Our client, an Internationally recognized Corporate Banking Institution, is recruiting for a Compliance Officer MLRO (UAE National). You will be directly reporting to the VP - Compliance Officer. This position will be based in Dubai but will need to spend a day per week in Abu Dhabi Responsibilities towards External Regulators / Authorities: • Handle all the Central Bank correspondences - receive, translate, circulate & follow up on action taken for incoming, and co-ordinate, send & follow-up on replies or outgoing mail. • Maintain a log of all communications with the Central Bank & update the ratios, reports, penalties and regulation logs/records whenever applicable Update & maintain a list of all controlled positions and their registration status Co-ordinate with the Central Bank during the periodic inspections and reply to requests and queries (verbal or written). • Follow up thereafter with the respective teams/departments internally to ensure recommendations are adapted • Receive, translate and circulate all UAE’s Banking Association correspondence & advise action or reply if necessary. • Co-ordinate with external auditors for their requests during the semi-annual Internal Control Review Audit mission. • Refresh, screen and upload on a daily basis the AML reports to the Central Bank (i.e large cash and foreign currency transactions) Policies and Procedures: • Implement and monitor procedures involving compliance, including: Telephone Recording, KYC for new & review, sensitive & embargoed countries, cash deposits etc • Circulate new instructions (Policies & procedures) and provide training/clarifications wherever necessary Clients’ Acceptance, Monitoring & Reporting • Review of full KYC where all names are screened and the account is discussed through a CAC (escalated to Regional Compliance in case of sensitive clients) prior to opening a new account and accepting the client, a is reviewed, Monitor a client’s file continuously, detect unusual/unexpected behaviour, and obtain proper justification or a rationale. • Results of such investigations may require changes to the customer profile, KYC or frequency of monitoring. • Monitoring is accomplished through various tools that are checked daily (Search Space, ASSIST, ETR etc) • Check on availability & validity of all legal documents during the periodic reviews of KYC, to ensure completeness and validity and that KYC is duly updated • Maintain & update a complete KYC log (existing & closed accounts) Validation of new Products and Business Activities: • Participate along with regional team in the validation of new deals/products on a case by case basis & for information purposes only. Complaints: • Review all complaint forms prior to it completing the circuit. Approval of any outgoing letters/replies/apologies to the client and be informed of the impact -if any (financially, reputation wise, regulatory etc) on the bank. • Compliance to be informed in case of reimbursement. • Monitor regularly the complaints log - to ensure compliance to procedure and check on follow-up to resolve the case. • Encourage/remind all staff continuous to log all complaints regardless of the manner of reporting or seriousness of the case to improve efficiency and detect any problems glitch. Testing adherence to Compliance Requirements: • Validation of transactions involving sanctioned, embargoes countries/individuals/entities • Update of client records as per the Central Bank and internal regulations • Investigate Local LCs and other non-standard transaction (does not adhere to norms of the client’s behavior or the policies/norms of the bank) to obtain clear justification/rationale • Test a-priori controls (ex. Cash deposits, activation of dormant a/cs, classification of client sensitivity based on operations etc) Maintain & update a log of all staff particular sensitive staff.
Job Details
Date Posted: |
2015-03-12 |
Job Location: |
Dubai, United Arab Emirates |
Job Role: |
Accounting/Banking/Finance |
Company Industry: |
Banking |
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