Purpose Of Role:
The KYC Operations team primary role is to support Business Units in the timely and accurate delivery of the end to end AML / KYC process for onboarding new customers / accounts, completion of periodic reviews and event driven reviews of existing customers / accounts to comply with State Street's AML Policy and Standards.
The team provide Customer Identification Program (CIP), Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) services to State Street’s Business Units globally.
The KYC Team is tasked with collecting and analyzing client data, documents and publicly available information on State Streets’ new and existing clients, including the screening of entity names against various sanctions lists and performing the Customer Anti-Money Laundering risk assessment.
Within quality assurance tasks KYC Team aim to minimize regulatory, monetary and reputational risk by ensuring accuracy and completeness of KYC records through a 4 eyed quality assurance process.
Specific Duties:
- Perform Know Your Customer due diligence in line with applicable AML Policies, Standards & Procedures, prior to account openings and on an on-going basis
- Create KYC profiles in the system of record
- Complete the necessary forms required to support CIP / CDD and quality assurance
- Screen client names and other parties in line with State Street Screening Standards
- Source required CDD documentation independently from various internal and external sources (regulatory websites, company websites, Banker’s Almanac, Lexis Nexis, World Check etc.) and assist team members with the same;
- Cooperate closely with Front Office employees to request all other required CDD documentation from customers
- Validate CDD documentation provided by customers
- Complete Customer AML risk assessments using corporate compliance tools and methods
- Meet agreed KRI / KPI targets for KYC profile reviews, and/or agreed targets for quality assurance reviews, escalating when required
- Complete and validate enhanced due diligence on high risk customers / accounts
- Perform EDD monitoring and PEP analysis as required
- Perform 4-eyed quality assurance checks of KYC records for accuracy / completeness before verification;
- Within quality assurance responsibility validate that State Street AML Policies, Standards & Procedures with respect to CIP / CDD are adhered to and that KYC Specialist conclusions are clear, complete and supported by necessary documentation, information and screening results
- Attend, participate and assist in facilitating AML awareness training sessions across the team to continue to enhance the quality of deliverables
- Ensure all assigned tasks are correctly maintained on designated tracking / reporting tool
- Provide updates to stakeholders upon request
- Assist with external regulatory examinations or testing
- Follow the speak up, listen up values - including timely escalation of AML concerns, suspicious activity or any corporate policy breaches
- Notify local management of operational issues
- Support ad hoc and/ or strategic projects as required
- Maintain role-specific knowledge of the current anti-money laundering and financial crime risks and issues through completion of the annual AML Academy, and any other financial crime training deemed applicable to the role
Specific Qualifications / Skills:
- Advanced knowledge of anti-money laundering / know-your-customer regulations and processes
- Knowledge of State Street procedures and requirements would be an advantage
- Intellectual curiosity for continuous learning around AML and KYC
- Excellent interpersonal, organizational and administrative skills
- Good communication skills, ability to provide a constructive feedback
- Good Microsoft Excel and Word skills
- Very good language skills in English
- One or more of the following language skills would be an advantage: French, German, Italian, Dutch, Arabic
- KYC process experience for different entity types, such as Trusts, Hedge Funds, regulated entities, SPV etc. would be an advantage (2+ years)
- Experience of analysing complex ownership structures to determine risk exposure and applicable AML/KYC requirements, including jurisdictional uplifts is desirable
- Experience with Prime, World Check, Lexis-Nexis and other negative news searches would be an advantage
- Advanced knowledge on entity/transaction screening and sanction laws (for Ongoing Screening only)
