Transaction risk management - Anti-Money Laundering (AML)
Banking Operations Associate
Years of Experience:
5 to 8 years
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Technology and Operations services, and Accenture Song— all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 699,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities.Visit us at
What would you do?
To perform transaction monitoring investigation on cases escalated by the upstream process so as to determine and escalate / report any suspicious activity related to money laundering or terrorism financing and provide SME support.
You will be working as a part of the Transaction risk management team which focuses on reviewing potential fraudulent/high-risk transactions and take necessary action on customer accounts as per defined client policy. The team screens KYC documents as applicable and determines the authenticity of the customer profile while also investigating fraud claims from customers and take required actions on customer accounts as per client policies. The Anti Money Laundering team focuses on articulating the business requirements and implement the process and system controls required to prevent moving illegally acquired cash through an organization's financial systems. The role requires a good understanding of anti-money laundry laws and regulations, client on-boarding, sanction screening, remediation, periodical reviews, Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD).
• 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
What are we looking for?
• 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.
• Minimum of 7 years of banking experience with 5 years in a transaction monitoring unit for a multinational retail bank
• Bachelor’s degree Education, Functional & Professional competencies (Includes Knowledge and Skills)
Financial Crime compliance & Regulatory awareness within the global banking sector
Basic Risk and Compliance Domain exposure
Communication / Presentation Skills
Multi-tasking / Time Management
Ability to Learn
Roles and Responsibilities:
• Ensure internal compliance to Central Bank’s AML regulations and Banks AML policy by accurate analysis and investigation of RFIs adhering to the laid down procedures.
• To validate and provide feedback on RFIs which are being recommended for closure or SAR / Exit based on the investigation performed by the analysts in order to mitigate bank’s ML risk.
• Maintaining and providing of accurate MI as instructed on all aspects related to FCRM RFIs within the expected timelines.
• Undertaking any testing requirements on the AML or related systems 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.
• Review policy and procedure and provide feedback for any changes.
• Supervise the RFI team and guide them on cases to case basis to take appropriate action.
• Obtain opinion from Unit Manager for conclusion of complex RFIs, as applicable.
• Ensure accurate investigation of alerts and cases adhering to the laid down procedures.
• Aiding the Group Compliance in ad-hoc Compliance projects and investigations.
• 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.
• Monitoring and mitigating risk in a timely and effective manner whilst keeping Senior Management, Compliance fully informed of action taken and the outcomes.
• Timely recommending and concluding potential Suspicious Transaction for SAR to be reported to Central Bank.
• Reviewing/investigating FCRM RFI assigned by the AML Manager daily and carrying out necessary follow- up with Branches and Business Units for the necessary information in a timely, professional, and efficient manner.