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Deputy Compliance Officer and DMLRO

Deputy Compliance Officer and DMLRO

Job Overview

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

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

Position Purpose
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.
Reporting Relationships
Direct Supervisor
Compliance Officer and MLRO
Direct Subordinates
Organizational Relationships
Internal Relationships
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
External Relationships
1.       Regulators
2.       Consultants
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
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