Asia Wealth Management, AML RIsk, Director Hong Kong

About The Department 

Morgan Stanley Private Wealth Management provides highly customized financial advice, investment solutions and brokerage services to individuals, families and foundations. As Morgan Stanley’s premier service for individuals and families with significant means, we specialize in providing our clients with custom-tailored financial solutions and a level of sophistication and access to expertise and investments typically reserved for large corporations, financial institutions and governments. 

Within Private Wealth Management the Account Management Team (AMT) has four distinct functions:  AML Advisory, Client Account Opening, Client Account Maintenance and Projects.  This position lies within Client Account Maintenance who are responsible for ensuring that client accounts are maintained and comply with the Firm’s global standards and local regulatory requirements stipulated by Legal, Compliance and Global Financial Crime Team.  
 
 

About the Role 

This position lies with the Account Management Team (AMT) within the Business Unit, who is responsible for ensuring that account opening documentation and client KYC complies with the firm’s global standards and any additional local regulatory requirements stipulated by Compliance.  The ideal candidate would have experience working in Compliance / AML onboarding High Risk clients or has onboarding experience at another top-tier Bank.

The AMT own the front to back process for onboarding clients.  The team in HK cover China, Hong Kong, Taiwan and Thailand and the client base consists of individual, joint, personal holding company (PHC) and PHC owned by Trust clients as well as an expanding Non-Traditional client base of Funds, Subsidiary of listed company, Operating vehicles, etc. 

The responsibilities will vary upon the experience of the successful candidate:

Review the documentation pack from Sales which includes the Client Identification Program (CIP) documents, the Account Application forms, Investment Profile Questionnaires, Tax documents and other documents as required by Compliance.  Communicate timely and effectively to Sales on missing documentation, inconsistent information and incorrect data capture in the onboarding tool etc.

Review the Corporate Security report for Negative News, SOW corroboration and Total Net Worth substantiation.  Communicate with the Sales team to obtain sufficient SOW corroboration supporting evidences, details and justifications behind Negative News and discrepant information as needed, and ensure that the Client’s profiles provided by Sales are prepared in a clear and organized manner for AMT’s sign off

Prepare all low/medium risk accounts for AMT signoff, and flag any concerns or exceptions to AML/Compliance and Business manager for further review and discussion; conduct Enhanced Due Diligence where necessary. Submit any elevated accounts or high-risk accounts further for AML signoff

Present Client’s profile and findings in the regular Client On-boarding Committee meetings for final approval and answer queries as needed

Continuous active engagement with Sales team to share and educate KYC and AML related guidance/learning points, with the objective to improve the standard and quality of KYC and client due diligence across PWM.

Ensure account opening documentation and relevant approval records are retained properly in internal database and monitor the receipt of any outstanding documentation within required timeframe.

Qualifications - External

Knowledge/Skills:

• Knowledge on account structures of various complexity, including personal holding companies, trusts, foundations, etc. a plus

Knowledge of CIP/AML requirements for onboarding High Risk clients a plus

•Fluent in both spoken and written English and Chinese (Cantonese / Mandarin)

•Excellent verbal and written communication skills

•Must have good analytical and follow-up skills

•Organized and detail-orientated

•Self-motivated and enthusiastic

Education and/or Experience:

• Bachelor’s degree required or equivalent education or experience

• 5-8 years plus relevant working experience in the financial services industry. Candidates with less experience may be considered for Associate/Manager

•Ideally with previous experiences in AML / Compliance within a private banking or onboarding in a top-tier bank with exposures to complex entity structures

WHAT YOU CAN EXPECT FROM MORGAN STANLEY:

At Morgan Stanley, we raise, manage and allocate capital for our clients – helping them reach their goals. We do it in a way that’s differentiated – and we’ve done that for 90 years.  Our values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - aren’t just beliefs, they guide the decisions we make every day to do what's best for our clients, communities and more than 80,000 employees in 1,200 offices across 42 countries. At Morgan Stanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered. Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. There’s also ample opportunity to move about the business for those who show passion and grit in their work.

To learn more about our offices across the globe, please copy and paste https://www.morganstanley.com/about-us/global-offices​ into your browser.

Morgan Stanley is an equal opportunity employer committed to building and maintaining a workforce that is diverse in experience and background.  Our recruiting efforts reflect our strong commitment to a culture of inclusion, where individuals are hired, developed, and advanced based on their skills and talents.

Our workforce reflects a broad cross-section of the global communities in which we operate, bringing a variety of backgrounds, talents, perspectives, and experiences.

For more information, please visit: https://www.morganstanley.com/people-opportunities/eeo.