Transaction Monitoring Analyst - Bengaluru, India - 2coms

Description

Transaction Monitoring – Case Investigations

To perform transaction monitoring and analysis for which alerts / cases are generated by the system so as to determine and escalate / report any suspicious activity related to money laundering or terrorism financing.

Responsibilities

· Ensure accurate investigation of alerts and cases adhering to the laid down procedures.

· Close alerts, cases where there are no suspicious or refer alerts to Business Compliance unit/s where further information is required, or assistance is required to take a decision due to the complexity of the issue.

· Obtain opinion from Unit Manager for conclusion of cases and escalate cases to business compliance for further review, as applicable.

· Escalate issues and confirmed true matches.

· Maintaining and providing of accurate and meaningful MI as instructed on all aspects related to FCRM alerts/ cases within the expected timelines.

· Undertaking any testing requirements on the AML system that is required on account of system enhancements/upgrades and ensuring that such tests are conducted accurately and within the prescribed deadlines working with business compliance and system management team.

· Send reminders to business for overdue on information requests.

· Monitoring and mitigating risk in a timely and effective manner whilst keeping Senior Management, Compliance fully informed of action taken and the outcomes.

· Escalating issues to Senior Management, Compliance for information and necessary action.

· Timely reporting of potential Suspicious Transaction to Business compliance

· Investigation and resolution of such matters in a timely manner

· Meet Quality levels as per standards laid down in TM procedure manual.

· Complete corrective actions for issues raised by QA unit.

Requirements

Minimum Work Experience Requirements & Education

· Minimum of 3 years of working experience in a transaction monitoring unit for a multinational retail bank

Bachelors Degree Education

Must Have Skills

· Ability to understand Complex Regulatory and Compliance requirements within the retail banking space.

· Transaction Monitoring experience and good knowledge of financial crime compliance within the global banking sector

· Analytically sound to take decisions on whether an alert should be escalated for further investigation or close if further review is not warranted.

· Sound knowledge required in Banking Laws and requirements like BSA/AML/KYC

· Ability to understand Complex legal entities and transactions between similar counterparties and be able to judge whether the transaction is suspicious.

· Experience of working on systems like Actimize, Lexis Nexis, Adverse Media interpretation

· Knowledge of banking products like Insurance, Annuities, Mortgages, loans, credit cards etc.

· General awareness about money laundering trends and terrorism financing

· Knowledge of regulations like banking secrecy act, USA Patriot Act, OFAC regulations, FinCEN (financial crimes enforcement network) etc.

· Knowledge of sanctions, SARs (suspicious activity reports), CTRs (currency transaction reports) etc.

· Knowledge of high-risk countries, businesses, PEPs (politically exposed persons) etc.

· Advanced Proficiency required in English Language to create disposition narratives.

· Perform assignments/deals/tasks of high complexity and resolving queries.

Basic domain knowledge about US Bank Regulatory challenges in transaction monitoring & subsequent risk management