Head of Financial Crime Compliance - MLRO

Head of Financial Crime Compliance - MLRO Al Fardan Exchange - Head Office, Dubai, Dubai, United Arab Emirates 10 - 12 Years Full Time

Job Description

Job Overview

To ensure that Al Fardan Exchange has implementedeffective AML / CTF Program as per the CBUAE expectation and Correspondentbanks requirements.

Key Responsibilities

• Ensure Al Fardan Exchange compliance with Chapter 16 ofthe Standards for the Regulations Regarding Licensing and Monitoring ofExchange Business by the Central Bank of the UAE, Retail Payment Service andCard Schemes & SVF regulation issued by the CBUAE from Financial CrimeCompliance point of view
• Design an appropriate AML, CFT, & CPF Program for Al Fardan Exchange toremain compliant with applicable AML, CFT, & CPF laws, regulations,notices, standards, and international best practices at all times.
• Develop or oversee the development of Al Fardan Exchange’s AML, CFT, & CPFrisk assessment methodology and complete the ML/TF, PF, and Sanction Riskassessment on a yearly basis.
• Establish and maintain appropriate AML, CFT, & CPF policies,procedures, processes, and controls; ensure that all such policies and SOPs areupdated annually.
• Ensure day-to-day compliance of the businesswith internal AML, CFT, & CPF policies and procedures.
• Act as the key contact point regarding all AML,CFT, & CPF-related matters/queries from the Central Bank, FIU, and anyother competent authorities.
• Receive suspicious transaction or activity alerts fromemployees, analyze them, and take appropriate decisions to report allsuspicious cases to the FIU.
• Continuously monitor transactions to identify high-risk,unusual, and suspicious customers/transactions, ensuring that transactionmonitoring systems are appropriate and functioning as designed.
• Submit Suspicious Transaction Reports (STRs), SuspiciousActivity Reports (SARs), or other report types to the FIU without delay.
• Cooperate with and provide the FIU with all informationit requires to fulfil its obligations.
• Develop and execute AML, CFT, & CPF trainingprograms, considering all relevant risks of ML/FT and financing illicitorganizations, including ways/means for addressing them.
• Provide necessary reports to the Board of Directors onall AML, CFT & CPF issues, on a quarterly basis at a minimum.
• Ensure the retention of all necessary supportingdocuments for transactions, KYC, monitoring, Suspicious Transaction Reporting,and AML training for the minimum period required for record retention as perCBUAE regulations.
• Conduct regular gap analyses between Al Fardan Exchange’sexisting AML, CFT, & CPF procedures and the most current laws, regulations,notices, and standards of the UAE to determine the extent of compliance.
• Propose actions required to address any gaps.
• Prepare Semi-Annual MLRO Reports in accordance with CBUAEregulations.
• Ensure that Typology Assessments, TMS rule optimization,TMS model validation, Sanction model validation, and CRR model validation arecompleted in a timely manner.
• Prepare the FCRA Methodology including PF and Sanctionsand conduct FCRA risk assessment on yearly basis.
• Ensure that all external, internal, and CBUAE AML/CFTobservations are closed in a timely manner.
• Ensure that the AUP audit is completed as per Chapter 16requirements.
• Ensure that RFI related CBUAE AML-CTF Examination issubmitted on timely Manner.
• Ensure that AFEX maintains well accepted Risk Rating inthe CBUAE records
• Provide necessary reports to the Board & the ChiefRisk & Compliance Officer on all AML, CFT, & CPF issues on a regularbasis.

Qualification & Experience

• A minimum of 10 years of experience in AML, CFT & CPFcompliance, within any financial institutions(s): or
• A minimum of five (4) years of experience as MLRO inAML,CFT & CPF compliance within any financial institutions(s) and possess aspecific certification related to AML,CFT & CPF compliance.
• Bachelor's or Master's Degree in Banking, Finance,Economics, Law
• CAMS, CGSS, ICA - International AML Diploma
• Proficient in English language, Arabic would be anadvantage.
• Report Writing Skills
• Regulatory Knowledge
• Data and Statistics
• Deciding and Initiatingaction
• Working with People
• Presenting and Communicatinginformation
• Applying Expertise andTechnology
• Planning and Organizing
• Adopting and Agil

Job Snapshot

Updated Date

Department

Compliance

Location

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