About this role:
Wells Fargo is seeking a Institutional Investment Operations Associate
This position is within the Wells Fargo Securities (WFS) Know Your Customer (KYC) Customer Due Diligence (CDD) Onboarding Team. The individual will be responsible for assisting with development of consistent AML/KYC, Compliance, and Operational Risk analysis and the management of select technology risk for multiple lines of business. Specifically this role will be responsible for performing CIP verification, reviewing Customer Due Diligence, and collecting Enhanced Due Diligence for higher risk clients in support of the Bank Secrecy Act (“BSA”) and the WFS Anti-Money Laundering (“AML”) program while ensuring the process complies with relevant regulations and corporate policies.
In this role, you will:
- Provide operational and customer support for lifecycle tasks for institutional trades
- Assist with client account onboarding, input and monitoring of cash payments, customer service, funding operations, custodial operations, securities settlement services, asset servicing structured loan operations, general ledger reconciliation and work to resolve confirmation and ISDA related issues
- Assist in gathering data to support resolution of issues
- Receive direction from manager and exercise judgment within defined parameters of the area while developing understanding of various functions, policies and procedures
- Collaborate and consult with peers, colleagues and managers to resolve issues and achieve goals
- The tasks required by this function includes the following:
• Work closely with Client Facilitation team to complete the smooth onboarding of clients
• Gather client documentation from public sources or via the Front Office
• Review and validate customer information to ensure adherence to Customer Identification Program (CIP), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD)
requirements
• Upload data and client documentation into the CIP/CDD onboarding workflow tool and/or System of Record
• Escalate to CIB Heightened Customer Risk Team / 2nd Line of Defense Compliance teams for review and approval, where required
• Coordinate onboarding cases through the various internal stakeholder teams
• Maintenance and enhancement of governance documents (e.g. Process flows and procedures)
• Work with Governance and Compliance teams to implement changes to policies and procedures
• Deliver timely and accurate Management Information system information for Operations management
• Reviewing and validating customer information to ensure adherence to Customer Identification Program (CIP), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD) requirements.
• Providing AML guidance and escalation to LOB stakeholders for complex accounts and relationships.
• Coordinating and managing day-to-day evaluation of AML risks throughout customer lifecycle process.
• Updating procedures related to BSA / AML program.
• Documenting process improvements and creating / managing action plans.
• Participating in projects and initiatives to identify, assess, and mitigate BSA/AML risk in business activities.
Required Qualifications:
- 6+ months of Institutional Investment Operations experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education
Desired Qualifications:
• Strong Knowledge of the banking regulatory reporting rules and regulations including BSA, AML, and Patriot Act.
• Understanding of client lifecycle activities, such as corporate actions including merger events
• Extensive knowledge and understanding of loan, securities and derivative products
• Advanced knowledge of trade processing life-cycle
• Knowledge of the Microsoft applications including Excel, Access Database and Tableau
• Ability to research, compile, and perform complex analysis on critical operational data
• Ability to work in a fast-paced, team oriented environment
• Strong analytic ability, with high attention to detail, accuracy and strong problem solving skills
• Ability to communicate (written/verbal) effectively at all organizational levels
• Excellent Interpersonal skills – ability to build relationships
• Ability to plan and organize workload within tight deadlines, meeting day-to-day objectives as well as longer term strategic goals
• Perform analysis of, and make recommendations on functionality/efficiency of established controls and processes to ensure appropriate risk based operational procedures are in place and are meeting regulatory requirements/expectations
Job Expectations:
• Bachelor's degree in Accounting, Finance, or a business-related field is preferred
• Previous experience in Operations and/or Financial Services industry or relevant work experience in one or a combination of the following:
-- business operations, regulatory oversight, AML/KYC, Client Onboarding, US tax regime & compliance
• Understanding of client onboarding documentation, including working knowledge of requirements driving KYC/CDD/EDD, AML, Tax, regulatory & ISDA documentation
• Ability to independently research and analyze regulatory reporting requirements and other financial documents
• Strong multi-tasking abilities in a high performance, high demand environment
• Familiar with market utility vendors such as Markit, Lexis-Nexis, SNL and others to collect and analyze client onboarding documents and requirements
• Ability to communicate (written/verbal) effectively at all organizational levels
• Ability to plan and organize workload within tight deadlines, meeting day-to-day objectives as well as longer term strategic goals
• Perform analysis of, and make recommendations on functionality/efficiency of established controls and processes to ensure appropriate risk based operational procedures are in place and are meeting regulatory requirements/expectations
Posting End Date:
*Job posting may come down early due to volume of applicants.
We Value Diversity
At Wells Fargo, we believe in diversity, equity and inclusion in the workplace; accordingly, we welcome applications for employment from all qualified candidates, regardless of race, color, gender, national origin, religion, age, sexual orientation, gender identity, gender expression, genetic information, individuals with disabilities, pregnancy, marital status, status as a protected veteran or any other status protected by applicable law.
Employees support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company. They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following and adhering to applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions. There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit’s risk appetite and all risk and compliance program requirements.
Candidates applying to job openings posted in US: All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, status as a protected veteran, or any other legally protected characteristic.
Candidates applying to job openings posted in Canada: Applications for employment are encouraged from all qualified candidates, including women, persons with disabilities, aboriginal peoples and visible minorities. Accommodation for applicants with disabilities is available upon request in connection with the recruitment process.
Applicants with Disabilities
To request a medical accommodation during the application or interview process, visit Disability Inclusion at Wells Fargo.
Drug and Alcohol Policy
Wells Fargo maintains a drug free workplace. Please see our Drug and Alcohol Policy to learn more.
Wells Fargo Recruitment and Hiring Requirements:
a. Third-Party recordings are prohibited unless authorized by Wells Fargo.
b. Wells Fargo requires you to directly represent your own experiences during the recruiting and hiring process.
