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Compliance Officer and MLRO

Compliance Officer and MLRO

Job Overview

Position Identification
Job Title: Compliance Officer and MLRO
Business Unit: Bahrain Branch
Division:1.    Regulatory Compliance

2.    Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT)

Position Purpose
1.    Focal point of contact between Bank and Regulators on all regulatory aspects, except for any legal matters which would be handled directly by the Legal Department.2.    Manage and monitor the Company’s Compliance and AML/CFT risks.

3.    Independent advisor to the Board of Directors, Risk and Assets Committee as well as Senior Management on all Compliance matters.

4.    Develop and maintain the Compliance and AML/CFT policies and procedures manuals.

5.    Develop and execute Compliance controls and monitoring programmes.

Primary Duties and Responsibilities
1.    Manage and implement the Compliance function’s overall responsibilities and ensure collaboration between the concerned staff, departments and Regulators.
2.    Act as the focal point of contact and liaison between the Bank and the regulators. Handle all the regulatory submissions and correspondences.
3.    Ensure that the Compliance and AML/CFT policies and procedures manuals are maintained in line with the applicable regulatory requirements. Promptly follow up any identified deficiencies through amendments and improvements.
4.    Ensure robust implementation of the Compliance Monitoring Programs and reporting.
5.    Submit the quarterly reporting on Compliance and AML/CFT matters to the Risk and Assets Committee of the Board.
6.    Compliance monitoring by performing sufficient Compliance testing and report the results.
7.    Facilitate internal and external Compliance audits and coordinate implementation of the corrective actions.
8.    Maintain/update the regulatory reporting requirements and monitor for timely submission.
9.    Reporting all the regulatory breaches to the RAC.
10.  Advise the concerned Departments of any changes in the applicable regulations.
11.  Liaise with the Credit Department to ensure adequacy of the Customer Due Diligence (CDD) documentation of all new and existing clients.
12.  Ensure a robust screening procedure is in place for negative/sanctioned names.
13.  Receive, investigate and file Suspicious Transactions Reports (STRs) with the CBB.
14.  Facilitate the Compliance and AML/CFT staff training.
15.  Any responsibilities, as communicated by the Head of Risk Management.
Reporting Relationships
1.    Risk & Assets Committee (RAC) – Functionally
2.    Head of Risk Management – Administratively
1.    Deputy Compliance Officer and DMLRO2.    Assistant Manager – AML & Compliance
Organizational Relationships
Internal Relationships
1.    Board of Directors
2.    Risk and Assets Committee
3.    General Manager
4.    Head of Risk Management
5.    Deputy Compliance Officer and DMLRO
6.    Heads of Other Departments
External Relationships
1.    Regulators
2.    Consultants
Experience and Qualifications
·        Hold a degree from a university at bachelor level or higher or a relevant professional qualification in compliance.·        Have relevant certification(s) specific to this role.

·        ICA (International Compliance Association) Diploma in Compliance or any other relevant professional qualification deemed suitable by CBB.

·        CAMS (Certified Anti-Money Laundering Specialists) Certification or any other relevant professional qualification deemed suitable by CBB.

·        Minimum of 5 years’ experience in the banking industry, of which at least 3 years 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.

·        Prior experience of reporting at the Board/Committee level.

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. Completion of all the required Compliance assignments for the year.
Without any variation from the approved Compliance Monitoring Plan
  1. 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
  1. Updating Regulatory Reporting Matrix after each substantial regulatory update
Within 10 working days
  1. Findings pertaining to the Compliance and AML/CFT functions
Nil findings by internal auditors, CBB, etc.
  1. 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
  1. Investigation and filing of STRs with the appropriate authorities
No delays and/or exceptions
  1. Periodic reporting to the Risk and Asset Committee
On quarterly basis and as per timelines stipulated by the Board Secretary
  1. Achievement of the targeted number of training hours for the Compliance staff
100% achievement (actual v/s planned)
  1. 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
  1. Regulatory reprimands, fines, penalties, etc. in relation to the role of the Compliance and AML Function
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