Assistant Director / Money Laundering Prevention Officer recruitment
Eastspring Investments, part of Prudential Corporation Asia, is Prudential's asset management business in Asia. We are one of Asia’s largest asset managers, with operations in 12 markets, approximately 2000 employees in Asia and about US$85 billion (£53.4 billion) in assets under management (at 31 March 2012). We are one of the largest multi-national onshore mutual fund managers in the region.
About half of our total assets are sourced from third party clients and we manage funds on behalf of a wide range of retail and institutional investors, including life and pension products sold by Prudential in the UK, the US and across Asia.
We have investment teams in nine markets, including our regional hub in Singapore. Our investment managers are all based in Asia, close to the markets and the businesses in which we invest. They manage funds across a broad range of asset classes including one of the largest Fixed Income portfolios in Asia, Asia equities (including global emerging market equities) and alternative assets including an absolute return fund, private equity, property and infrastructure. Our team also includes a specialist Global Asset Allocation team which manages portfolios worldwide from the perspective of the world’s fastest growing region.
Our China Equity A, Greater China Equity A, Indonesia Equity A and Asian Property Securities A SICAV (offshore) funds won their categories for outstanding performance over three years at the Edge/Lipper Singapore Fund Awards 2012. We were also awarded Best Group over three years in the Mixed Asset category in the same awards. In Taiwan, our China Equity Fund A won the 2012 Lipper Funds Awards for outstanding performance over three years.
Eastspring Investments operates in Japan, Malaysia, Singapore, South Korea, Taiwan, Hong Kong, the United Arab Emirates, Vietnam and Indonesia, and has joint venture operations in India, China and Hong Kong. We also recently announced the opening of our US office, taking our Asia investment expertise to the world’s largest institutional market.
Together with Eastspring Investments, Prudential Corporation Asia (PCA) comprises the life insurance and consumer finance operations of Prudential plc in Asia. PCA businesses span 12 markets, covering China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential plc is the leading Europe-based life insurer in terms of market coverage and number of top three positions, with more than 360,000 employees and agents across the region serving over 12 million customers.
1. Job Purpose:
Reporting to the Director of Operational Risk - Eastspring Investments (Singapore) Limited, the candidate will function as the Money Laundering Prevention officer for the above business carrying out the required Money Laundering Prevention and sanctions checks in respect of Eastspring Investments Singapore’s clients, distributors, staff, suppliers and other entities with whom Eastspring Investments has or intends to have contractual obligations. Furthermore, the proposed hire will be responsible for the implementation of the Prudential Group and Monetary Authority of Singapore’s guidelines and will embed Regional and Group Standards in operational processes and controls of the business. He/she will also act as a single point of contact for all matters relating to Money Laundering Prevention and Sanction controls in the Eastspring Investments business in Singapore.
2. Principle Accountabilities
o To discharge the Money Laundering Prevention Officer (MLPO) accountabilities set out below / in the Group Money Laundering Prevention Officer (GMLPO) Handbook, by pro-actively working with line management in identifying and containing money laundering and terrorist financing risks; reporting suspicions and sanctions matches; monitoring the business, procedures and controls; fostering a compliance culture; and optimising relations with the anti-money laundering authorities.
o To monitor changes to applicable laws / Financial Action Task Force (FATF) standards in relevant jurisdictions, assess impact of these changes to the Company, advise the Chief Executive Officer (CEO) / Regional Money Laundering Prevention Officer (RMLPO) of impact, and propose and implement an action plan to ensure compliance in a timely and proper manner.
o To assist line management with complying with relevant Anti Money Laundering (AML) / Countering Terrorism Financing (CTF) Regulations, including the provision of advice on money laundering prevention issues, working with the business to implement the necessary controls in operational processes.
o To monitor changes to business practices and products to ensure that money laundering deterrence procedures and controls are adequate to cover them.
o To support and co-ordinate management focus on the money laundering risk.
o In consultation with management, determine and update the money laundering risk-based approach and the risk assessment of the Company’s customers, products and services.
o To ensure that the Company’s risk management policies, risk assessment profile and their application are adequately documented, updated and reported to Eastspring Investments Singapore CEO, Risk/Audit Committees and Board of Directors.
o To assist management to develop and maintain effective anti-money laundering and counter-terrorist financing compliance culture.
o To assist in the provision of regular, appropriate and adequate training to employees with a view to ensuring that the Group’s Money Laundering Prevention and Counter Terrorist Financing Policy and the Economic Sanctions Policy are adhered to.
o To act as a central point for the receipt and validation of money laundering suspicious activity reports. To report to the relevant authorities (where required under local law) and liaise with local relevant authorities.
o To report immediately to the RMLPO and to relevant senior management:
• all material and significant breaches or potential breaches of AML/CTF Regulations of which the MLPO is aware;
• all significant suspicions of money laundering activity unless such reporting is prohibited by local law. In cases where the MLPO is unable to report confidential customer specific information then a general (anonymous) report should be submitted; and
• any significant cases of irreconcilable dispute with line management.
o To issue quarterly reports to the RMLPO.
o To prepare an annual plan for the MLPO's area of responsibility to reflect adequately these accountabilities and the money laundering risks in the MLPOs area; and showing the resources needed to do the job. The plan should be agreed with the MLPO's line manager and the RMLPO or GCD.
o To foster good relations with the relevant authorities and regulators.
o To liaise with Compliance, Risk, GwIA and other control functions as appropriate.
3. Background and Education:
The candidate should possess:
o a Bachelors degree from a reputable university and possess professional qualifications in the areas of Accounting, Management, Law or Finance. A Diploma in the field of Money Laundering Prevention from an accredited Body/Organization would be an advantage; and
o at least 7 years’ relevant experience, preferably with an Asset Management firm, Bank, Wealth Management Firm or another financial institution.
4. Key Attributes:
The candidate should:
o be conscientious, meticulous and organized;
o be business focused and have an approach for problem resolution;
o have a strong ability to work under tight deadlines and manage complexity;
o be a strong team player and be able to work with colleagues from different functions and business units in a culturally diverse environment;
o possess excellent communication skill; and
o have an excellent command of the English language.