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Senior Sanctions Analyst

5.00 to 7.00 Years   Abu Dhabi, United Arab Emirates   25 Apr, 2024
ADCB Abu Dhabi Commercial Bank
1 Jobs Openings
Job LocationAbu Dhabi, United Arab Emirates
EducationBachelor's degree / higher diploma
SalaryNot Mentioned
IndustryBanking
Functional AreaNot Mentioned

Job Description

Job Purpose:˙To complete due diligence and adjudication on escalated new to bank client on-boarding, existing clients, payment alerts and investigations. Identify, investigate and report unusual/suspicious cases to UAE Central Bank / Executive office for Control and Non Proliferation as appropriate. Identify Sanctions risk exposure and de-risk flagged customers, or customer activity.Where required, perform system testing and maintenance in order to ensure compliance with regulatory requirements and mitigate risk for the bankResponsibilities˙Client boarding˙Sanction reviews:

  • To˙receive and review account opening/know your customer (KYC) escalations related to potential sanctions risks.
  • Work with applicable business units including vigilance and control teams to ensure appropriate information sourcing and risk identification.
  • Document decisions for reviewed clients, provide advisory for sanctions matches referred by operations and business units and provide approvals for all escalated cases.
Sanctions Investigations & Reviews
  • Review escalated alerts against customer and or payment data, investigate for potential sanctions risks, collect documentary proof, build/maintain case files for transactions and customers deemed suspicious.
  • Update relevant MIS to ensure accurate tracking and record keeping,
  • Identify and mitigate sanctions risks by taking decisions on the applicable sanctions screening system, update internal watch-lists, and ensure required actions are taken in as per the applicable SOP and regulatory requirement.
External Correspondence and Reporting
  • Draft and report on approved suspicious transaction reports (STRs)
  • Action and submit responses to UAE Central Bank on STRs, PNMR, HRC and other applicable reports.
  • Assist with addressing queries from corresponding banks relating to sanctions risks.
  • Ensure freezing of funds and blocking of accounts upon the identification of sanctions risks and subsequent approval from the line manager.
  • Respond to and raise requests for information (RFIs) from other banks on sanctions risks in order to identify and mitigate risk
Customer De-Risking:
  • Identify, freeze and exit customer relationships in line with defined Policy, SOP and regulatory requirements. Identify reporting requirements and sure submission and completion of these requirements.
  • Update the appropriate MIS to ensure effective tracking and monitoring of all exited and or frozen accounts
Compliance Systems:
  • Where required, conduct testing for sanctions systems, assist in identifying potential weaknesses in processes and systems and identify solutions to ensure system effectiveness.
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