Anti-Money Laundering Specialist

3 weeks ago

Pune, Maharashtra, India Digit Life Insurance Full time
Job Summary:

The AML Specialist will be responsible for monitoring, detecting, investigating, and reporting suspicious activities in compliance with AML guidelines and PMLA rules and regulations. The role requires a strong understanding of regulatory frameworks, financial crime risk management, and operational excellence to prevent money laundering and related financial crimes.

Key Responsibilities:

Transaction Monitoring:

- Analyze and review high-risk transactions flagged by the monitoring system.
- Investigate unusual patterns and activities, and escalate potential suspicious transactions.
- Investigations of fraud incidents, Complaints/Grievance, Incidents,
- Whistle-blower Incidence, violation of Code of Conduct

Case Investigation:

- Conduct in-depth investigations of customers and transactions to identify red flags.
- Prepare detailed investigative reports for management and regulatory filings (e.g., STR/CTR/NTR).

Customer Due Diligence (CDD)/Enhanced Due Diligence (EDD):

- Review the requirements of conduct onboarding checks and ongoing reviews for high-risk customers and transactions.
- Ensure compliance with Know Your Customer (KYC) requirements.

Reporting:

- Prepare and file Suspicious ActivityReports (SARs) with relevant authorities.
- Ensure timely and accurate regulatory submissions.
- Dashboard to Senior Management on Market Conduct issues
- Liaison with Law enforcement agencies on matters of Fraud
- Incident monitoring and actioning on incidents reported
- Fraud and Forgery data analysis and prepare reports
- Board & IRDAI reporting

Policy and Process Management

- Assist in the development and implementation of AML policies and procedures.
- Stay updated on global and local AML regulations and suggest necessary updates to processes.
- Monitor and Review Sales and Business practices.
- Liaison with Stakeholders of various functions to strengthen the controls on Process and system
- Proactive Identification of New Risks
- Take steps for ensuring Compliance with Company Policies on AML, Fraud management, Anti-bribery.
- Compliance with UNSC/ FATF/MHA sanctions.

Training and Awareness:

- Conduct training sessions for Employees and Sales Persons to enhance awareness.
- Conduct Sales Compliance Meetings to Highlight Sales Practices
- Provide guidance on regulatory requirements and internal standards.
- Liaison with Stakeholders of various functions to strengthen the controls on Process and system
- Branch Visits as may be required.

Audit and Compliance:

- Support internal and external audits related AML / Fraud compliance.
- Assist in responding to regulatory inquiries and assessments.

Data Analysis and Reporting:

- Analyze customer data to identify risk trends and emerging typologies.
- Provide regular reporting to senior management on activities. Preparing Dasboards.

1. Record management

Skills and Qualifications:

**Education**:

- Degree in Law, Finance, Business or Audit or related field.

**Experience**:

- 4-5 years of experience in AML, Compliance, Financial Crime control, Fraud management, Audit roles.
- Knowledge of AML regulatory frameworks (e.g., FATF, FinCEN, OFAC, EU AML Directives).
- Candidate from insurance industry will be preferred.

Skills:

- Strong analytical and problem-solving abilities.
- Proficiency in AML tools and systems for monitoring and reporting.
- Excellent written and verbal communication skills.
- Ability to work independently and as part of a team.

Certifications (Preferred):

- CAMS (Certified Anti-Money Laundering Specialist), CFE (Certified Fraud Examiner), ICA Certificate in AML

Key Attributes:

- Attention to detail.
- High ethical standards and integrity.
- Ability to adapt to regulatory changes and evolving business needs.

The Roles may be subject to change as per the requirement of the Company.

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