I am currrently assisting a client of mine in seeking them a Junior AML Officer to join their EU headquarters in Frankfurt. They are a Global bank with operations in more than 11 countries, with over 30 overseas branches across the globe.
The role involves supporting the Head of Compliance in adhering to regulatory requirements in Germany/Europe and the bank's internal regulations. Key responsibilities include identifying and evaluating legal risks within business departments, conducting Customer Due Diligence (CDD) or Enhanced Due Diligence (EDD) procedures for new business relationships, investigating Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) alerts, preparing Suspicious Activity Reports (SARs), maintaining the money laundering monitoring system, conducting risk assessments based on customer profiles, ensuring compliance with money laundering guidelines across business departments, managing Compliance-related communication with Head Office, and participating in Compliance meetings.
- Assist the Head of Compliance in adhering to German/European regulatory requirements and internal regulations.
- Analyze and document significant legal risks within business departments in the bank's database.
- Perform CDD or EDD procedures for new business relationships and when necessary.
- Investigate AML/CTF alerts raised by the branch's AML system, escalating cases to the Head of Compliance as needed.
- Support the preparation of Suspicious Activity Reports (SARs) for reporting to supervisory authorities.
- Aid in suspicious activities reporting in the absence of the Head of Compliance.
- Maintain and update indicators in the money laundering monitoring system.
- Conduct periodic risk assessments based on customer risk levels.
- Monitor and ensure compliance with money laundering guidelines across all business departments.
- Prepare topics and minutes for Compliance meetings.
- Respond to internal bank inquiries regarding money laundering and terrorist financing.
- Undertake GDPR-related tasks such as vendor assessment, name screening, and customer file destruction in collaboration with other departments.
- Review, update, and maintain Policies & Procedures and Manuals in line with regulatory and Head Office requirements.
- Facilitate communication between the Head of Compliance and the Compliance Division of Head Office.
- Generate periodic reports for Head Office, including Compliance Monthly and Quarterly Reports.
- Organize the Compliance Quarterly Video Conference with Head Office and assist in preparing questions.
- Stay updated on local AML and Compliance laws and regulations, assisting the Head of Compliance in preparing for Compliance Training.
- Completed degree in Law, Compliance, or related fields.
- Minimum of 1 year of professional experience in compliance, legal, regulatory organizations, financial services, or legal/consulting firms, or a combination thereof.
- Strong personality with excellent communication skills.
- Fluent in German, English. Mandarin is a plus.
- Possession of a valid German long-term residence permit.