinement of internal KYC risk assessment frameworks to ensure their effectiveness and alignment with the regulations and Bank CDD Standards.
AML/CFT and Sanctions Compliance:
- Act as the AML Champion for the Private Trust business.
- Perform Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) on complex and higher-risk cases, including name screening, KYC document reviews, client profile reviews, and validation of the source of funds/wealth with proper corroboration.
- Conduct independent risk assessments on KYC profiles and transactions to identify potential AML/CFT risks.
- Determine the materiality of identified risks and the appropriate level of escalation required
Risk Escalation and Management:
- Serve as the primary point of escalation for material risk matters identified during the KYC review process.
- Escalate significant risk matters to the BMS Team Lead, senior management, and the compliance team for further discussion and resolution as appropriate.
- Investigate unusual activities and work with relevant managers (e.g., Trust Managers) to facilitate the submission of Unusual Activities Escalation (UAEs).
- Support in resolving complex KYC/AML issues that arise between various internal units (e.g., FCSS, Private Bank KYC, Front Office, and Supporting Units).
Reporting and Data Analysis:
- Perform regular reporting of Key Risk Indicators (KRIs) and CDD statistics to various risk and management committees, including formal presentations.
- Lead the extraction and analysis of CDD data for regulatory compliance purposes and to respond to surveys issued by regulatory bodies.
- Prepare management presentation decks and other reports detailing KYC/AML performance, risks, and trends.
Regulatory Compliance, Risk and Audit:
- Manage compliance efforts and ensure adherence to internal policies and external regulations.
- Handle internal and external audits for all KYC-related requests, providing necessary documentation and explanations.
- Ensure that identified gaps or findings from audits and reviews are addressed within committed timelines.
- Monitor AML/CFT and Sanctions compliance risk exposure specifically for the Private Trust business.
Process Enhancement and Project Support (Change Management):
- Identify risks, control gaps, or areas of improvement and lead change management (training, documentation of user guides/manuals, workflows, etc.) to enhance process and system efficiency in the administration of private trusts.
- Work with stakeholders within Private Trust, across different function teams, across business/support units, and with external stakeholders such as system vendors and service providers.
- Recommend and drive continuous improvement initiatives to enhance the quality and efficiency of team outputs.
Requirements
- Experience & Leadership: A bachelor's degree with at least 8 years of working experience in KYC, AML compliance, or risk management within a banking environment, preferably private trust or private banking/wealth management. The candidate must possess prior team lead experience or demonstrate clear potential and readiness to step into a team lead position, overseeing and guiding a team of KYC reviewers.
- Regulatory Expertise: Strong understanding of regulatory requirements pertinent to KYC/AML.
- Technical Proficiency: Proficient in Microsoft Excel and PowerPoint, with an understanding of and experience with AI tools.
- Skills: A strong leader with good interpersonal and influencing skills. Strong in project management, problem-solving skills, and interpersonal skills.
- Work Ethic: Self-motivated, independent, and possessing a strong sense of ownership with the ability to work effectively in a team environment.
- Resilience: Able to work effectively under pressure and meet tight deadlines.
- Certifications (Advantageous): Certifications in AML such as Certified Anti-Money Laundering Specialist (CAMS) or International Association Diploma in Anti-Money Laundering would be an advantage.
Location:
DBS Asia Central
Job:
Compliance
Schedule:
Regular
Employee Status:
Full time
