The Business and Product Anti Money Laundering Specialist is a C12 position responsible for analyzing, advising, recommending and establishing internal procedures to prevent money laundering in regards to different schemes specially associated with riskier topics as payment intermediaries, digital assets, crypto currencies, cannabis industry and financial crimes compliance emerging technologies. The overall objective is to utilize established disciplinary knowledge and experience to assist in all matters concerning financial crimes in coordination with the broader Anti-Money Laundering (AML) team to identify money laundering risks related to new business and schemes, provide advice to prevent risks and formulate strategic recommendations on policies, procedures, and practices. This role will serve as a partner with ICRM teams, business partners and technology to design, develop, build, and implement the structure, strategies, tactics, and action plans to meet policy and regulatory requirements, consistent with Citis risk appetite.
Principal Responsibilities:
+ Provide advice to businesses on new business initiatives, products/services/locations and new schemes related to riskier money laundering topics including payment intermediaries, digital assets, crypto currencies, cannabis industry and financial crimes compliance emerging technologies that would increase money laundering risks with respect to applicability of policies, resolution of potential red flags, controls implementation and compliance escalations.
+ Recommend and track controls to mitigate compliance, legal and operational risk, particularly with regards to payment intermediaries, digital assets, crypto currencies and the technology platforms and software behind them.
+ Build and maintain management relationships within Citi to understand top market practices with a specific focus on the move to digital assets and products.
+ Advice business in defining and implementing Emerging Technologies and Digital Assets program to manage and mitigate complex financial crime risks across Citi.
+ Support the AML team and business regarding special issues, attending the team's inquiries (FIU, NPA, BSU, REM, sanctions) giving clarity on how payment intermediary, digital currencies and crypto currencies work, the main risks to which Citi is exposed and the impacts on the processes.
+ Identify and advise monitoring sceneries based on identified risks.
+ Analyze new AML regulation, identify the impact in policies and procedures, define new procedures or changes in those existing procedures to ensure compliance with regulatory requirements.
+ Liaise with regulators and Citi internal audit staff for AML matters including coordinating AML related examinations, audit and reviews, document production, and issue replies.
+ Provide timely response with appropriate quality to the regional AML team on surveys regarding local high-risk geographies, inclusion of the local Regulator in the regulators covered and inclusion of the Colombian Stock Exchange in the list of covered exchanges.
Know Your Customer (KYC) responsibilities:
+ Advice business and provide credible challenges in the on-boarding process, renewal and exceptions to ensure compliance with policies and procedures and appropriate risk management. Address each of their concerns and accompanying them in solving the concerns that arise.
+ Identify, manage, review and approve exceptions to the program ensuring compliance with policies, regulations and procedures, escalating requires topics.
+ Ensure that requirements for KYC are updated and in agreement with local regulatory requirements including them in the local manual Sarlaft, KYC system, county variances and FAQ (Frequent ask questions).
+ Analyze reconciliation results to verify all clients have a KYC record duly approved according to local regulation requirements, performing follow-up with businesses to solve exceptions.
+ Assess issues, structure potential solutions, and drive effective resolution.
+ Participate in regional and local projects related to definition of process flows for the implementation of electronic signatures and digital on-boarding ensuring compliance with local regulatory requirements and mitigation of AML risks.
+ Structure specific training material to cover specialized topics to ensure business has appropriate knowledge in requirements that must be complied in on-know your customer processes, including risk identification and risk management.
Risk Assessments responsibilities:
+ Ensure correct execution and monitoring of the risk model, ensuring compliance with local regulations, updating the definition in the event of regulatory or corporate changes
+ Analyze and execute the required processes for maintenance of the Risk Model (SARLAFT), in relation to the stages of identification, measurement, control and monitoring.
+ Annual evaluation of the risk matrix of local jurisdictions, ensuring updates of the defined variables and the correct calculation of the risk
+ Definition of the risk assessment about accuracy, relevance, reliability and quality of data provided by vendors to complete the KYC process and execution of that assessment semiannually.
+ Take an active part on completing the annual AML Enterprise Wide Annual Risk Assessment for local AML assessment unit and assist in analyses to properly report outcomes to senior business management.
+ Based on risks identified, define scenarios for transactional monitoring that should be implemented or adjusted in order to detect possible AML alerts and unusual transactions.
+ Definition and update of the local AML risk matrix ensuring that it is in compliance with local requirements; presentation of the results to the Board of Directors and analysis, definition and monitoring of action plans according to the results of the risk matrix
+ Annually evaluate existing clients who are exempted from the cash report, ensuring that they comply with the defined parameters.
+ Definition and update of the local Key Risk indicators (KRIs) ensuring the compliance with the local regulator needs, design of correction actions plans and escalating to the AMLCO as appropriate.
Name screening/ Name search and local AML lists responsibilities:
+ Ensure that the name screening and name search processes are executed correctly under the corporate guidelines of local regulation, ensuring timely response to the regional AML team and running the name screening review to approve or reject the establishment of relationships when necessary.
+ Identify potential risks in clients escalated by potential hits and that require an evaluation and approval of the AMLCO.
+ Ensure appropriate maintenance of local list of Publicly Exposed Person, annual reconciliation and results analysis.
New Regulation Analysis
+ Identify new local regulation requirements, analyze impact in AML processes and define action plans to implement them, within the established timeframe and ensuring compliance with requirements.
**Qualifications:**
+ 6+ years of relevant experience
+ Previous supervisory experience
+ Extensive knowledge of AML regulations, risks, and appropriate controls
+ Demonstrated leadership and motivational skills
+ Ability to work with regional and global partners, and influence and lead people across culture and senior level
+ Knowledge and understanding of Financial Crimes Compliance regulations, risks and typologies, including AML monitoring industry developments and capabilities.
+ Deep knowledge and understanding of virtual assets including crypt-currencies and the technology platforms and software behind them.
**Education:**
Required: Bachelors Degree/University Degree or relevant equivalent experience or professional qualification. Professional qualification may include ACAMS Certified Anti-Money Laundering Specialist (CAMS) and International Compliance Association (ICA) certification in Financial Crime Prevention.
+ Fluency in English language;
+ Prior experience working in Anti-Money Laundering, regulatory compliance, fraud, audit, in-business risk or related role.
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**Job Family Group:**
Compliance and Control
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**Job Family:**
AML Compliance & Risk Mgmt
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**Time Type:**
Full time
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Citi is an equal opportunity and affirmative action employer.
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