A Report by CYS Global Remit Human Resource Management Team
CYS Management Associate (MA) Program is designed to train and nurture young university graduates to become future managers in CYS as well as future leaders in the banking and finance industries.
Over a period of 24 months, the CYS 2024 MA Program will provide an accelerated preparation training curriculum heavily focused on anti-money laundering (AML) compliance to fast-track their experience in the cross-border payment industry. The Management Associates will move around our various functional teams to learn more about AML compliance and the payment operations processes.
As part of CYS Global Remit’s effort to fortify its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime, two teams are put in place under the Client Management Unit, and they are our Client Onboarding Team and Client Review Team. Both play an integral role in ensuring that clients’ profile is validated and updated to prevent risk of any potential or existing suspicious activity or money laundering risks.
The Management Associates will go through training in terms of Know Your Customer (KYC) under the Client Onboarding Team, which is our 1st line of defence against Money Laundering and Terrorist Financing (ML/TF). The primary goal of KYC is to prevent illegal activities such as money laundering, fraud and terrorist financing. KYC is a process that is used to verify the identity of our customers by collecting and verifying information and assessing the level of risk associated with the customer.
After training at the Client Onboarding Team, next is the Client Review Team, the Management Associates will learn how to conduct Customer Due Diligence (CDD) and reviewing of existing customers. CDD is the process of evaluating and ensuring that our clients comply with the laws, regulations and policies. This review is crucial for maintaining the integrity of business relationships and to safeguard against legal and regulatory risks.
After completing the training in the 1st line of defence, the Management Associates will move on to the Transaction Monitoring Unit. They will undergo training in our 2nd line of defence which consists mainly our new Transaction Monitoring Compliance (TMC) Program. The TMC Program employs machine learning to identify and deter potentially fraudulent transactions by analysing customer behaviour patterns, including trading currencies, transaction frequencies and transaction amounts.
In the Payment Operations Analysis Team, the MA will first learn the payment operations processes to understand how payments are carried out so that they can read the analytics that reveal clients’ payment patterns. Once they are proficient in their analytical skills, they will move on to the Transaction Risk Management Team to learn about transaction risk assessment to flag out payment anomalies and prevent suspicious transactions from being carried out.
This will conclude the learning journey of CYS 2024 MA Program, and the culmination will be an invitation to join CYS Global Remit management team as a young manager overseeing an important or critical aspect of CYS cross-border payment operations. As for those aspiring to step into the financial industry, particularly in the realm of AML/CFT compliance, the CYS 2024 MA Program stands as a remarkable entry point. Learn more about this compelling opportunity by visiting our CYS Career Page.