Primarily supporting and providing legal coverage to the International Personal Bank business ("IPB"), an offshore consumer bank platform. IPB is an offshore consumer bank business operating in Singapore as well as in Hong Kong, London and the US with clients across over 120 countries.
Products offered include insurance, FX, equities, fixed income, collective investment schemes, alternatives, discretionary managed accounts and structured deposits.
Singapore bank licensing issues and MAS regulations/notices and directives affecting banking, securities brokerage and investment advisory services (SFA/FAA).
Cross-border distribution of deposit and non-deposit investment products and services, and associated conduct rules under Citi's Offshore Wealth Services Policy ("OWSP") and Retail Distribution of Investment Products ("RDIP") Policy
Reviewing deposit and non-deposit investment products and services offering materials for compliance with regulatory requirements in each offering jurisdiction and industry best practices
Advising on securities and insurance-based lending programmes and associated security documentation
Advising on changes in onshore regulations and laws which would affect the onshore and offshore conduct of businesses
Reviewing business policies and procedures, intra-Citi agreements, outsourcing, client documentation, offering materials and other marketing materials
Engaging, supervising and working with outside counsel and other legal advisors as required
In addition, providing advice on special projects and initiatives across the franchise, including:
Regulatory updates and changes
OWSP/conduct rules - ongoing review, updates, clarifications and transactionary queries
Digital Bank - digitization of the banking products and services offering
Data Protection, FATCA, CRS
Internal Audit, Enterprise Risk Management and other regulatory audits as they occur
Special cross-sell and cross-referral proposals
Advising on client complaints, and managing litigation and other dispute resolution actions (e.g. Fidrec, UK Ombudsmen, FICs) , and assisting Compliance with regulatory interactions related to these as necessary. Participate as required in senior business management committees such the Investments Supervisory Committee, Compliance and Control forums, Product Approval Committee etc. as legal advisor, updating business management of progress of ongoing initiatives. Work closely with country, regional and other consumer counsel, as well as Compliance colleagues across all geographies to ensure robust and effective coverage of legal issues affecting that jurisdiction and IPB.
Law degree and qualified to practice in Singapore.
An individual with organizational maturity and savvy, and the ability to influence others across a broad spectrum of functions and levels of management across regions. High capacity for complex and often novel situations which may require working out solutions with other control functions across regions and time-zones.
Relevant experience in financial services, in particular, consumer banking, wealth management/investment products and/or securities brokerage, gained in-house and/or in private practice. Prior experience in a regional role or with cross-border/cross-region experience in wealth management products and business conduct will be a significant advantage.
Good technical skills and a thorough knowledge and understanding of key markets and financial products and banking regulations. Familiarity with the concepts of cross-border offshore wealth services and retail distribution and suitability policies for investment products is a plus.
Possess strong drafting skills, be highly organized, motivated and pro-active yet personable. Required to develop effective and credible working relationship with internal and external stakeholders and be sensitive to a broad range of risks, other than just legal. Be able to demonstrate clear commercial application of legal knowledge with practical business considerations.
Experience in complaints handling, dispute resolution and litigation an advantage
Internal Number: 5200701
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