Paytm Payments Bank - Money Laundering Reporting Officer

The Money Laundering Reporting Officer (MLRO) is responsible for overseeing and ensuring the effective implementation of anti-money laundering (AML) policies and procedures within the organization. This role involves strategic oversight, risk management, transaction monitoring, investigations, and coordination with senior management to safeguard the organization against financial crime risks.

Key Responsibilities:

Strategic Leadership:

- Develop and implement the organization's AML strategy, ensuring alignment with regulatory requirements and industry best practices.

- Lead the AML team and manage resources effectively to achieve AML program objectives.

Compliance Oversight:

- Develop, implement, and maintain AML policies and procedures in accordance with relevant laws and regulations.

- Ensure the organization adheres to local and international AML requirements and best practices.

Monitoring and Reporting:

- Oversee the transaction monitoring system to detect suspicious activities and potential money laundering risks.

- Review and investigate alerts generated by the monitoring system, preparing and submitting Suspicious Transaction Reports (STRs) as necessary.

- Maintain records of investigations and reports for regulatory compliance and audit purposes.

Risk Assessment:

- Conduct regular risk assessments to identify potential money laundering and financial crime risks within the organization.

- Implement risk mitigation strategies and update AML procedures based on risk assessments.

- Conduct annual ML/TF risk assessment of the products and services offered by the Bank

Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD):

- Oversee the implementation of CDD and EDD measures to ensure thorough vetting of clients and transactions.

- Review and approve high-risk client profiles and transactions requiring enhanced scrutiny.

Training and Awareness:

Regulatory Liaison:

- Coordinate with external auditors and regulators during inspections and audits.

- Reporting and Documentation

- Continuous Improvement

Qualifications:

- Bachelor's degree in Finance, Law, Business Administration, or a related field. Advanced degrees or professional certifications (e.g., CAMS, CAMI) are preferred.

- 15+ years of extensive experience in AML, compliance, or a related field, with a deep understanding of AML laws, regulations, and best practices.

- Strong analytical, investigative, and problem-solving skills, with the ability to assess complex financial transactions and detect suspicious activities.

- Excellent communication and interpersonal skills, with the ability to effectively present findings and collaborate with senior management and regulatory bodies.

Preferred Skills:

- Experience with AML software and transaction monitoring systems.

- Knowledge of AML regulations and standards.

- Ability to work under pressure and manage high-stress situations effectively.