Assistant Compliance & AML Manager - Head Office

CORE PURPOSE OF THE JOB

To manage regulatory and reputational risk at the Bank.

MAIN FUNCTIONS OF THE JOB

Assists the Manager in the overall management of Regulatory Risk

• Ensure compliance with current laws, regulations, guidance notes and supervisory requirements or provisions
• Ensure that the Bank is not subjected to prosecution, levied with fines or its licence affected in any way
• Prepare a Compliance Functional Plan for the following year and obtain Audit Committee approval
• Report on progress with the Compliance Functional Plan for the year
• Prioritise legislation for analysing for the year
• Analyse the legislation pertaining to banking by preparing Risk Management Plans for each prioritized Act, Action Plans and ensure embedded in Departmental Manuals
• Inform management of legislative updates through legal alerts
• Monitor for non-compliance and maintain records of monitoring for audit purposes
• Prepare presentations for staff and regulators
• Submit returns to regulators such as for FAIS, FICA, etc.
• Prepare policies and procedures for relevant legislation
• Maintain and annually update the compliance manual

Assists in Monitoring

• Monitor compliance with legislation by conducting branch reviews
• Monitor legislative updates
• Advise Management and the Board of non-compliance with legislation
• Query non-compliance with staff and management and suggest corrective measures including disciplinary action where necessary
• Monitor submission of BA returns to the Registrar by other departments

Assists in the overall management of Reputational Risk

• Manage any negative publicity that could result in reputational risk to the bank or have other adverse consequences
• Monitor customer complaints and any threatened or actual events that could result in a reputational risk to the bank
• Inform management and directors of such events

Assists in the management of Money Laundering Risk

• Manages the activities of the AML Department
• Manages and mitigates Money Laundering and Terror Financing risk
• Advises senior management and the Board on application and implementation of AML, CFT and sanctions legislation, regulations and international best practice
• Develops and maintains the AML/CFT and Sanctions policies and procedures and recommends for approval on an annual basis - eg. RMCP
• Monitors development of, analyses and interprets the regulatory requirements in terms of the Financial Intelligence Centre Act (FICA) and associated Guidance Notes, Public Compliance Communications and Directives, the FATF 40 Recommendations and international best practice such as Wolfsburg Group, Basel Committee on Banking Supervision and Central Bank of Bahrain Directives
• Develops and maintains an appropriate risk-rating methodology by considering the relevant legislation, international best practice and industry application in the form of an AML/CFT Risk-Rating Policy
• Develops and maintains an appropriate risk-based approach (RBA) to Customer Due Diligence (CDD)/ Know Your Customer (KYC) obligations in terms of the FIC Act, industry standards and international best practice
• Provides oversight and guidance in performing and adhering to the Bank’s ODD obligations
• Develops and maintains the enhanced due diligence (EDD) requirements taking into account the high money laundering and terror financing (ML/TF) risk areas of the Bank
• Assesses the adequacy of applicable typologies and parameters selected for implementation in the SAS system
• Ensures that all regulatory reporting is conducted timeously, eg. CTRs, STRs.
• Ensures a comprehensive, efficient and effective sanctions and watchlist screening function by the implementation of an automated sanctions screening software to comply with local and international sanctions regulations, as well as financial crime risk mitigation measures
• Ensures annual training conducted to all staff on FIC Act obligations in line with their job functions
• Reviews branch compliance to AML/CTF matters by reviewing customer files and reports on findings to EXCO and Board
• Conducts regular reviews to ensure compliance with AML/CFT matters, eg. submission of reports, updating of watchlists, etc.

Assists with Training requirements

• Train staff and directors on legislation…