The Anti Money Laundering(AML) Ops - Source of Wealth Preparer-is responsible for conducting thorough research and analysis to accurately document the source of wealth for high-risk customers, ensuring compliance with Anti-Money Laundering (AML) regulations and internal policies.
Job Responsibilities
Conduct in-depth research using internal and external sources (e.g., public records, open-source intelligence, regulatory databases, client-provided documentation) to identify and verify the legitimate source of wealth for designated customers.
Analyze complex financial information, business structures, and legal documents to construct a clear and concise narrative explaining the customer's wealth accumulation.
Prepare comprehensive Source of Wealth (SOW) reports, ensuring accuracy, completeness, and adherence to established templates and quality standards.
Collaborate effectively with Relationship Managers, Compliance Officers, and other stakeholders to gather necessary information and clarify discrepancies.
Identify and escalate potential red flags, suspicious activity, or inconsistencies observed during the SOW preparation process to relevant teams or management.
Maintain meticulous records of all research conducted and documentation reviewed in accordance with bank policies and regulatory requirements.
Stay updated on evolving AML regulations, industry best practices, and internal guidelines related to SOW requirements.
Participate in training sessions and continuous professional development to enhance expertise in AML and financial crime prevention.
Contribute to process improvements and efficiency initiatives within the AML Operations department.
Job Qualifications
Bachelor's degree in Finance, Economics, Accounting, Law, Criminal Justice, or a related field.
Minimum of 1-3 years of experience in Anti-Money Laundering (AML) operations, financial crime compliance, due diligence, or a similar role within the financial services industry.
Strong understanding of AML regulations, particularly those related to customer due diligence (CDD) and enhanced due diligence (EDD), including Source of Wealth requirements.
Proven ability to conduct thorough research, analyze complex data, and synthesize information into clear and coherent reports.
Excellent written and verbal communication skills, with the ability to articulate complex financial concepts clearly.
High level of attention to detail and accuracy in all work performed.
Proficiency in using various research tools and financial databases.
Ability to work independently and as part of a team in a fast-paced, deadline-driven environment.
Strong analytical and problem-solving skills.
CAMS or other relevant AML certifications are a plus.
