Wealth Management Job Description
Melbourne and Sydney are the locations for this contract or temporary position with a leading Private Wealth Manager.
The Account Management Team is responsible for ensuring that Know Your Client (KYC) account opening documentation complies with global standards and local regulatory requirements.
This role requires experience in Private Banking & Wealth Management Onboarding, specifically with UHNW/HNW and Trusts. The ideal candidate will have worked in Compliance/AML or has onboarding experience at a top-tier global bank.
The team handles the front-to-back process for onboarding clients, covering a domestic private wealth management client base including individuals, joint accounts, trusts, and an expanding client base of funds and subsidiaries of listed companies.
Responsibilities:
* Review documentation from Sales, including Client Identification Program (CIP) documents and Account Opening Documents. Communicate timely and effectively to Sales on missing documentation, inconsistent information, and incorrect data capture in the onboarding platform.
* Evaluate regulatory concerns or exceptions and escalate them to the Manager for further review and discussion. Conduct Enhanced Due Diligence where necessary. Submit high-risk accounts for Global Financial Crimes (GFC) signoff.
* Verify the accuracy of values impacting client's ML/TF risk, such as Source of Wealth (SoW) and Total Net Worth.
* Maintain continuous engagement with Sales teams to share KYC and ML/TF guidance, aiming to improve the standard and quality of KYC and client due diligence.
* Ensure proper retention of account opening documentation and relevant approval records in internal databases and monitor receipt of outstanding documentation within required timeframes.
Requirements:
* Knowledge of various account structures and their complexities.
* Familiarity with trusts, charities, and foundations is a plus.
* CIP requirements for onboarding High Risk clients are also desirable.
* Excellent verbal and written communication skills.
* Organized and detail-oriented individual with self-motivation and enthusiasm.
* Ability to understand associated risks and importance of work, even if direct experience is lacking.
* Outside technical skills, we need problem solvers with the right attitude, energy, and ability to address challenges.
Education and Experience:
* Bachelor's degree required or equivalent education/experience.
* 3-6 years of relevant working experience in the financial services industry. Candidates with less experience may be considered.
* Ideal candidates have previous experience in Compliance or Risk within a private bank or onboarding in a top-tier bank.