Job Description:
The Compliance Officer is responsible for ensuring the organization's adherence to internal policies and external regulatory requirements. This role involves monitoring, analyzing, and reporting on compliance-related activities, conducting risk assessments, and supporting the development and implementation of compliance programs.
Responsibilities Regulatory Compliance· Monitor and analyze regulatory changes and assess their impact on the organization.· Ensure compliance with applicable laws, regulations, and internal policies.· Transaction Monitoring· Conduct ongoing transaction monitoring to identify and report suspicious activities.· Use AML software and other tools to detect potential money laundering, fraud, and other financial crimes. Risk Assessments· Conduct compliance risk assessments and evaluate the effectiveness of controls.· Identify and recommend improvements to mitigate compliance risks.· Customer Due Diligence (CDD) and KYC· Perform customer due diligence (CDD) and know your customer (KYC) checks on new and existing clients.· Conduct enhanced due diligence (EDD) for high-risk clients and activities. Sanction Screening· Conduct sanction screenings to ensure compliance with international sanctions regulations.· Monitor and screen transactions, clients, and counterparties against sanctions lists.· Investigate and escalate any potential sanctions violations to the appropriate authorities. Investigations and Reporting· Investigate suspicious transactions and prepare detailed reports for management and regulatory authorities.· Prepare and submit regulatory filings such as Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs).
Collaboration and Support· Provide compliance-related advice and support to other departments and management.· Work closely with internal and external stakeholders to address compliance issues and implement solutions.· Implementing new strategies and tactics to improve collections and recovery performance, training and coaching staff to improve performance.· Liaising with collection agencies regarding collection and claim pay activities and further developing strong, sustainable relationships.· Identification, assessment and quantification of the credit risk through the debt/outstanding portfolio analysis.· Analyzing and interpretation of data.· Interpersonal skills to effectively communicate with and manage expectations of customers and other stakeholders· Knowledge and effective application of all relevant banking policies, processes, procedures and guidance to consistently achieve required compliance standards or benchmarks in UAE.
Qualifications and Experience Bachelor’s degree in Finance, Accounting, Law, Business Administration, or a related field. Relevant certifications (e.g., CAMS, CRCM) are a plus.
Experience2-4 years of experience in compliance, risk management, or a related field. Experience in the financial services industry is preferred.
Essential Requirements· In-depth knowledge of compliance regulations and best practices.· Ability to work independently and as part of a team.· High ethical standards and integrity