Onboarding of clients has become a specialized function within a business. The depth of knowledge required to comply with the Regulator and all the requirements has become immense, especially around the onboarding of entities.
Understand all the various types of structures and entities
Have complete full insight to be able to analyse these structures to identify the UBO / warm body depth of where to end the investigation etc.
Make firm decisions based on the knowledge / experience,
Existing processes needs to be evaluated and the needs for system development need to be identified with the view to automate as much as possible.
Process engineering is therefore key. Training and upskilling of the existing team just as important.
Key Relations :
Internally : Onboarding team, Compliance, Legal, PAS, GPS, H4, Advice Ops teams; Training team; PCS, Advisors and assistants, IT, Business Unit Leaders
Externally : External suppliers, Regulator like FSCA, ASISA
Key Responsibilities :
With the product owner develop an Onboarding team that functions optimally with as much automation as possible, i.e., process engineering with view to automation. This would mean :
Evaluating existing processes and develop new ones
Help with the implementation of updated processes and monitor them
As project manager , head up a team to move offshore structures into various alternatives eg transferring from one offshore structure to another (various new structures).
Fielding of questions. Working with data, tax, and fiduciary knowledge,
To facilitate decisions made around identifying warm bodies / structures, i.e., to be the knowledge expert.
Be the crucial body in decision making process re structures and entities and handle possible conflict.
Engaging with Compliance around decisions being made, including document requirements and methodologies
To ensure all processes and system development are aligned with our RMCP
To train and upskill and evaluate the Onboarding team. (3 members)
Interact with Compliance and share knowledge / experience relative to what is happening in industry
Qualification and Experience :
Relevant tertiary qualification (Law preferably)
Legal background / understanding around specifically entities
Project management courses and experience (advantageous)
In-depth knowledge of the following :
AML and Risk rating
Structures and ability to look through the structures
Identifying warm body / UBOs
Ability to look through
FATCA and CRS
Offshore jurisdictions and entities
Competencies and Skills :
Effective personal time management
Attention to detail
Ability to work under pressure
Solid organisational skills including attention to detail and multitasking skills
Ability to communicate effectively, including writing skills, i.e. interpersonal
Initiative and ability to work independently
Firm decision making