Client Onboarding and Regulatory Services, Advisory Team, Vice President
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.
One of the largest divisions in the Firm, Operations is the first line of defence for Morgan Stanley's financial and reputational well-being and essential in delivering value to our clients. Operations is responsible for correctly settling and recording millions of transactions per day, identifying and mitigating operational risk, developing strong client relationships and partnering with technology to realize the full potential of IT and Automation. Operations has a world-class team of innovative and dedicated professionals, with a unique vantage point in the Firm interacting with all parts of the business, front to back. The Operations Senior Management team are passionate about our people development and providing best in class employee opportunities through an inclusive, forward-looking environment defined by open communication, collaboration, learning, and proactive career management.
Client Onboarding and Regulatory Services (CORS) is an Operations group within the Institutional Securities Group Product Operations (ISGPO) that is responsible for adherence to client regulatory requirements during the life of the clientâ€™s relationship with Morgan Stanley. This includes Anti-Money Laundering (AML) Client Reference Screening, Know Your Client (KYC), and other non- KYC AML regulations such as MIFID, QIB, QFC, Dodd Frank, EMIR, HKPI, etc.
The team is comprised of regulatory SMEs that provide support and regulatory control to global Business Units and stakeholders. The teams work on cross-functional projects in support of changed or new regulations, processes and controls that have an impact across the Firm coordinating with Legal, Compliance, Central Change and Technology.
CORS has a global footprint with offices in Hong Kong, Bangalore, Tokyo, London, Baltimore and New York.
There are three Operational teams:
- NCNB: The New Client New Business team is responsible for maintaining, reviewing, processing, and reporting on both KYC and Non-KYC AML regulatory programs; ensuring the data and documentation required is collected for new clients or existing clients extending their business relationship with Morgan into new products/jurisdictions.
- DDR: Document and Data Refresh: The Regulatory Refresh team is responsible for completing the AML/KYC Periodic Reviews of our clients based on their jurisdictions and AML Risk to the firm. The KYC Services team is part of Regulatory refresh and is responsible for Client, Sales and NMR engagement; thereby assisting in effective completion of data & document refresh.
- Client Screening Services: The Screening team performs Initial (Level 1) review & disposition of screening alerts across Sanctions, Negative News, PEP and Client Settlement Instructions. For high risk clients, the team completes Extended Due Diligence (EDD) public source reviews for new onboarding and refresh.
And three supporting teams:
- Controls and Quality: The Controls and Quality team works closely with CORS functions, Internal Risk, Audits, and Testing teams to implement a standardized approach towards the control agenda including operational procedures, RCSA, risk incident management, audits and testing issues and resolutions. The team is also responsible for performing process quality checks of completed CORS processes as an important part of the CORS Quality Assurance framework.
- Advisory: The Regulatory Interpretation and Operational Advisory team works closely with Global Financial Crimes and Legal and Compliance to operationalize policy to ensure the team fulfills regulatory requirements. They are the first point of escalation for CORS on policy related questions in all regions.
- CTB: The Change the Bank team works closely with Technology to implement new regulatory programs and system enhancements to improve our quality and streamline our workflows.
Our mission is to serve our “clients” by delivering effective and efficient Regulatory Services at a high level of quality and control, while striving for continuous innovative improvements that will reduce the Firm’s total operating expenses.
The primary responsibilities of the CORS Advisory team are:
- Performing policy syndication and interpretation for new KYC and non-KYC AML programs, which includes:
1. Socializing KYC policy changes suggested by GFC with BU and CORS stakeholders
2. Reviewing KYC policy uplift drafts and identifying items requiring additional clarification
3. Gathering, reviewing and consolidating feedback (questions and clarification requests) from stakeholders
4. Work hand in hand with CTB to translate the policy requirements into technology enhancement
5. Work hand in hand with NCNB and DDR process owners to translate policy requirements into procedural steps
6. Coordinating with relevant global and local GFC teams to resolve feedback items
7. Provide support to CTB/Tech during implementation
8. Conduct Policy training for CORS teams on newly uplifted KYC policy requirements
- Acting as point of contact for policy interpretation questions from NCNB and DDR teams
The main focus of this role is to be an active part of the Advisory team, assume ownership of certain EMEA based KYC and non-KYC AML programs and act as first point of contact for the NCNB and DDR teams for these programs.