Head of Compliance and Anti-Money Laundering (AML)
Strategic and Managerial Responsibilities
- In collaboration with the Group Head and in alignment with the group Strategy, develops the strategy for the division and guides the development of strategy for the reporting department, in line with the stated group priorities.
- Prepares and manages the annual budget for the division and reporting departments in conjunction with the group budget and secures subsequent approval, tracks expenditure and ensures adherence to the budget.
- Supports the development of the workforce plan for the division by providing inputs for own divisions
- Provides inputs to forecasting the workforce requirements for the Group.
- Approves and oversees the implementation of the Group’s policies, procedures and controls so that all relevant procedural/legislative requirements are fulfilled while delivering a quality and cost-effective services.
- Leads the creation of the overall compliance framework for the group by defining the compliance mandate in areas such as financial crime, regulatory compliance, and conduct risk in line with Company’s business strategy and regulatory requirements.
- Reviews compliance-related complaints and prepare written instructions for employees, when necessary.
- Promotes awareness of compliance issues and train employees on compliance-related matters through periodic programs; and Report promptly any irregularities or violations to SAMA and the audit committee
- Guides the Compliance & AML Manager to establish/implement compliance policies and procedures within Company to prevent illegal, unethical, or improper conduct.
- Assesses and reviews the Real Estate Finance Products, ensuring that they comply with legal and regulatory requirements and safeguards internal control.
- Identifies potential areas of compliance vulnerability and risk, develops/implements corrective action plans for resolution of problematic issues, and provides general guidance on how to avoid or deal with similar situations in the future.
- Oversees the preparation of quarterly reports and ensures that the Head of Legal and Governance, the Board, and the Audit Committee are kept informed about the operations and progress of Compliance related efforts at Company.
- Assists with remediation and other action to address AML/CTF gaps identified during assurance and regulatory reviews.
- Collaborates with Company’s groups to direct compliance issues to appropriate existing channels for investigation and resolution. Facilitates the coordination with the Legal Department as needed to resolve complex legal compliance issues.
- Oversees the tracking and reporting of unusual financial activities to the concerned authorities and Company’s management as per group’s policy and ensures that they are dealt with in a timely and professional manner.
- Ensures effective communication with Saudi Arabian Monetary Agency (SAMA) and other regulatory authorities, and resolves queries or issues raised by them, if required.
- Institutionalises and maintains an effective compliance communication program for Company, including promoting heightened awareness of Code of Conduct, and understanding of new and existing compliance issues and related policies and procedures.
People Management Responsibilities
- Develops and nurtures a continuous talent pipeline for key roles in the Group and provides mentoring for high potential talent.
- Defines and facilitates the achievement of goals and key performance indicators for direct reports and ensures effective implementation of the performance management process in the Group
- Nurtures talent within the sector by providing guidance, ongoing feedback, and coaching and development opportunities to individuals to enable achievement of the defined goals.
Nationality: Only Saudi Nationals (Male / Female)
- Required: Bachelor’s degree in Law, Accountancy, Business Administration or any other relevant field;
- Preferred: Master’s Degree in Compliance/Risk Management preferred
- At least 8 years of relevant experience with 4 years in a supervisory position
- Prior experience in Compliance function in a leading bank or reputed company