Description of the Business Line or Department
Operations, CDD, Outsourcing Oversight & Reporting – London based support for Group onboarding, CDD Reviews, FATCA/CRS & Tax Reporting, centralised MI, Oversight and Reporting capability.
The Operations Department operates a Business Process Outsourcing (BPO) model with a third-party vendor. Responsibility of the outsource providers’ quality and KPIs forms part of the end to end service delivery model.
The department operates within the terms of formal service levels agreed with relevant business areas, demonstrating compliance through comprehensive management reporting and measurement against key performance indicators.
The teams are based in London, Channel Islands & Gibraltar and support the business in all jurisdictions.
The MO / CDD team is comprised of teams in London, Channel Islands & Gibraltar ultimately reporting through the Head of Operations to the COO. Regionally, the due diligence required for verification of identity, address, source of wealth, source of funds and the risk related to the nature of the proposed or ongoing business. The unit is responsible for accurate and thorough assessment, evidencing both the review and the conclusions drawn, all in accordance with local legislation and regulatory requirements for CDD/AML. The unit has a degree of direct client contact undertaken in a coordinated manner with each business line in accordance with a Service Level Agreement. The unit is also responsible for controlling, reviewing and maintaining client data and storage of supporting documentation using a dedicated CDD/AML system.
The responsibilities for the team are split between the team and an outsource provider. The team are responsible for the end to end delivery of quality and completeness of revenues.
The team are responsible for oversight of outsourced functioned, which also includes supporting, training, and reporting.
Summary of the key purposes of the role
- To maintain accurate and complete client, portfolio, and account master data in relevant KH systems. Accurate and complete data is critical to efficient and effective operations throughout the business.
- Ensure third-party vendor is compliance with agreements and accuracy of their work
- Within this role there will be an element of job rotation into other roles at the same level for cross training and individual career development purposes. Where job rotation is implemented, the individual will assume the key accountabilities of the role being undertaken.
Summary of responsibilities
- Oversight, monitoring and support of third-party vendor
- Creation and presentation of MI surrounding all aspects of the Client Data team
- Maintenance of client data in the dedicated CDD/AML system and ensure said data is complete and accurate, and maintained in a timely manner
- Conduct new and existing client CDD/AML reviews in accordance with prescribed KH Policy and Procedures and local regulatory rules, regulations, and guidance
- Exercise sensible judgement in determining client AML risk ratings and review periods and diarise clients for follow-on reviews
- Assistance in obtaining basic client data including identity, residence, source of wealth, source of funds for new monies and completion of any enhanced due diligence that might be required. This info is usually to be obtained with the assistance of client facing staff assigned to the client
- Operate within the terms of Service Level Agreements with the team’s internal clients, meeting processing deadlines and turnaround time expectations
- Provide support and advice to the business with regard to AML requirements, client and account opening, and maintenance client and account data, to ensure completeness, accuracy and integrity of data is achieved, and where necessary improved
- Assist CDD Team Leader and Head of Client Data Admin with adhoc projects
- Assist with various other duties, which occur from time to time, within the operations department
- Comply with all Risk and regulatory obligations where relevant
- Responsibility for ensuring that you are fully aware of and adhere to internal Policies that relate to you, your business or other businesses for which you have any level of responsibility
- Responsibility for reading, understanding and complying with the Company's Conduct and Standards and corresponding regulations. You will be notified of changes to policies in a timely manner through announcements and/or intranet updates