Assistant Manager, Sanctions

Job description / Role

Job Purpose:

- Manage the allocation of sanctions alerts, transactions and RFIs to be reviewed within the team.
- Supervise the review process of sanctions alerts, transactions and RFIs to ensure compliance with the Bank's internal policies and procedures.
- Support the Manager Sanctions with response to Correspondent Banking KYC requests and Queries.
- Act as Sanctions advisor for queries from the business and operations

Principal Accountabilities:

- Sanctions alerts escalated to Compliance by the outsourced team in India or directly triggered by the Bank's screening systems.
- Transactions referred to Compliance from the Bank's remittance and trade finance teams.
- Requests for Information (RFIs) received from the Bank's Correspondent Banks as well as of their KYC profiles refresh.
- Supervise the investigation process followed by the Bank to review sanctions alerts and determine whether it complies with the Bank's documented procedures.
- Support on the ongoing assessment of the Bank's Sanctions screening systems to ensure it is optimized and the volume of false positives is minimized.
- Review and investigate all breaches, discrepancies and irregular activities, and recommend corrective actions to ensure compliance with the bank's Sanctions policies/procedures and mitigation of identified risks for the bank.
- Support the Manager in advising on a wide range of international trade, regulations, economic sanctions and other compliance related issues.
- Work closely with the business and IT to identify business and compliance related process improvement opportunities.
- The role holder will allocate the alerts, transactions or RFIs to the most suitable Sanctions Officer based on the staff workload and the complexity of the case.
- Support the Sanctions team by reviewing escalated sanctions alerts, transactions or RFIs when the volume is higher than the average or when there are staffing constraints that could limit the team's capacity.
- Prepare weekly and monthly Management Information (MI) reports for alerts and cases investigated to ensure timely reporting of volumes and pending cases.
- Support on the identification of any sanctions issues to ensure the Bank do not enter into any business relations with individuals or entities listed in the Central Bank of UAE blacklist or in the applicable international sanctions lists.
- Provide guidance to the Sanctions Officers on their investigations.
- Perform periodic Quality Assurance of closed alerts and cases on a sample basis.
- Review and make recommendations on necessary changes and potential gaps in Sanctions related policies and procedures. Develop and recommend mitigating controls for the identified control weaknesses.
- Develop and keep up to date the Bank's Sanctions related training materials in line with the latest Sanctions regulations.

Requirements

Qualifications:

- Bachelor's Degree as a minimum from a recognized university.
- Well versed with local regulations, banking systems, concepts and banking best practices.

Experience:

- At least 5 years of experience in the banking/financial services sector.
- Direct Experience in working in a Sanctions function.

Skills:

- Good written and oral communication.
- Planning and organizing skills
- Report writing skills
- Management skills
- Familiar with OFAC, EU, UN, UAE and OFSI sanctions regime

About the Company

In 1969, when we at Commercial Bank of Dubai started out little did we know that sheer grit and determination would get us where we are today. An Emiri Decree issued by His Highness the Late Sheikh Rashid Bin Saeed Al Maktoum, the founder of modern Dubai, laid the cornerstone of Commercial Bank of Dubai. We started out as a joint venture of Commerzbank, Chase Manhattan Bank and Commercial Bank of Kuwait. A minority stake was held by a few UAE businessmen.

By 1982, little more than a decade later, we evolved into a National Public Shareholding company. A feat complimented by an exponential increase in the capital base and mammoth restructuring of our operations. The feather in the cap came when the Government of Dubai became a key shareholder.

Over the decades, we have transformed ourselves into a progressive and modern banking institution. We are supported by a sturdy financial base and reigned by a strong and stable management. The proof of which lies with our customers who have stood by us over the years.