Senior Manager for KYC- AML and Sanctions

Job Description

JOB PURPOSE: Assist in identifying challenging areas and risks associated with Compliance processes and provide recommendations for improvement in line with the regulatory requirements, market best practices and Magnatis internal policies and procedures.Understand ML/FT and Sanctions risks associated with Magnatis products and services and design appropriate policies, procedures and programs to manage and mitigate such risks.Ensure that the AML/CFT and Sanctions programs are always relevant and up to date according to prevailing regulations, ML/FT typologies, sanctions regimes, and recommendations by international organizations such as FATF and Basel, among others.Understand and act as a Subject Matter Expert (SME) on the overall KYC requirements for new customers, periodic KYC update and trigger base update for existing customers.Be the Compliance point of contact for all KYC, AML/CFT monitoring and customer screening related support and queries from business, and assume any further delegated responsibilities by the Head of Compliance.Coordinate and/or prepare required management information reporting data to Senior Management, Board of Directors and/or Regulator, as applicable.Investigate and report discrepancies and irregularities arising from failure on process, oversight, system, etc and resolve the same including handling stakeholders disagreement and if need be, escalating the identified issue(s) to Head of Compliance promptly.Attend all Mandatory and related training to attain insight of Magnatis businesses, products, services as well as compliance requirementsMaintain an ongoing relationship and work in close contact with Business and other relevant functions to ensure appropriate support is provided on all KYC, AML/CFT and Sanctionrelated matters.KEY ACCOUNTABILITIES: Strategic ContributionSupport implementation of Magnatis Compliance strategy and be the key contact point for all matters relating to KYC requirements (onboarding, periodic update and trigger base update), AML/CFT and Sanctions programs.People ManagementManage a team of 3 resourcesBudgeting and Financial PlanningSupport the Head of Compliance to prepare and recommend Magnati Compliance Teams budget and monitor adherence to budget, while ensuring all sectional activities are conducted in line with the approved guidelines.Policies, Systems, Process & ProceduresSupport Magnati to adhere to Compliance policies, procedures, and processes related to KYC requirements, AML/CFT and Sanctions programs.Continuous ImprovementIdentify opportunities for continuous improvement related to systems, processes and practices based on risks and control deficiencies identified.ReportingSubmit regulatory report as part of the AML/CFT and Sanctions program (i.e. STR, account freezing actions)Provide guidance and support in generating any regular or ad-hoc report requestsPrepare MI to Magnati, as and when required.Job Context Act as a Subject Matter Expert (SME) on the overall KYC requirements for new customers, periodic KYC update and trigger base update for existing customers, AML/CFT and Sanctions programs.Develop AML/CFT and Sanctions programs and ensure that the programs are always relevant and up to date according to prevailing regulations, ML/FT typologies, sanctions regimes, and recommendations by international organizations such as FATF and Basel, among others.Conduct periodic testing and system tuning of Compliance system functionalities for Transaction Monitoring and Customer Screening to ensure that the rules, alert monitoring, sanctions list update, reporting and other signification functionalities are functioning as per Magnatis expectation.Own and perform company-wide AML/CFT risk assessment on an annual basis.Provide compliance related advice to internal and external stakeholders on KYC, AML/CFT and Sanctions requirements, as required.Develop and strengthen relationships with Business and other relevant stakeholders to promote best practices and ensure a good understanding of KYC requirements, AML/CFT and Sanctions programs across Magnati.Assist the Head of Compliance in the documentation of Magnatis policies and procedures and where necessary procedures in line with FAB and Brookfield Group Compliance Policy and ProceduresAdvise Business Units with technical insights and build credibility based on an understanding of their challenges on KYC related aspects and/or requirements.Provide updates to Magnati business on compliance requirements, best practices, international regulations, and regulatory changes that may affect existing departmental procedures.Perform checking function for higher risk customer in strict adherence of KYC Policy and Procedures, and AML/CFT and Sanctions Policy.Review account closures following decision to exit for Compliance reasons.Support the respective Business Units during CBUAE and any other regulatory bodies audits and coordinate the submission of KYC, AML/CFT and Sanctions related information as may be requested by CBUAE.Assist Head of Compliance with the periodic AML/CFT related reporting or ad-hoc reports as maybe required by regulation from time to time.Assist in conducting compliance awareness and training sessions for staff of the areas under coverage on a periodic basis and in line with the functions training plan.Understand the end-to-end processes of the areas that are under coverage and highlight possible compliance related concerns and assist the teams to mitigate these concerns.Ensure that all required regulatory reporting including but not limited to STR and account freezing action are submitted on or before the prescribed timeline.Assist Head of Compliance in providing guidance and advice on KYC, AML/CFT and Sanctions related matters including but not limited to escalated transaction alerts and screening matches.Assist in the rollout, execution of Risk and Control Self-Assessment (RCSA) for the function and resolution of RCSA issuesReview and maintain logs for KRIs related to Compliance KYC deliverables including but not limited to EDD TAT, completion rate of transaction alerts and escalated screening matches. QualificationsQUALIFICATIONS & EXPERIENCE: Core CompetenciesAn understanding of regulations and legislations/laws that affect the magnati business.Strong management skills with an ability to work cross-functionally.Strong leadership skills with the ability to work as a team player.Ability to cope with and thrive in a non-routine environment, think creatively, and develop innovative solutions to compliance related concerns, particularly on KYC related challenges.Very strong written and verbal skills, preferably in both Arabic and English.Minimum QualificationBachelors degree or higher in Business related field such as Management, Finance or Accounting.Certification(s) in AML and Compliance or similar are preferable.Minimum ExperienceMinimum of 10 years of working experience in a financial institution including bank and non-bank financial institutions with a combination of experience in Compliance (FCC, Regulatory and Business Compliance Experience), payments, retail banking products like credit cards, prepaid/WPS cards and E-wallets.

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About Company

FAB, the UAE’s largest bank and one of the world’s largest financial institutions offers a an extensive range of tailor-made solutions, and products and services, to provide a customised banking experience. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises.
Headquartered in Abu Dhabi, in Khalifa Business Park, the bank’s international network spans over 19 countries, across the world, providing the global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. In line with its commitment to put customers first, to Grow Stronger, FAB will continually invest in people and technology to create the most customer-friendly banking experience and will support the growth ambitions of its stakeholders across the global network in which the bank operates.