KYC Periodic Review (KPR) Vice President

Sumitomo Mitsui Banking Corporation•Jersey City, NJ

1d•Hybrid

About The Position

Within the Compliance Department, the Know Your Customer (KYC) Vice President (VP) is responsible for leading and managing various processes within KYC including, but not limited to, CIP, CDD, EDD, periodic reviews, special projects, and being a subject matter expert and assisting the Director of Production with day-to-day operational processes and reporting within KYC.Reporting to KYC Director of Production, the KYC VP may perform specialized tasks, routine operational day-to-day actions, and/or assist the KYC Director in directing day-to-day work of KYC team. Subject matter expert in the department and possibly across other functions. Reviews work of KYC analysts, resolves complex matters; escalates as appropriate. May have a formal or informal management role by supervising and/or training others. Works closely with KYC Director to recommend improvements to policies and procedures, processes, and workflows. Number of direct reports: up to 12. Ensures operational efficiencies and customer data integrity in accordance with internal policies and procedures of SMBC and Head Office and compliance with AML/BSA/OFAC regulations. Works closely with Analysts to identify needs for training, performance gaps, project process improvements and provides recommendations to management. Ensures adherence to the SMBC KYC Program; supports industry-mandated changes or system changes by participating in the change process; recommends changes through compliance with bank policies. Activities of the KYC team are governed by SMBC’s Policies and Procedures. The KYC VP assists the KYC Director as assigned to ensure that the following are adhered to by all employees within the KYC Team: ensures that CIP information and mandatory DD/EDD information is refreshed during Periodic Review. collects from the RM and reviewing, for adequacy and accuracy, all required KYC information and documentation within prescribed time frame. confirms that verification documents are obtained by the RM and work performed by KYC are completed within a prescribed time frame. conducts background checks (i.e., OFAC, politically exposed persons, 311 and adverse information checks), maintains evidence of search results in the KYC system and escalating to the BSA Officer any confirmed or suspected name matches associated with material negative information. Troubleshoots routine and some complex issues with KYC/CIF system and various subsystems to resolution. Performs spot check quality control reviews for their teams’ updates made to existing customer records. Also tracks deficiencies to enhance procedural standards and takes initiatives to suggest, plan and implement changes. Role Objectives: Interpersonal Communicate with customers / clients and internal stakeholders in order to coordinate the collection and assessment of KYC documentation and other compliance information. Communicate the status of onboarding to internal and external stakeholders, and efficiently move onboarding requests through the process, interacting with legal, tax and other support functions, as required. Facilitate day-to-day interaction with internal business units to respond to processing requests and instructions, manage expectations and address issues and inquiries. Collaborate with internal partners within operations and other support functions in order to streamline operations processes and participate in continuous improvement initiatives. Role Objectives: Expertise Demonstrate solid knowledge and understanding of processes for conducting KYC for institutional clients as well as the documentation requirements for different types of accounts. Act as a subject matter expert on KYC rules and policies and associated execution / implementation. Demonstrate good understanding of risk factors impacting client risk rating and ability to write comprehensive audit reports that define salient actions for execution. Demonstrate and maintain good working knowledge of all applicable regulatory standards and rules (e.g., AML, OFAC, Bank Secrecy Act, etc.).

Requirements

Advanced technical knowledge of AML, Bank Secrecy Act, Foreign Assets Control.
Advanced strong level knowledge of KYC process and regulations.
Very strong knowledge of banking policies, statutory and compliance regulations.
Very strong knowledge of market practices related to compliance operations.
Good judgement, sense of urgency and accountability; time- management skills.
Ability to supervise and train others.
Strong ability to execute in a high-pressure environment.
Strong interpersonal skills.
Strong written and verbal communication skills

Responsibilities

Leading and managing various processes within KYC including, but not limited to, CIP, CDD, EDD, periodic reviews, special projects
Assisting the Director of Production with day-to-day operational processes and reporting within KYC
Performing specialized tasks, routine operational day-to-day actions, and/or assist the KYC Director in directing day-to-day work of KYC team
Reviewing work of KYC analysts, resolves complex matters; escalates as appropriate
Recommending improvements to policies and procedures, processes, and workflows
Ensuring operational efficiencies and customer data integrity in accordance with internal policies and procedures of SMBC and Head Office and compliance with AML/BSA/OFAC regulations
Working closely with Analysts to identify needs for training, performance gaps, project process improvements and provides recommendations to management
Ensuring adherence to the SMBC KYC Program; supports industry-mandated changes or system changes by participating in the change process; recommends changes through compliance with bank policies
Assisting the KYC Director as assigned to ensure that the following are adhered to by all employees within the KYC Team
Ensuring that CIP information and mandatory DD/EDD information is refreshed during Periodic Review
Collecting from the RM and reviewing, for adequacy and accuracy, all required KYC information and documentation within prescribed time frame
Confirming that verification documents are obtained by the RM and work performed by KYC are completed within a prescribed time frame
Conducting background checks (i.e., OFAC, politically exposed persons, 311 and adverse information checks)
Maintaining evidence of search results in the KYC system and escalating to the BSA Officer any confirmed or suspected name matches associated with material negative information
Troubleshooting routine and some complex issues with KYC/CIF system and various subsystems to resolution
Performing spot check quality control reviews for their teams’ updates made to existing customer records. Also tracks deficiencies to enhance procedural standards and takes initiatives to suggest, plan and implement changes
Communicating with customers / clients and internal stakeholders in order to coordinate the collection and assessment of KYC documentation and other compliance information
Communicating the status of onboarding to internal and external stakeholders, and efficiently move onboarding requests through the process, interacting with legal, tax and other support functions, as required
Facilitating day-to-day interaction with internal business units to respond to processing requests and instructions, manage expectations and address issues and inquiries
Collaborating with internal partners within operations and other support functions in order to streamline operations processes and participate in continuous improvement initiatives
Demonstrating solid knowledge and understanding of processes for conducting KYC for institutional clients as well as the documentation requirements for different types of accounts
Acting as a subject matter expert on KYC rules and policies and associated execution / implementation
Demonstrating good understanding of risk factors impacting client risk rating and ability to write comprehensive audit reports that define salient actions for execution
Demonstrating and maintaining good working knowledge of all applicable regulatory standards and rules (e.g., AML, OFAC, Bank Secrecy Act, etc.)