Morgan Stanley ("MS") is a global financial services firm that conducts its business through three principal business segments-Institutional Securities, Investment Management and Wealth Management (inclusive of Morgan Stanley Private Bank, National Association (MSPBNA) and Morgan Stanley Bank, NA -collectively, the "U.S. Banks"). 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 doing the right thing, putting clients first, leading with exceptional ideas and a commitment to diversity and inclusion. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, achieve, and grow.
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Department Profile:
The U.S. Banks Financial Crimes Risk (FCR) Team is embedded within the Firm's business line. It is responsible for identifying, assessing, and escalating potential money laundering and reputational risk issues associated with higher risk client types. The U.S. Banks Financial Crimes Risk Team is considered the first line of defense and supports the onboarding, enhanced due diligence, and negative news processes for Morgan Stanley.
Primary Responsibilities:
The U.S. Banks FCR Governance VP is responsible for supporting and executing the firm's first line Financial Crimes program for WM and U.S. Banks. The role will be responsible for executing the strategic direction of the Financial Crimes programs and performing advisory, governance and other oversight responsibilities. This position will work closely with the business, second line (Global Financial Crimes) and third line (internal Audit) stakeholders to ensure the business is compliant with relevant financial crimes standards, policies, procedures, and applicable laws and regulations.
The Financial Crimes Risk Governance Program Management VP will:
Exercise Bank Risk Program Governance responsibilities as follows:
- Maintain oversight of:
- Bank Know Your Customer (KYC) and Customer Due Diligence (CDD) programs across the US Banks (inclusive of the Retail Bank (Advised and Digital Channels) and Institutional Bank)
- Bank BSA/AML Sanctions processes within the first line that are independent of 1L FCR (such as Currency Transaction Reporting (CTR) Filings, Fraud Operations, and transaction monitoring)
- Bank process and strategic program design enhancements and transformation initiatives across the Retail Bank and Institutional Bank
- Internal and external testing and examinations of the BSA-AML and Sanctions program,
- Develop and maintain subject matter expertise and understanding of process flows, procedures and policy requirements governing the US Banks KYC, CDD and other BSA AML and sanctions program functions
- Lead and support periodic internal front-to-back assessments of Bank KYC, CDD and other BSA/AML program functions to understand program risks/inefficiencies and drive and oversee remediation, where applicable
- Represent 11L FCR, as required, at Working Group and Committee forums held by the first line, second line and Banking Business Units to ensure ongoing insight into regulatory, internal audit and program testing plans, metrics (inclusive of key performance and risk indicators governing business performance), program risks (current and emerging), efforts and concerns, and escalation items
- Serve as 1L FCR escalation touchpoint, providing advisement and recommendations on procedural/policy/regulatory risk concerns
- Ensure risks identified via any of the above activities are escalated and addressed, as required, via the appropriate remediation channels (e.g., issues and action plans, procedural updates, training, etc.)
Exercise First Line Advisory responsibilities for regulatory exams and related Internal Audit engagements as follows:
- Support compilations of Day 1 Letter responses to regulators
- For regulatory follow-up requests, maintain oversight of the responses, ensuring accuracy and completeness (will require collaboration across senior management in 1L FCR, GFC, applicable business units, and Internal Audit, as needed)
- Collaborate with 1L FCR Regulatory Management and the Firm's Regulatory Relations team to understand trackable themes and opportunities for quality improvements based on gaps/omissions/opportunities
For Bank Issues and actions:
- Collaborate with first line WM and IM Issue Management Team to ensure awareness and oversight of Bank issues and actions, with a focus on high and critical risk rated items
- Facilitate/drive escalations as needed
- For Bank issues and actions with regulatory impacts and critical risk ratings:
- Assess and maintain close review/tracking/oversight of Issue and AP progression
- Provide review and challenge on closure summary write-ups and appropriateness of closure materials and first line signoff prior to submission in OpenPages
- Assess and escalate potential risks to completion and other material risks or dependencies
- For closure verification, support assessment, collaboration, and response compilation
Qualifications - External
Required Experience:
- Minimum 10 years of experience in financial crimes/AML
- Bachelor's degree
- AML leadership experience, including support of compliance projects and internal/external exams
- Proficient knowledge of MS Office (Microsoft Word, Excel, PowerPoint)
Ability to:
- Take initiative, analyze, summarize, and communicate effectively, both verbally and in writing
- Multitask effectively and appropriately prioritize assignments
- Work both independently and in a matrixed organization; leveraging resources across the organization to complete deliverables
- Distill complex ideas and concepts into actionable items
- Handle highly confidential information professionally and with appropriate discretion
- Thrive in fast-paced environment, managing multiple responsibilities and adapting to changing priorities
- Conduct meaningful root cause and trend analyses
Additional Skills Desired:
- Certified Anti-Money Laundering Specialist (CAMS) designation is a plus
- Experience with US Banking regulations and knowledge of Securities Based Lending (SBL) and Institutional Securities products
- Knowledge of, and experience with, FFIEC Examination Manual standards
WHAT YOU CAN EXPECT FROM MORGAN STANLEY:
We are committed to maintaining the first-class service and high standard of excellence that have defined Morgan Stanley for over 85 years. At our foundation are five core values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - that guide our more than 80,000 employees in 1,200 offices across 42 countries. At Morgan Stanley, you'll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. We Firm is differentiated by the caliber of our diverse team. While our company culture and commitment to inclusion define our legacy and shape our future, helping to strengthen our business and bring value to clients around the world. Learn more about how we put this commitment to action: morganstanley.com/diversity. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry.
We're committed to bringing passion and customer focus to the business.
Expected base pay rates for the role will be between $140,000 and $200,000 per year at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs.
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).