Client Verification Team (KYC) Junior Specialist/Specialist - Penang

Job Overview

The successful candidate will be instrumental in maintaining rigorous adherence to anti-money laundering and sanctions policies, alongside all pertinent regulations and internal protocols.

Client Due Diligence (KYC)

The role entails carrying out the specific duties of a Client Verification (KYC) Analyst as outlined in the global Client Lifecycle Management (CLM) procedure, Global Screening procedure, and WLF Screening of clients procedure (as well as respective local addenda), under the supervision of the Head of CVT.

Account Management

The position involves initiating account openings and maintaining account documentation for Corporates and Financial Institutions. Responsibilities include reviewing and verifying customer documents for account initiation, updating customer information, managing signing mandates, and ensuring the completeness of customer files. The role also requires ongoing evaluation of the account opening processes and documentation updates, along with recommendations for potential process improvements.

Additionally, updating and maintaining static data in the Bank's core system and verifying signatures are key tasks associated with this position.

Key Responsibilities

General

Adhere to the CGSS Code of Conduct

Client Due Diligence

• Familiarize with the Global Client Lifecycle Management (CLM) procedure, Global Screening procedure, and WLF Screening of clients procedure (along with respective local addenda)
• Understand the CGSS structure, client segmentation, and products/services offered at international Commerzbank locations
• Execute assigned responsibilities related to on-boarding, periodic and event-driven reviews, account openings, closures, and off-boarding of Corporate Clients and NBFIs
• Evaluate the quality of initial client data provided by Client Owner(s) / Business Unit(s)
• Validate the completeness and accuracy of essential KYC documentation and information from Client Owner(s) / Business Unit(s)
• Confirm the information and documents submitted by Client Owner(s) / Business Unit(s), including client identity, Beneficial Ownership, and Bearer share information
• Monitor and follow up on documentation shortcomings, escalating any issues regarding outstanding documentation promptly
• Conduct screenings of clients, beneficial owners, associated parties, legal representatives, authorized signers/traders, and others as outlined in CLM procedures
• Assess screening results; request additional information and escalate as necessary
• Carry out adverse news screenings and evaluate results; request further information and escalate as required
• Execute assigned tasks as part of the ongoing screening process (manual and/or system-based) including alert clearance in the relevant system
• Resolve discrepancies between customer-provided information and verification process findings in collaboration with Compliance prior to completing on-boarding/review
• Assign Customer Risk Ratings (CRR) utilizing the global CRR methodology managed by Compliance
• Implement manual overrides of calculated Customer Risk Ratings as permitted by Compliance
• Ensure Due Diligence is appropriately applied to the Client during the on-boarding and review phases
• Assist with account openings and closures
• Ensure proper documentation of Client data elements and Due Diligence checks in relevant CLM systems
• Process changes to KYC data upon receipt and ensure thorough documentation
• Coordinate with Client Owner(s) and Compliance to address inquiries and resolve issues as they arise
• Escalate matters to the Local Head of CVT for guidance when necessary
• Investigate, communicate, and escalate any issues identified during the KYC process
• Support initiatives related to regulatory changes, system improvements, or updates
• Assist with remediation reviews
• Undertake miscellaneous responsibilities as assigned

Account Management

• Ensure adherence to AML, Sanctions, and KYC policies, procedures, and regulations
• Responsible for the timely creation and upkeep of static data (clients, counterparties, SSIs)
• Ensure daily tasks are executed per ComRules, published workflows, and guidelines
• Implement internal controls within processes effectively
• Collaborate closely with the business and Compliance to ensure complete documentation is available for the timely establishment of client accounts in the appropriate system(s)
• Follow up on outstanding (client-related) documentation and provide regular status reports on discrepancies (when necessary) to Management
• Maintain client account opening documentation files in relevant system(s)
• Perform signature verification
• Offer recommendations on work processes/procedures to improve efficiency and operational controls
• Assist with other duties or projects as directed by the Local Head of Department

Formal Education:

• College degree in a Business-related, Banking, Finance discipline, or equivalent education
• Completed apprenticeship/training in the financial sector or relevant experience
• KYC/Compliance Certification is preferred

Qualifications and Skills

• 1-2 years of professional experience in Client On-boarding (KYC) and/or Account Administration operations and Anti-Money Laundering functions at a large financial institution
• Experience in an international setting is advantageous
• Advanced understanding of Financial Crime prevention, local and international sanctions, and KYC
• Thorough knowledge of global/local regulatory requirements and market practices
• Comply with all internal and external laws, policies, and guidelines including ComValues, Culture of Integrity, Code of Conduct, ABC Policy, TRM, etc.
• Ability to analyze and understand business and legal documents essential for the KYC process
• Experience in conducting screenings and managing potential hits regarding adverse news, designated sanctions targets, and prohibited persons lists
• Proficient in MS Office Suite
• Fluency in English; proficiency in German and/or other languages is a plus
• Exceptional analytical, oral and written communication, and interpersonal skills
• Strong attention to detail
• Excellent time management abilities with the capacity to complete tasks under tight deadlines
• Ability to work independently
• Collaborative attitude towards sharing responsibilities and engaging with colleagues
• Actively participate in daily operations
• Resourceful with strong motivational and conflict resolution skills