Head of Customer Due Diligence

Job Purpose:

The Head of Customer Due Diligence is responsible for ensuring compliance with established policies and procedures within the Personal Banking Group (PBG). This role involves overseeing the customer due diligence processes, ensuring adherence to regulatory requirements, and implementing guidance from Compliance units. The Head of Customer Due Diligence will lead a team of due diligence professionals and collaborate with various departments to maintain the highest standards of customer due diligence.

Principal Accountabilities:

Leadership and Management

Lead and manage the Ongoing Due Diligence team, including recruitment, training, and performance management.

Provide guidance and support to team members to ensure effective execution of due diligence processes.

Foster a culture of compliance and risk awareness within the team.

Customer Due Diligence:

Ensure compliance with CDD and EDD policies and procedures as established by the Compliance units.

Oversee the Customer Due Diligence processes to ensure accurate identification and verification of customers.

Conduct risk assessments and ensure adherence to the appropriate level of due diligence for different customer segments.

Regulatory Compliance:

Ensure compliance with all relevant regulations, including anti-money laundering (AML) and combating the financing of terrorism (CFT) laws.

Stay updated on regulatory changes and ensure that due diligence processes are aligned with the latest requirements.

Liaise with regulatory bodies and respond to inquiries and audits related to customer due diligence.

Risk Management:

Identify and mitigate risks associated with customer relationships, including potential money laundering and terrorist financing risks.

Implement robust monitoring and reporting mechanisms to detect and address suspicious activities.

Collaborate with the Compliance and Risk Management teams to develop and implement risk mitigation strategies.

Stakeholder Collaboration:

Work closely with various departments, including Compliance, Marketing, Business, Products, IT, and Customer Service, to ensure seamless execution of due diligence processes.

Provide regular updates and reports to senior management on the status of due diligence activities and any emerging risks.

Engage with external stakeholders, such as auditors and regulatory bodies, to ensure transparency and compliance.

Continuous Improvement

Continuously review and enhance due diligence processes to improve efficiency and effectiveness.

Implement technology solutions to streamline due diligence activities and enhance data accuracy.

Promote a culture of continuous improvement within the team and encourage innovative approaches to due diligence.

Education and Experience

Bachelor’s degree in Finance, Business Administration, Law, or a related field. A Master’s degree or professional certification (e.g., CAMS, CFE) is preferred.

At least 7 years of experience in Banking and customer communication

Prior experience in CDD covering Retail and SME is mandatory.