Associate Consultant, BU Control

Summary:
Mitigate AML risk, meet industry standards and practices, and comply with AML regulations. This role will help minimize Northern Trust's money laundering risk by validating regulatory and internal compliance with AML laws, rules, regulations, programs & policies, procedures, and minimum standards. Executes quality control reviews of AML-related activities to assess the level of adherence to policies and procedures by the first and second lines of defense. Ensures timely & accurate reviews for all new Wealth Management accounts This role supports the team in ensuring operational efficiency. Carries out operational activities with regulatory compliance impact. Uses specific knowledge of AML to achieve goals through own work. Has specific knowledge or expertise typically gained through formal education or equivalent experience. Uses expertise to provide guidance to others. Requires conceptual knowledge of theories, practices, and procedures within Compliance AML. Performs daily assignments using existing procedures. Receives instruction, guidance and direction from more senior level roles.
Major Duties:
The key responsibilities of the role include:
• Reviews client files for conformance with applicable AML policies, procedures and regulatory requirements for new Wealth Management account openings and works with front office teams to facilitate queries.
• Provides support and functional knowledge as it relates to compliance with applicable AML laws, rules and standards
• Identifies and escalates to Global AML management any regulatory compliance risks associated with the file reviews completed
• Carries out business-related activities that may be required to support Global AML Compliance guidelines
• Provides support as requested by Global AML Management as necessary to resolve compliance issues, including actions in response to Regulatory exam and Audit findings
• Uses existing procedures to solve standard problems; analyzes information and standard practices to make judgments
• Summarizes and communicates testing results in clear, concise language.
Knowledge/Skills:
The successful candidate will benefit from having the required skills:
Financial Institution Regulatory and Compliance knowledge including but not limited to AML, Customer Identification Program (CIP), Enhanced Due Diligence (EDD) and Know Your Customer (KYC) regulatory requirements and Economic Sanctions laws and regulations, usually acquired through formal education or experience, to review policies and procedures in order to ensure their adequacy and to monitor compliance
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About The Northern Trust Institute
The Northern Trust Institute is a research center dedicated to advising high and ultra-high net worth individuals and families. More than 175 experts collaborate across more than 40 areas of expertise to analyze behavioral patterns and identify the strategies that have been most effective for our clients - bringing the breadth and depth of our firm to each unique situation. The resulting insights position you to take action with confidence and achieve optimal outcomes with your wealth.
About Northern Trust Wealth Management
Northern Trust Wealth Management offers holistic wealth management services for affluent individuals and families, family offices, foundations and endowments, and privately held businesses. It is recognized for its innovative technology, service excellence and depth of expertise, with $351.4 billion in assets under management as of December 31, 2022. The Northern Trust Company is an Equal Housing Lender. Member FDIC.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 25 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2022, Northern Trust had assets under custody/administration of US$13.6 trillion, and assets under management of US$1.2 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Follow us on Twitter @NorthernTrust and on LinkedIn.