Manager, FC Compliance

JOB PURPOSE

Work as AML, CFT Compliance officer for regular monitoring and reporting of AML, CFT, sanctions and ABC activities for FAB Kuwait.

Assess the effectiveness and efficiency of the controls and processes in FAB Kuwait to ensure compliance with Internal/Group Policies & Procedures and local laws & regulations in particular Kuwait AML, CFT law 106/2013, its explanatory memorandum and any Ministerial resolutions or competent authorities’ decisions in that concerns, Central Bank of Kuwait and CMA regulations, and any subsequent amendments thereof.

To liaise with Country Head of Compliance to ensure that the activities and businesses of FAB Kuwait are carried out in accordance with bank policies and procedures as well as local rules and regulations and to assist Head of compliance Kuwait to manage and mitigate the Regulatory Compliance, Business Conducts CRS, FATCA and other compliance activities associated risks.

• Ensuring that AML, CFT and sanctions activities and business within FAB Kuwait are managed in compliance with local regulatory requirements via concise, accurate and relevant detecting and reporting mechanism.
• Ensure ‘red flags’ for any AML, CFT and sanctions / CDD checks performed have been fully reviewed and that any adverse comments have been fully investigated and the risks are mitigated.
• To act as secretary of the Bank Suspicious Transaction Review Committee, calling for the meeting as and when required, ensuring that the committee is functionated in the attainment of its objectives.
• Undertake reviews of AML, CFT alerts, suspicious activities, and file Suspicious Activity Reports (SAR’s) to KFIU in line with Bank policies & procedures and as per regulatory requirements.
• Act as the point of contact for competent authorities regarding money laundering and terrorist financing issues. Respond promptly to any request for information made by a competent authority.
• To provide Support to management and staff in Kuwait on day-to-day activities relating to, Financial Crime including AML, CFT and sanctions related matters that best meet FAB’s interest.
• Coordinate with FAB HO AML, CFT and sanctions units for managing FAB Kuwait associated AML, CFT and sanctions related risks.
• Prepare and submit periodic management information to Country CEO and Group Compliance on all material cases noted covering at minimum;
  Number of customer exposure including Customer risk profiles statistics, Number of CDD by compliance and list of declined relationships;
  Deferrals of KYC requirements;
  Number of PEP’s identified ‘Number of internal and external STRs filed.
• Manage ABC activities within FAB Kuwait and ensure that Business are working in line with relevant policies and procedures. Reporting for any ABC incidents within FAB Kuwait on timely manner.
• To Keep abreast of Kuwait AML, CFT law 106/2013, its explanatory memorandum and any Ministerial resolutions or competent authorities’ decisions in that concerns, Central Bank of Kuwait regulations, Kuwait Capital Market Authority regulations and any subsequent amendments thereof.

• Maintain a cordial working relationship with other branch Business Lines, Maintain interactive relationships with regulators in Kuwait.
• Liaise with Head of compliance in Identifying and managing compliance trainings for core and high-risk areas to ascertain that FAB Kuwait management and staff are aware of their regulatory obligations with emphasis Financial Crime including AML, CFT and sanctions to educate management /staff and raise their awareness of their individual obligations in relation financial crime and have a working knowledge of how to identify suspicious transactions.

• Liaise with the Head of compliance in periodic assessment and review of the AML and CFT policies and procedures to ensure that FAB Kuwait has an effective governance framework in place and to execute proper, KYC and due diligence, transactions monitoring activities.

• Assist Head of Compliance in fostering continuous improvement in Compliance related Process,…