Head of Compliance

Job description / Role

Head of Compliance, DIFC & Non-Presence Countries MENA

You will be the registered compliance officer and money laundering reporting officer for SCB DIFC with the Dubai Financial Services Authority (DFSA).

Provide team leadership and have responsibility for and oversight of the management of regulatory product risks in SCB DIFC and provides advice to ensure that the business is meeting the bank's and the DFSA's expectations.

To work closely with the Business Compliance Officers in the region to understand regulatory product risks within those business in the DIFC and non presence countries and, when required, partner with Business Compliance to provide advice and assurance to ensure that the bank is meeting the relevant Regulators' expectations.

To proactively develop regulatory relationships with the DFSA through a structured engagement programme and consistent adherence to regulatory expectations.

Responsible for overseeing SCB DIFC Branch management of its regulatory and reputational risk from the perspective of the DIFC and the SCB footprint in non presence.
Regulatory and Product Risk Identification and Policy Setting in SCB DIFC Branch
DIFC compliance officer:
* Act and be registered as the DIFC compliance officer and money laundering reporting officer for SCB DIFC.
* Maintains a strong and proactive relationship with the DFSA including maintaining the regulatory relationship plan.
* Provides proactive monitoring and oversight of the DIFC branch activities and businesses and to ensure SCB DIFC is meeting the requirements of the DFSA rules and regulation.
* Support DIFC Senior Executive Officer in the increased governance requirements in the DIFC including attending the DIFC MANCO, UAE CORC, maintaining a separate DIFC regulatory compliance issues/risk register, monitoring location of individuals within the DIFC.
* Monitor changes/developments in DIFC/DFSA law/regulation and cascade to business and to coordinate lobbying/thought leadership efforts with the DFSA.
* Member of UAE CORC, DIFC MANCO, Dubai Offshore Booking location Governance Committee and UAE Compliance top team meeting.
* Support private bank in DFSA regulatory matters.
* Deal with non-routine correspondence to the DFSA (e.g. product approvals, notifications, licence applications/variations)

Partnership with Business Compliance for DIFC
* Acts as the point of contact between Business compliance MENA and DIFC Country Compliance with respect to the DIFC.
* In close partnership with Business Compliance, to provide advice to business on regulatory compliance queries affecting the DIFC businesses including advice on local regulations and Group/Business compliance policies.
* Work closely with the business compliance product/functional specialists including private banking compliance, International banking compliance, financial markets compliance, transaction banking compliance, private side compliance, control room and FCR to ensure that integrated and consistent advice is delivered.
* Responsible for assisting Business Compliance so that Country Compliance can assess, defend and report on the full range of SCB compliance issues and their handing in the DIFC.

Non- Presence Countries
* Provide compliance advice and support both to the non-presence countries (e.g. Kuwait) and rep office countries (e.g. Egypt, Libya, Iraq) where there is currently either no or limited local compliance support.

Regulatory Relationship Management
* In partnership with the SEO develop and maintain excellent relationships with the DFSA, DIFC and other regulatory bodies through the execution of a structured regulatory relationship plan.
Responsible for ensuring the business is properly prepared for regulatory inspections.

Regulatory Advice
* Provide timely local regulatory advice and recommendations to the business (including on Prudential Regulation, in partnership with Finance and Risk Functions) on DFSA/DIFC regulatory matters and proactively monitors business specific regulatory developments.
* Provide guidance on proper application and interpretation of laws, regulations and policies applicable to the business.
Regulatory Training
* Provide classroom training to the DIFC businesses on DFSA/DIFC regulations and Group Compliance policies/procedures.

Compliance Monitoring
* Assist in delivery of compliance monitoring reviews in the UAE/DIFC as per the country monitoring plan including leading some of the DIFC compliance reviews.
* Responsible for the completion of the Business Compliance Risk Review for the DIFC.

Compliance Reporting
* Coordinate the different reports to the DFSA and DIFC (including to prepare and submit an annual DIFC AML report to the DFSA and the annual return to DIFC data protection officer)
* Keep track of the appointment, registration and withdrawals of the authorized individuals.

Compliance Business Partnering
* Use technical knowledge of all business products undertaken in the DIFC to provide sound, regulatory advice to the business on a timely basis. This may entail transactional work, in liaison with business compliance.
* Assist the Country Head of Compliance, Business Compliance and Senior management in ensuring that the DIFC based businesses and DIFC branch operate in accordance with (a) their legal and regulatory requirements and (b) Group standards.

Requirements

* Proven experience in the regulatory field or equivalent relevant legal experience.
* A strong understanding of the regulatory environment in the U.A.E.
* Strong analytical skills.
* Good judgment enabling the provision of sound advice in difficult areas of law, regulation and practice and the proactive management of compliance and regulatory risk.
* Personal authority, integrity and ethics.
* An inquisitive and proactive approach to practices, procedures and specific transactions.
* Ability to manage and give leadership to subordinates across U.A.E.
* Independence, robustness and resilience.
* Sharp business acumen, including the ability to assess risk.
* Strong leadership qualities, excellent inter-personal skills and multi-cultural awareness.
* Strong integrity, independence & resilience.
* Personal authority with proven ability to establish relationships and exert influence at senior levels of the Group and with regulators and other external stakeholders.

About the Company

Standard Chartered Bank started in 1958 in UAE with its first branch in Sharjah. The Group’s business gradually increased in Dubai with the opening of several branches and today, Dubai is the administrative hub of the Middle East and South Asia Region. In its 43rd year, the Bank enjoys the position of having the most extensive branch network among foreign international banks in UAE with 10 branches emirate-wide.

Standard Chartered is an international bank, focused on the established and emerging markets of Asia, Africa, the Middle East and Latin America with an extensive global network of more than 600 offices in over 50 countries. The three principal business groups are Global Markets, Personal Banking and Corporate and Institutional Banking.

In UAE, we are one of the leading banks, offering an extensive range of products and services for personal customers, local companies, multinational corporate and financial institutions.