Compliance & Risk Manager

Role Title:                               Compliance Manager / MLRO – UAE

Directly Reports to:               Board of Directors

Functional Reporting:          Director Compliance & Risk – MET

Business Unit:                        Compliance & Risk

Role Purpose

Accountability for managing the design and implementation of AML / CFT compliance programs, policies and practices to ensure all business practices and units complies with the local regulatory requirements and Group policies. The role of Compliance Manager is expected to identify, analyse and document the regulatory risks associated with the business operations with respect to operational, compliance, financial and technology related risks.

Major Responsibilities of Compliance Manager / MLRO

• Establishing policies and procedures to interpret laws, regulations, Guidelines into the business and providing advice.
• Developing robust and sustainable AML control framework.
• Conducting monitoring for potential money laundering and other breaches of conduct of business regulations.
• Establishing and maintaining accreditation and KYC procedures.
• Mandatory regulatory report filings.
• Managing regulatory inspections and relationship with regulators.
• Identifying new regulatory developments and reviewing their impact on business.
• Provide training and support to management and employees on how to fulfil their regulatory duties.
• Assisting management in enforcing country regulations and Group policy.
• Overseeing that POS tools and equipment are functional and compliant.
• Delivering Compliance Management reports and board reports.

Overseeing Financial Statutory and regulatory reports are submitted within required deadline.

• Ensuring that the business and products are fully licensed and undertake license renewal where required.
• Receive Internal Suspicious Activity reports from employees and analyse them to take appropriate decisions to report to FIU.

• Cooperate with and provide the FID with all information it requires for fulfilling their obligations.
• Develop and execute AML/CFT training programs considering all relevant risks of ML/FT and financing illicit organizations including the ways/means for addressing them.

• Provide necessary reports to the Board of Directors and Compliance Committee on all AML/CFT issues, on a quarterly basis at a minimum.
• Arrange to retain all necessary supporting documents for transactions, KYC, monitoring, suspicious transaction reporting and AML training for the minimum period for record retention.  
• Conduct regular gap analysis between the Licensed Person’s existing AML/CFT Procedures and current Laws, Regulations, Notices and the Standards of the UAE in order to determine the extent of the Licensed Person’s level of compliance.
• Ensure day-to-day compliance of the business against internal AML/CFT policies and procedures.
• Act as the key contact point regarding all AML/CFT related matters/ queries from the Central Bank and any other competent authorities.
• On-going monitoring of transactions to identify high-risk, unusual and suspicious customers/transactions.
• Staying abreast of regulations and ensure new regulations are transmitted to the impacted stakeholders and compliance with changes are well understood and adhered to.
• Propose actions required to address gaps, if any; and
• Prepare Bi-Annual Compliance Reports in accordance with Paragraph 16.25 of this Chapter.

Role Specific Experience and Skills

• Excellent knowledge of applicable laws and regulations as well as general Business practices.
• Sound understanding of compliance system behaviours including adjusting/fine-tuning transaction monitoring and screening rules to optimise alert volumes commensurate to the risks presented by the products, customers, channels and geographies in line with CBUAE expectations.
• Ability to interpret and implement CB regulations in a manner which meets the spirit of the regulations.
• Project management capability including extensive understanding of conducting Financial Crime Risk Assessments/Enterprise-Wide Risk Assessments and application of such assessments in a Money Service Business environment.
• Ability to identify and define compliance related problems, collect data, establish facts, draw valid conclusions and make appropriate recommendations for corrective action.
• Comfortable working with computer systems.
• Very good analytical and numerical ability.
• Attention to detail and accuracy in handling routine activities.
• Ability to meet stringent internal and external (regulatory) deadlines.
• Ability to work independently as well as in a team environment.
• Ability to remain composed and make appropriate decisions under stressful conditions.

General Experience and Personal Qualities

Leadership

• The ability to manage teams to deliver, recognizing the need to develop, motivate and empower whilst maintaining pace and juggling priorities.
• Self-aware, open-minded with a high degree of personal and professional integrity.

• Management of a team to maximize their potential and achieve results, including recruitment, coaching, retention and performance management.

Commercial acumen

• Protect the business by ensuring compliance with procedures, managing risks and escalating where appropriate to protect the reputational integrity of Travelex.

Strong relationships

• The ability to build and manage relationships, developing trust and credibility with customers, partners, peers, teams, internal and external stakeholders.
• Proactive sharing of best practice to peers and teams for continuous improvement of performance in their area of expertise.

Management of Change

• Capable of managing change in a multi-site environment performance and results focus.
• The ability to analyse issues, develop solutions and influence key decisions, balancing risk with results.

The Compliance Officer for Category “B” License Exchange business must have the following qualifications and experience at a minimum:

- A minimum of eight (8) years of experience in AML/CFT compliance, audit or risk management within any financial institution(s); OR

- A minimum of five (5) years of experience in AML/CFT compliance, audit or risk management within any financial institution(s) and possess a specific certification related to AML/CFT compliance.

Examples of specific certifications related to AML/CFT compliance includes ACFCS, CFE, ICA Diplomas, CAMS or any other certification associated with financial crime control or AML/CFT compliance which is acceptable to the Central Bank.