Associate/Assistant Vice President - Enhanced Due Diligence (EDD)

Recruiter
Commerzbank
Location
Lambeth, UK
Salary
Competitive
Posted
17 Aug 2019
Closes
19 Aug 2019
Ref
1237487351
Sector
Accountancy
Contract Type
Permanent
Hours
Full Time
LondonTask:Reporting to the Head of EDD, the role will be to provide Financial Crime related advice, (including Anti-Money Laundering (AML), Sanctions, Counter Terrorism Financing (CTF), Anti-Bribery and Corruption (ABC) and Fraud) as well as provide support on a proactive and reactive basis in respect of the specified entities and other Commerzbank entities as required. Working closely with the business' line Compliance teams who support this activity as well as other units in the first line of defence. The role will also support the strategic development within Commerzbank London Branch of the EDD framework, including Customer Due diligence and Know Your Customer advisory topics from a second line of defence perspective. This would include assisting in performing EDD risk assessments, day to day resolution of queries, escalations and conducting financial crime investigations/reviews as well as more strategic elements including procedure and policy reviews and conducting training.This role will require competence across the following areas: Demonstrate working knowledge of EDD and experience of day to day issues affecting a financial crime team of a global investment bank in relation to EDD activities; including governance, risk assessment, procedures, operations and reporting, external reporting and feedback into the overall financial crime risk management process.Take an active role in ensuring that the Bank's customers satisfy UK legal and regulatory requirements in relation to financial crime and Commerzbank standards through the application of appropriate procedures.Assist in any investigations carried out in the department. This could include, compliance reviews as well as ad-hoc investigations or enhanced due diligence research.Assist in delivering EDD related training, taking reasonable steps to establish and maintain adequate arrangements for awareness in financial crime matters (in conjunction with other staff).Assist in financial crime related management reporting as well as support the creation of annual reports to Boards/senior management in accordance with requirements.Be a key member of the second line of defence with regards to financial crime prevention and provide support to management.Key activities and key competencies Provide EDD related advice and support, working closely with the business line compliance teams who support this activity and the Client Lifecycle Management Team.Knowledge of UK regulatory and legislative due diligence (DD) requirements and appreciation and awareness of industry best practise and standards. Knowledge of German UK regulatory and legislative DD requirements is desirable.Addressing direct and indirect EDD issues and ensuring that regional processes, procedures and controls are operating effectively to mitigate potential risk.Good working knowledge, understanding and practical aspects of an effective financial crime risk management framework Perform routine EDD activities - 6 eye reviews, KYB & KYC assessment, preparing high-risk assessments for governance committee reviews, resolution of queries, issue tracking, reviews of guarantees and Watch List Filtering.Analysing the findings of the EDD reviews and making recommendations to maintain or exit a relationship or undertake further EDD to mitigate risks identified.Ensure trackers are updated for the team to support the delivery of accurate MI.Assist in departmental projects as required and any other tasks assigned by the respective line manager.Profile:Detailed knowledge and understanding of local and international regulatory frameworks.Ability to operate under time pressure.Experience in compliance or a relevant field, broad 2nd line of defence experience with a strong focus on EDD.Experience in due diligence and planning, conducting and documenting investigations; knowledge of screening/due diligence tools and data aggregators; research skills.Skills in MS Word, Excel and PowerPoint.Excellent communication skills/ excellent command of written and spoken English - German language skills are an asset.Working knowledge of Factiva, LexisNexis, Dow Jones and other industry screening toolsACAMS certified or equivalent BSA/AML certification preferred.Vocational training, university degree or similar, preferably in Banking, or Law Specialist or Enforcement knowledge (work experience, further qualification).

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