Assistant Vice President - AML Alert Remediation Specialist

About Us

SBI Card is a leading pure-play credit card issuer in India, offering a wide range of credit cards to cater to diverse customer needs. We are constantly innovating to meet the evolving financial needs of our customers, empowering them with digital currency for seamless payment experience and indulge in rewarding benefits. At SBI Card, the motto 'Make Life Simple' inspires every initiative, ensuring that customer convenience is at the forefront of all that we do. We are committed to building an environment where people can thrive and create a better future for everyone.

SBI Card is proud to be an equal opportunity & inclusive employer and welcome employees without any discrimination on the grounds of race, colour, gender, religion, creed, disability, sexual orientation, gender identity, marital status, caste etc. SBI Card is committed to fostering an inclusive and diverse workplace where all employees are treated equally with dignity and respect which makes it a promising place to work.

Join us to shape the future of digital payment in India and unlock your full potential.

What’s in it for YOU

- SBI Card truly lives by the work-life balance philosophy. We offer a robust wellness and wellbeing program to support mental and physical health of our employees

- Admirable work deserves to be rewarded. We have a well curated bouquet of rewards and recognition program for the employees

- Dynamic, Inclusive and Diverse team culture

- Gender Neutral Policy

- Inclusive Health Benefits for all - Medical Insurance, Personal Accidental, Group Term Life Insurance and Annual Health Checkup, Dental and OPD benefits

- Commitment to the overall development of an employee through comprehensive learning & development framework

Role Purpose

- Lead and manage a team of 45-50 staffs to support Transaction Monitoring and Watchlist Screening

- Ensure risk events generated by automated AML monitoring system are duly reviewed to identify indicia of ML/TF risks and escalate such unusual patterns for reporting

- Maintaining high standards of investigation levels by performing Root Cause Analysis (RCA) of disposed cases not meeting quality control standards

- Ensure due diligence reviews of high risk flagged parties and anomalous transaction patterns

- Prepare Grounds of Suspicion (GoS) for filing Suspicious Activity Reports (SAR)

- Ensure risk issues identified are reported and escalated on a priority basis

- Perform annual ML/TF risk assessment

- Review the validation / optimization of detection scenarios and recommend tuning of thresholds

- Ensure all regulatory submissions happen within timelines

Role Accountability

- Accountable for day to day operations are carried out within the stipulated timelines and manage team

- Ensure the reporting obligations under PMLA are met. Ensure that all important issues are reported to the senior management of the bank on a periodic basis

- Liaise with various stakeholders/parties, such as regulators (internal and external), FIU-IND, and Law Enforcement Agencies (LEAs).

- Conduct advanced KYC/AML training to the team and ensure compliance with regulatory requirements in respect of staff training, including adequate arrangements for awareness and training of employees

- Review KYC/AML policy and ensure KYC/AML policies and procedures are aligned to the extant regulations and periodically updated on a timely basis and reviewed annually by the Board

- Responsible for timely submission of CTR, STR, CCR & NTR reports to FIU-India. Ensure approved STR reports are filed within the stipulated timelines after due review of transaction patterns, grounds of suspicion and details of investigation.

- Assist Lead AML in the development, implementation, and maintenance of a robust anti money laundering program

- Perform Annual Money Laundering Risk Assessment for the business and place the findings with the senior management .

- Analyze STR reports periodically to understand new typologies and recommend controls to mitigate ML/TF risks to the organization.

- Review detection scenarios based on the typology study to configure additional red flag indicators

- Perform annual Optimization and Validation of detection scenarios and based on the results, recommend tuning to the threshold

- Ensure the AML/CFT program is robust in terms of systems, people and processes.

- Collate, review and submit quarterly KYC/AML returns to RBI.

- Ensure all queries raised by the regulators are responded to within the stipulated deadlines

Measures of Success

- Disposal of AML alerts within TAT

- Filing of SAR and FIU-IND monthly reports within stipulated timelines

- Validation and Optimization of Transaction Monitoring rules

- No adverse observations in internal/external audits

- Digitization & efficiency initiatives

- Timely and accurate MIS/business dashboards

- Maintain overall Compliance function cost as per MOU plan

- Training Man-days (Self) & team

- Succession Plan for team

- IDP completion for self & team

Technical Skills / Experience / Certifications

- Knowledge of AML processes, systems & tools (World check/SAS/Actimize/Livingston etc.)

- Analytical skills to interpret data and take decisions

- IIBF/CAMS/CFCS/CAMI certification

Competencies critical to the role

- Problem evaluation & strong analytical abilities

- Decision making capabilities

- Accountability

- Creative & Innovative

- Track developments in the AML environment at national and international level and disseminate relevant information to the

Qualification

Graduation in any discipline

Preferred Industry

Banking / NBFCs