Compliance & Risk Manager

Compliance & Risk Manager Role Purpose

Accountability for managing the design and implementation of AML / CFT compliance programs, policies and practices to ensure all business practices and units complies with the local regulatory requirements and Group policies. The role of Compliance Manager is expected to identify, analyse and document the regulatory risks associated with the business operations with respect to operational, compliance, financial and technology related risks.

• Establishing policies and procedures to interpret laws, regulations, Guidelines into the business and providing advice.
• Developing robust and sustainable AML control framework.
• Conducting monitoring for potential money laundering and other breaches of conduct of business regulations.
• Establishing and maintaining accreditation and KYC procedures.
• Mandatory regulatory report filings.
• Managing regulatory inspections and relationship with regulators.
• Identifying new regulatory developments and reviewing their impact on business.
• Provide training and support to management and employees on how to fulfil their regulatory duties.
• Assisting management in enforcing country regulations and Group policy.
• Overseeing that POS tools and equipment are functional and compliant.
• Delivering Compliance Management reports and board reports.

Overseeing Financial Statutory and regulatory reports are submitted within required deadline.

• Ensuring that the business and products are fully licensed and undertake license renewal where required.
• Receive Internal Suspicious Activity reports from employees and analyse them to take appropriate decisions to report to FIU.

• Cooperate with and provide the FID with all information it requires for fulfilling their obligations.
• Develop and execute AML/CFT training programs considering all relevant risks of ML/FT and financing illicit organizations including the ways/means for addressing them.

• Provide necessary reports to the Board of Directors and Compliance Committee on all AML/CFT issues, on a quarterly basis at a minimum.
• Arrange to retain all necessary supporting documents for transactions, KYC, monitoring, suspicious transaction reporting and AML training for the minimum period for record retention.
• Conduct regular gap analysis between the Licensed Person’s existing AML/CFT Procedures and current Laws, Regulations, Notices and the Standards of the UAE in order to determine the extent of the Licensed Person’s level of compliance.
• Ensure day-to-day compliance of the business against internal AML/CFT policies and procedures.
• Act as the key contact point regarding all AML/CFT related matters/ queries from the Central Bank and any other competent authorities.
• On-going monitoring of transactions to identify high-risk, unusual and suspicious customers/transactions.
• Staying abreast of regulations and ensure new regulations are transmitted to the impacted stakeholders and compliance with changes are well understood and adhered to.
• Propose actions required to address gaps, if any; and
• Prepare Bi-Annual Compliance Reports in accordance with Paragraph 16.25 of this Chapter.

• Excellent knowledge of applicable laws and regulations as well as general Business practices.
• Sound understanding of compliance system behaviours including adjusting/fine-tuning transaction monitoring and screening rules to optimise alert volumes commensurate to the risks presented by the products, customers, channels and geographies in line with CBUAE expectations.
• Ability to interpret and implement CB regulations in a manner which meets the spirit of the regulations.
• Project management capability including extensive understanding of conducting Financial Crime Risk Assessments/Enterprise-Wide Risk Assessments and application of such assessments in a Money Service Business environment.
• Ability to identify and define compliance related problems, collect data, establish facts, draw valid conclusions and make appropriate recommendations for corrective action.
• Comfortable working with computer systems.
• Very good analytical and numerical ability.
• Attention to detail and accuracy in handling…