Kotak Mahindra Bank | Vertical Head

19 hours ago

mumbai, India Kotak Mahindra Bank Full time

Role : Vertical Head – KYC/AML Compliance

Grade : M9


As AML/KYC Vertical Head, primary responsibilities would include effectively design and implement a robust Anti-Money Laundering (AML) program for ongoing compliance with KYC/AML/CFT requirements, ongoing monitoring of transactions, maintaining adequate AML records in a organized manner and sharing and reporting information as required under various laws and regulations and dealing with RBI/SEBI/IRDA/FIU India respectively.


Job Responsibilities:


  • To ensure sharing and reporting information as required under Prevention of Money Laundering Act(PMLA) and rules framed thereunder.
  • To ensure compliance in respect of RBI / FIU/ SEBI/ IRDA guidelines, regulation and directives on KYC/AML/CTF.
  • To establish and oversee the implementation and effectiveness of AML, KYC and CFT policies, procedures and controls and ensuring periodic review of implemented AML framework, in order to ensure an up-to-date AML framework at all points of time.
  • To extensively collaborate with internal stakeholders to drive discussions, decisions, escalate and embed appropriate governance on the topic as required.
  • To be the owner of AML/KYC controls by executing/managing the control testing and evaluating the control effectiveness annually.
  • To own, develop, and implement enterprise-wide Risk Assessment or Business Risk Assessment relating to AML/KYC requirements, evaluate the potential risk exposure the business, and tailoring policy requirements commensurate with residual AML risk and control environment for all categories of bank customers.
  • To monitor transactions and customer activities for suspicious behavior and potential financial crimes and ensure timely filing of Suspicious Transaction Reports(STRs) that in satisfaction of regulatory expectations.
  • To assess and mitigate KYC/ML/TF risks associated with the Bank’s operations and activities.
  • To ensure that the information in respect of CTR, CCR, NTR is submitted to FIU-IND as per stipulated timelines and timely, accurate submission of KYC/AML related data is furnished to regulators, as required.
  • To periodically evaluate the STR to alerts/cases ratio and carry out threshold tuning to assess and improve the risk relevance of the RFIs
  • To build, lead, train and develop the AML team on identification of suspicious/unusual account activity, providing complete and relevant narrations for alert closures and raising good quality STRs.
  • To assess KYC/AML risks for all new products
  • To establish and oversee implementation of a robust training framework across the Bank on KYC/AML/CFT related matters.
  • To maintain excellent working relationships with the regulators for timely resolution of queries and orderly implementation of the requirements
  • To manage internal and external audits/inspections and ensure comprehensive compliance of supervisory observations made in both letter and spirit, in a time bound and sustainable manner.






Skills & Personal Traits:


  • Up-to-date knowledge of banking regulations and laws
  • A thorough understanding of the applicable AML regulations and compliance requirements
  • Proven experience of having developed and monitored enterprise-wide AML compliance programs of a regulated banking entity.
  • Keen awareness of the historical and evolving regulatory landscape
  • Adaptability to change
  • Excellent organizational and problem-solving skills, with an eye for detail
  • Ability to develop and maintain effective relationships internally and externally
  • Excellent communication, negotiation and interpersonal skills
  • Ability to interpret complex regulations and policies and apply them
  • Ability to create and maintain detailed reports
  • Strong problem-solving and analytical skills
  • Ability to remain calm under pressure
  • Willingness to learn
  • Ability to prioritize and multitask
  • Ability to lead and manage a team
  • Technology proficient


Specifications:


  • Post graduate from a recognized university. A professional degree with ACMAS certification will get priority.
  • Should have at least 15-20 years of Banking experience(preferably in a banking entity) and should have worked as Principal Officer for minimum 3 Years

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