DEPUTY COMPLIANCE OFFICER AND DMLRO
|Job Title: Deputy Compliance Officer and DMLRO|
|Business Unit: Bahrain Branch|
1. Regulatory Compliance
2. Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT)
|1. Assist the Compliance Officer and MLRO in all aspects pertaining to Compliance and AML/CFT.
2. Act as the backup for the Compliance Officer and MLRO.
|Primary Duties and Responsibilities|
|1. Liaise with the Compliance Officer and MLRO in implementing the Compliance function’s overall responsibilities and ensure collaboration between the concerned staff, departments and Regulators.|
|2. Assist the Compliance Officer and MLRO in enhancing staff awareness to augment the Company’s regulatory Compliance and AML/CFT culture.|
|3. Act as the back-up of Compliance Officer and MLRO during his/her scheduled and unscheduled absence.|
|4. Ensure that the Compliance and AML/CFT policies and procedures manuals are maintained in line with the applicable regulatory requirements. Promptly highlight any deficiencies to the Compliance Officer and MLRO.|
|5. Liaise with the Compliance Officer and MLRO in implementing the Compliance Monitoring Programs and reporting.|
|6. Assist the Compliance Officer and MLRO in preparing the quarterly reporting on Compliance and AML/CFT.|
|7. Facilitate internal and external Compliance audits and coordinate implementation of the corrective actions.|
|8. Assist the Compliance Officer and MLRO in maintaining the regulatory reporting requirements and monitor for timely submission.|
|9. Liaise with the concerned departments to ensure adequacy of the Customer Due Diligence (CDD) documentation of all new and existing clients.|
|10. Assist the Compliance Officer in reporting all the regulatory breaches to the RAC.|
|11. Assist the Compliance Officer and MLRO to ensure a robust screening procedure is in place for negative/sanctioned names.|
|12. Liaise with the Compliance Officer and MLRO in investigating Suspicious Transactions Reports (STRs).|
|13. Facilitating the Compliance and AML/CFT staff training in consultation with the Compliance Officer and MLRO.|
|14. Any other relevant responsibilities, as communicated by the Compliance Officer and MLRO.|
|Compliance Officer and MLRO|
|1. Board of Directors|
|2. Risk and Assets Committee|
|3. General Manager|
|4. Head of Risk Management|
|5. Compliance Officer and MLRO|
|6. Heads of Other Departments|
|Experience and Qualifications|
|· Bachelor’s degree from a university
· ICA (International Compliance Association) Diploma in Compliance is preferred.
· CAMS (Certified Anti-Money Laundering Specialists) Certification is preferred.
· Minimum of 2 years’ experience in the banking industry, of which at least 1 year of experience in AML/CFT or a role related to AML/CFT. The prior experience should be in relevant areas, such as Compliance, AML/CFT, Risk Management, Internal Auditing etc.
· Prior experience of dealing with Regulators is an advantage.
|1. In depth knowledge of the local regulations.
2. Well acquainted with regulatory compliance and AML/CFT aspects.
3. Good written and verbal English communication skills. Knowledge of Arabic is preferred.
|Key Performance Indicators (KPIs)||Target / Measure of Achievement|
|1. Smooth handling of all tasks, during any scheduled and unscheduled absence of the Compliance Officer and MLRO||No exceptions or delays|
|2. Completion all the required Regulatory Compliance assignments for the year||Without any variation from the approved Compliance Monitoring Plan|
|3. Filing of Compliance related regulatory reports||All regulatory reports to be filed by the Compliance and AML/CFT Department should be filed on or before the due date. Else prior extension must be sought|
|4. Updating Regulatory Reporting Matrix after each substantial regulatory update||Within 10 working days|
|5. Findings pertaining to the Compliance and AML/CFT functions||Nil findings by internal auditors, CBB, etc.|
|6. Closure of internal audit observations and regulatory inspection findings pertaining to Compliance and AML/CFT functions||To be closed on or before the respective due dates|
|7. Investigation and filing of STRs with the appropriate authorities||No delays and/or exceptions|
|8. Periodic reporting to the Board as well as Risk and Asset Committee||On quarterly basis and as per timelines stipulated by the Board Secretary|
|9. Achievement of the targeted number of training hours (actual v/s planned)||100% achievement|
|10. Providing AML/CFT training||Within three months of joining, to all the newly joined ‘relevant’ staff and on an annual basis to all the ‘relevant’ staff|