Compliance Administrator & MLRO
Full Time | Compliance Administrator & MLRO | Compliance & Risk Management |UAE
Job Summary
Responsible for ensuring that the Company’s activities in the UAE are in adherence with all applicable laws, rules and regulations to the Company
Responsibilities
- Assists in developing and maintaining the Company’s AML/CFT/Compliance policies and procedures.
- Monitors and ensures day-to-day compliance with the Company’s own internal AML/CFT/Compliance policies and procedures and the applicable laws/regulations.
- Reports on the effectiveness of the licensee’s AML/CFT controls, for consideration by senior management;
- Monitors and on regular basis of what may, in his opinion, constitute high-risk customer accounts; and ensuring that the insurance licensee maintains all necessary Customer Due Diligence (CDD), transactions records, Suspicious Transaction Reports and staff training records for the required periods.
- Acts as the Company’s main point of contact in respect of handling internal STRs from the staff and as the main contact for the concerned regulatory bodies regarding AML/CFT and making external STRs to them.
- Works with the Human Resources Department and other department as appropriate to develop an effective and adequate arrangement for staff awareness and training on AML/CFT matters.
- Acts as an independent review and evaluation body to ensure that compliance Issues/concerns within the Company are being appropriately evaluated, investigated and resolved.
- Actively participates in developing, initiating, maintaining, and revising policies and procedures for the general operation of the compliance program and its related activities to prevent illegal, unethical, or improper conduct.
- Actively participates in developing and periodically reviewing and updating standards of compliance conduct to ensure continuing currency and relevance in providing guidance to management and employees.
- Collaborates with other departments to direct compliance issues to appropriate existing channels for investigation and resolution.
- Actively participates in responding to alleged violations of rules, regulations and standards of conduct by evaluating or recommending the initiation of investigative procedures.
- Actively participates in responding to alleged violations of rules, regulations and standards of conduct by evaluating or recommending the initiation of investigative procedures.
- Monitors, and as necessary, coordinates compliance activities of other departments to remain abreast of the status of all compliance activities and to identify trends.
- Identifies potential areas of compliance vulnerability and risk; develops/implements corrective action plans for resolution of problematic issues, and provides general guidance on how to avoid or deal with similar situations in the future.
- Provides reports on a regular basis, and as directed or requested, to keep the senior management informed of the operation and progress of compliance efforts.
- Institutes and maintains an effective compliance communication program for the Company, including promoting (a) heightened awareness of standards of conduct, and (b) understanding of new and existing compliance issues and related policies and procedures.
- Monitors on regular basis all reported complaints and ensures that the complaints have been dealt with fairly and when applicable, have been properly escalated internally and externally.
- Ensures that all communications with regulatory bodies are clear, complete and accurate and attends to all regulatory requests on timely basis at all times.
- Updates the senior management on new laws/rules/regulations and their potential impact and propose action plan(s) to ensure full compliance.
- Miscellaneous tasks within the scope of work, as assigned by the direct manager.
Qualifications
- University degree.
- Higher professional qualifications preferred
Preferred Skills
- 3+ years of experience in insurance/financial sector
- Ability to interpret legal documents and policies
- Excellent aptitude for legal research
- Computer skills, especially with Microsoft Word, PowerPoint and Excel
- Communication Skills | Team Work | Time Management