What are the responsibilities and job description for the AVP, Anti-Money Laundering (AML) Risk Negative News Screening (NNS) Escalation Team position at Morgan Stanley?
organ Stanley ("MS") is a global financial services firm that conducts its business through three principal business segments-Institutional Securities, Wealth Management, and Asset Management. Morgan Stanley's network includes approximately 15,000 Financial Advisors with total client assets of over $1.5 trillion. Morgan Stanley provides comprehensive financial advice and services to its clients including brokerage, investment advisory, financial and wealth planning, credit and lending, deposits and cash management, annuities, insurance, retirement and trust services.
As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow.
Department Profile:
The Anti-Money Laundering Risk (AML Risk) team is embedded within the Firm's business line. It is responsible for identifying, assessing and escalating potential money laundering and reputational risks associated with higher risk client types. The AML Risk team is the First Line of defense and supports the onboarding, client due diligence, enhanced due diligence and negative news processes for Morgan Stanley.
Responsibilities:
The AML Risk NNS Escalation Team Assistant Vice President (AVP) is a part of the AML Risk NNS Escalation Team and is responsible for overseeing risk-relevant activities related to AML. The Escalation Team AVP will assess and escalate Bank Secrecy Act (BSA), money laundering and reputational risk matters identified through the execution of the Firm's Centralized NNS protocols for both new and existing customers. In addition, the Escalation Team AVP will have ultimate responsibility for the escalation of issues or risks related to these processes.
The Escalation Team AVP - will:
- Actively manage and lead processes and tasks supporting the Firm's Centralized NNS program
- Perform in depth investigations for complex client relationships
- Responsible for coordinating escalated negative news of prospective and existing customers that pose a reputational risk to the Firm
- Initiate branch communication, and complete related escalation documentation for submission to AML Risk Management for review
- Lead key projects and initiatives related to assessing and mitigating the Firm's exposure to money laundering and reputational risk-relevant activities
- Assist in the escalation of non-financial and financial crime matters for Wealth Management, US Banks and ETRADE customers to Senior Management as well as a working group for review.
- Actively identify, measure, control and remediate money laundering and reputational risk issues with partners in Global Financial Crimes, Compliance and the Business Unit
- Manage implementation of internal policies, provide periodic risk relevant reporting to senior stakeholders, and make recommendations to improve procedures governing AML-related activities
- Draft and update policies, procedures and desktop guidance
- Partner with the Second Line of Defense Compliance teams to monitor client relationships on an ongoing basis
- Collaborate with Global Financial Crimes to ensure the BSA/AML program operates effectively and continues to comply with industry regulations and expectations
- Provide general supervisory support for AML Risk NNS Escalation Team Analysts and serve as their point of contact for questions and issues
- Have relevant experience with BSA/AML Regulations within the financial services industry, or at a financial services regulator (e.g., FINRA, Securities and Exchange Commission, Office of the Comptroller of the Currency, Federal Reserve Bank, etc.)
- Have substantial investigative experience
- Have an undergraduate degree in Business, Finance, or other related field
- Strong knowledge of Know Your Customer and Customer Identification Program and CDD requirements
- Strong interpersonal skills and ability to communicate effectively both verbally and in writing
- Strong leadership qualities with the ability to manage teams and evidence a strong work ethic as well as a high degree of integrity
- Ability to work in a high volume, fast paced environment
- Ability to manage multiple tasks and appropriately prioritize in conjunction with managing the day-to-day processes
- Ability to work both independently and with team members, under tight deadlines
- Ability to work in a matrixed organization; leveraging resources across the organization to complete deliverables
- Ability to handle highly confidential information professionally and with appropriate discretion
- Be capable of assessing and developing individual and team skills and providing timely constructive feedback
Skills Desired:
- Working knowledge of MS Office
- Certified as an Anti-Money Laundering Specialist by ACAMS or equivalent AML certification/license is a plus
