Due Diligence Associate

3 days ago

Bengaluru, India WELLS FARGO BANK Full time

**About Wells Fargo India & Philippines**

WFIP enables businesses and staff groups to leverage global talent and capabilities across multiple geographies. The WFIP Delivery platform includes global in-house centers in India and the Philippines, as well as third-party service providers located globally. Learn more about WFIP at our International Careers website.

**Department Overview**

The Wealth and Investment Management's (WIM) High Risk Client (HRC) team's AML Compliance reviewer will be responsible for the delivery of high standards of customer service to WIM's business lines and channels, and will ensure that all internal SLAs, standards, regulatory requirements and expectations associated with the Bank Secrecy Act, USA PATRIOT Act and Economic Sanctions laws and regulations are met.

High Risk Client Management is responsible for partnering with the relevant business group to identify, assess, manage and mitigate current and emerging risk exposures associated with their activities and operations. Monitors, measures, evaluates, and reports on the impact of decisions and controls to the relevant business group and enterprise function. Provides guidance to business groups on the development, implementation, and monitoring of business-specific programs to identify, assess, and mitigate risk. Provides support in the interpretation of policy, guidelines, and governance programs as front-line liaison to Independent Risk Management area for low to moderate risk and complexity enterprise risk programs. Supports business in designing and implementing risk mitigation strategies, business processes and controls that mitigate risks and address regulatory requirements. Develops and implements risk monitoring and risk reporting processes and controls. Monitors and reports on its risk concentration, current and emerging risk, and risk appetite. Aggregates, evaluates, reports result and escalates where necessary. Designs and executes control effectiveness assurance programs for Front Line-owned controls. Supports and implements initiatives with low to moderate risk. Internal interaction with team to support identification, management and mitigation of business-specific risk programs. Limited to no external interaction. Works independently; does not manage other team members.

**Responsibilities**:

- Financial Crime Compliance ("FCC") has primary responsibility for the execution of the firm's enterprise-wide Anti-Money Laundering ("AML"), anti-bribery, and government sanctions compliance programs and, among other things, performs enhanced due diligence and government sanctions screening, as well as surveillance and investigations designed to identify potential terrorist financing, money laundering, bribery, corruption, and market abuse, or other suspicious activity.
- Conducting customer risk review in line with client policy to fulfill Know Your Customer (KYC) requirements.
- Complying with the BSA requirements to prevent, detect and deter money laundering and terrorist financing through the review of system generated alerts.
- The responsibilities would include due diligence review and a decision to close with no risk or escalate to a case investigation accompanied by a thorough analysis.
- Conducts comprehensive research and/or background investigations on individuals, entities, organizations or locations to identify and mitigate the risk related to sanctions, financial crime, and reputational risks and thoroughly documenting the findings.
- Responsible for identifying, researching and analyzing complex financial crimes transactions and referrals, policy violations and/or unusual situations.
- Monitoring of clients for negative news and to identify the Politically Exposed Persons (PEP) that could pose an AML or reputational risk to the firm, sanctions and OFAC screening.
- Reviews of internal client account documentation, external supporting documentation, and third-party vendor informational sources.
- Investigate, analyze, and summarize any derogatory information for WIM High Risk clients.
- Perform detailed analysis to detect patterns, trends, anomalies in transactions and relationships across multiple businesses/products and articulate the findings in detail.
- Proactive review and follow-up on referrals and queries.
- **Essential Qualifications**:

- Minimum 2-4 years of relevant experience in Anti-money laundering, KYC, CIP, Enhanced due diligence, Customer due diligence, Negative news Screening, Sanctions investigation.
- Extensive knowledge of the consumer banking industry as it relates to BSA/AML KYC operations and regulations.
- Understanding of the opportunities and challenges in the digital finance sector, particularly as they relate to AML and Fraud
- Ability to prioritize workflows and ensure deadlines are met.
- Would be required to demonstrate logical thinking, domain understanding.
- Ability to foresee risks, be proactive and predictive while developing risk mitigation plans.
- Ability to exercis

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