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Head of Compliance & MLRO

Propel Consult

Bahrain

Ref: LP127-1833

Job description / Role

Company
Our client is the largest domestic multinational expanding their presence in principal international markets. They are currently looking for a Head of Compliance to be based in their Bahrain Branch.

Duties & Responsibilities
• Periodic Compliance Reviews of local branches /operations.
• Review and recommend to country Manager the approval of all High Risk accounts openings (NGOs, Trusts, NPOS, PEPs) ensuring completeness of documentations and due diligence, while FI/MSBs accounts to HOK respective departments for its approval.
• To review the alerts generated through AML solution (MANTAS)
• Investigate and raise queries with respective branches in order to analyze out of pattern transactions.
• To follow up with respective branch for timely submission of response.
• To evaluate and review the replies supporting documents submitted by branch for assessment and closure.
• Monitoring & identifying suspicious transactions and their disclosure and reporting to regulator.
• Ensure timely and errors free submission of monthly compliance performance and other reports to HOK.
• Pursue / execute timely submission of regulatory reports and returns or ad hoc reports by compliance and requisite branch functions.
• Reporting of periodic compliance reviews along with CPRs.
• Addressing timely submission of query raised by central Bank of Bahrain on their online portal regarding blocking/ unblocking of accounts and other inquiries as and when made.
• To establish strong relationships with compliance teams of other Banks, Regulator.
• Ensure timely response to queries raised by relevant internal & external stakeholders.
• Ensure timely resolution of the department ‘s outstanding observations emanating from internal and external audits, Regulator’s inspection and Thematic reviews in order to strengthen the processes and controls and avoid recurrence of observations in future.
• Other tasks include (1) updating of AML/KYC to align it with local regulations/HO policies and recommending more suggestions for further improvement (2) Coordination with regulator to avoid fictitious accounts and suspicious transactions (3) coordination with operation /Treasury Department to ensure genuine outward/inward remittances (4) Liaise with local branch owners for formulation/timely renewal of respective customized policies.
• Reviewing all new and existing policies, associated procedures, SOPs product programs and SLA.
• Ensure that all new laws and circulars issued by the regulator are checked and escalated to the related parties at the branch, in addition to following up on implementing them correctly. For example: FATCA, CRS etc.

Requirements

Qualifications & Experience
• Master’s degree or equivalent from a reputed educational institution
• ACAMS along with Compliance related certification such as ICA International Diploma in Compliance or any other relevant professional certification.
• 5-7 years of experience in control/compliance/oversight function
• Approved by the Central Bank of Bahrain
• Fluency in English
• Good Communications Skills

About the Company

Propel Consult delivers a service in step with the needs of both our client companies and candidates. Our ability to add value to all levels of recruitment stems from our wholehearted belief in providing a professional service to both parties. We have built relationships with many leading indigenous and mulitnational organisations throughout the Middle East and internationally in countries such as UAE, Qatar, Saudi Arabia, Oman, Bahrain, Kuwait, Egypt and many more. Concentrating our resources has created 5 distinct specialist divisions:

  • Banking & Finance
  • Human Resources
  • Oil & Gas
  • Construction
  • Architecture & Engineering

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