Anti-money Laundering Risk – Enhanced Due Diligence (AML Risk Assistant Vice President)

Morgan Stanley • Purchase, NY

115d • $100,000 - $135,000

About The Position

Morgan Stanley (“MS”) is a global financial services firm that conducts its business through three principal business segments—Institutional Securities, Wealth Management (WM), and Asset Management. Morgan Stanley provides comprehensive financial advice and services to its clients including brokerage, investment advisory, financial and wealth planning, credit and lending, deposits and cash management, annuities, insurance, retirement, and trust services. The WM and U.S. Banks Financial Crimes Risk Assistant Vice President (AVP) is part of Wealth Management and the Morgan Stanley Private Bank, National Association and the Morgan Stanley Bank, NA (collectively, the “U.S. Banks”) on the WM and U.S. Banks Financial Crimes Risk Team. As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in doing the right thing, putting clients first, leading with exceptional ideas and a commitment to diversity and inclusion. Morgan Stanley can provide a superior foundation for building a professional career – a place for people to learn, achieve, and grow. Department Profile: The WM and U.S. Banks Financial Crimes Risk Team is embedded within the Firm’s business line. It is responsible for identifying, assessing, and escalating potential money laundering and reputational risk issues associated with higher risk client types. The AML Risk Team is considered the first line of defense and supports the onboarding, enhanced due diligence, and negative news processes for Morgan Stanley.

Requirements

• 5+ years of relevant experience with BSA/AML Regulations within the financial services industry, or at a financial services regulator.
• Bachelor’s degree in business, Finance, or other related field.
• Experience focused on examining potential clients’ source of wealth during the client onboarding process.
• Strong knowledge of Know Your Customer, Customer Identification Program and CDD requirements.
• Strong interpersonal skills and ability to communicate effectively both verbally and in writing.
• Working knowledge of MS Office.
• Strong leadership qualities with the ability to manage teams and evidence a strong work ethic as well as a high degree of integrity.

Nice To Haves

• Expertise in examining potential clients’ source of wealth during the client onboarding process.
• Certified as an Anti-Money Laundering Specialist by ACAMS or equivalent AML certification/license.

Responsibilities

• Oversee due diligence and risk-relevant activities related to AML.
• Assess Bank Secrecy Act (BSA), anti-money laundering, and reputational risk matters identified through the execution of the Firm’s protocols for both new and existing customers.
• Review, assess and escalate certain clients’ source of wealth to examine potential ML risk exposure for the Firm.
• Manage the end-to-end workflow of a program focused on assessing the source of wealth of new and existing clients to effectively mitigate potential ML risk exposure.
• Actively manage and lead processes supporting the Firm’s customer due diligence (CDD) and enhanced due diligence (EDD) program with a specific focus on source of wealth analysis and corroboration.
• Manage data and trend analysis related to the source of wealth review process and provide reporting to relevant stakeholders.
• Examine the source of wealth of certain new and existing Morgan Stanley clients.
• Serve as a point of contact for questions, issues and escalations related to the review of certain clients’ source of wealth.
• Review and respond to monthly quality control findings related to the source of wealth review process.
• Provide supervisory support and training for AML Risk Analysts through developing individual and team skills and providing timely constructive feedback.
• Draft and update procedures and desktop guidance related to the client onboarding process.
• Lead key projects and initiatives related to assessing and mitigating the Firm’s exposure to money laundering and reputational risk-relevant activities.
• Partner with business partners involved in the account opening process.
• Partner with the Second Line of Defense Compliance teams to monitor client relationships on an ongoing basis.

Benefits

• Comprehensive employee benefits and perks.
• Opportunities for professional development and career advancement.
• Support for employees and their families at every point along their work-life journey.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: Bachelor's degree
• Number of Employees: 5,001-10,000 employees