EDD (Enhanced Due Diligence) Operations - Director

Company Profile

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Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management, and wealth management services.

The Firm's employees serve clients worldwide including corporations, governments, and individuals from more than 1,200 offices in 43 countries.

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.

A philosophy that balances personal lifestyles, perspectives, and needs is an important part of our culture.

Department Profile

Operations is one of the largest divisions in the firm and has diverse responsibilities, including correctly settling and recording millions of transactions per day, identifying and mitigating all operational risks, developing strong client relationships, and partnering with technology to realize the full potential of IT and e-solutions.

Throughout, the Operations department continually seeks ways to improve while actively supporting the development of new businesses, structures, and markets.

The EDD Operations Team is embedded within the Firm's Wealth Management Operations Group. It is responsible for identifying, collecting, and ensuring all documentation and information associated with higher risk client types has been received in good order.

The EDD Operations Team is considered the first line of defense and supports the onboarding, client due diligence, and negative news processes for Morgan Stanley clients.

Position Overview

The EDD Operations AVP is a part of Wealth Management Operations and is responsible for overseeing processes related to the Enhanced Due Diligence program.

The AVP will support the execution and management of the Firm's EDD protocols for both new and existing customers. This includes managing programs and processes to support the examination of potential AML risk exposure for the Firm.

Responsibilities

The EDD Operations Team AVP will manage the end-to-end EDD workflow of the operational functions of the EDD program focused on the collection of required information and documentation for new and existing clients to effectively support the firm's KYC program including but not limited to :

• Manage the implementation of internal policies, provide periodic reporting to senior stakeholders, and make recommendations to improve procedures governing AML-related activities.
• Active pipeline management and engagement with Financial Advisors, Complex Management, and Risk Officers to onboard new and existing International Banking & Lending client relationships.
• Lead key projects and initiatives related to increasing efficiencies and reducing operational risks in support of the firm's EDD program.
• Ability to delegate while providing appropriate guidance to the team to provide superior support across the organization.
• Partner with the Second Line of Defense Global Financial Crimes Compliance teams to monitor client relationships on an ongoing basis and ensure compliance with regulatory expectations.
• Manage processes set up to complete Enhanced Due Diligence for Wealth Management and US Banks clients including reviewing customer data and documentation to satisfy BSA / AML Compliance requirements.
• Provide oversight and supervisory support for EDD Operations Staff and serve as a point of contact for questions, issues, and escalations.
• Manage Internal and external examinations to test Operational support of the EDD Program.
• Strong knowledge of control frameworks and the ability to design and evaluate the effectiveness of controls embedded within business processes.
• Provide operational services in support of the growth of the WM and US Banks businesses.
• Partner with the Business Units, including Private Bankers, Lending Advisors, and Branch Risk Officers, to ensure appropriate client onboarding due diligence processes are enacted while providing a positive client experience.
• Demonstrate a strong understanding of the compliance and regulatory frameworks that apply to financial institutions.
• Drafting and updating procedures and desktop guidance related to the client onboarding process.
• Managing data and trend analysis related to the source of wealth review process and providing reporting to relevant stakeholders.
• Providing supervisory support and training for EDD Operations Analysts through developing individual and team skills and providing timely constructive feedback.
• Serving as a point of contact for questions, issues, and escalations related to the review of certain clients' source of wealth.
• Reviewing and responding to monthly quality control findings related to the source of wealth review process.
• Examine the source of wealth of certain new and existing Morgan Stanley clients.
• Review documents and information to perform client due diligence reviews on higher risk customers.
• Exhibit an ability to balance multiple, changing priorities in a dynamic and fast-moving working environment.
• Partner with the US Banks, E*TRADE, and WM Business Units to ensure appropriate adherence to client due diligence processes while providing a positive client experience.

Required Experience

The ideal candidate will have :

5+ years of 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.)

• Strong leadership qualities with the ability to manage teams and demonstrate a strong work ethic as well as a high degree of integrity.
• An undergraduate degree in Business, Finance, or related field.
• Strong knowledge of Know Your Customer, Customer Identification Program, and EDD requirements.
• Strong interpersonal skills and ability to communicate effectively both verbally and in writing.
• Experience focused on examining potential clients' source of wealth during the client onboarding process.

Ability To

The candidate must demonstrate the ability to :

• Take initiative, analyze, summarize, and communicate effectively.
• Investigate, identify issues, impacts, and trends to propose comprehensive solutions.
• Multitask effectively and action matters promptly.
• Work independently and in a team environment.
• Handle highly confidential information with appropriate discretion.
• Work in a high volume, fast-paced environment.
• Work in a matrixed organization; leveraging resources across the organization to complete deliverables.

Additional Skills Desired

The following skills are preferred :

• Expertise in managing programs focused on ensuring quality within AML programs.
• Experience with data and trend analysis related to the management of an AML program.
• Certified as an Anti-Money Laundering Specialist by ACAMS or equivalent AML certification / license is an advantage.
• Strong understanding of requisite Microsoft Office applications and ability to learn new internal systems quickly.
• Legal background / experience is an advantage.
• Native or professional fluency in Spanish, Portuguese, Russian, or Chinese is an advantage.
• Strong verbal and written communication skills.
• Good time management and attention to detail are critical to this position.
• Good analytical, research, organizational, and project management skills.
• Strong individual contributor with the ability to collaborate across teams.

The role is Hybrid and will require in-office attendance 3 days / week.

Morgan Stanley's goal is to build and maintain a workforce that is diverse in experience and background but uniform in reflecting our standards of integrity and excellence.

Consequently, our recruiting efforts reflect our desire to attract and retain the best and brightest from all talent pools.

We want to be the first choice for prospective employees.

It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, sex stereotype, gender, gender identity or expression, transgender, sexual orientation, national origin, citizenship, disability, marital and civil partnership / union status, pregnancy, veteran or military service status, genetic information, or any other characteristic protected by law.

Morgan Stanley is an equal opportunity employer committed to diversifying its workforce (M / F / Disability / Vet).

Posting Date

Jan 31, 2024

Primary Location

Americas-United States of America-Utah-South Jordan

Education Level

Bachelor's Degree

Other

Employment Type

Full Time

Job Level

Director

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