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Posted on 2 April 2020 | 2:40 pm
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Asia Wealth Management - Client Onboarding Team - Director
Morgan Stanley
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Asia Wealth Management - Client Onboarding Team - Director

Morgan Stanley

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Details
Posted:
November 18, 2023
Location:
Hong Kong, United States
Salary:
Open
Type:
Full Time
About the Firm

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com .

About the Division

Morgan Stanley Private Wealth Management provides highly customized financial advice, investment solutions and brokerage services to ultra high-net-worth 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.

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, Philippines, and Thailand. 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

Key Responsibilities

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:

Qualifications, Skills & Requirements

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
  • Previous experiences in source of wealth reviews within a private banking or AML/Compliance advisory or onboarding in a top-tier bank with exposures to complex entity structures

Internal Number: 20447721
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