Job description / Role
• Developing, within the framework of Group Compliance Policies, a Compliance Manual for the Operating Unit.
The framework includes:
- Development of Regulatory Compliance Matrix (“RCM”)
- Compliance Checklist
- Independent Compliance check programs. RCM captures all the regulatory requirements based on which the compliance checklist is prepared for conducting self-assessments of regulatory compliance.
• Apprising local management and staff of SAMAy & CBK regulations and other applicable laws, regulations and regulatory directives communicated by IBG management, Central Compliance Division and other Group-level functions (Financial Control Division, Legal Division, Risk Management, etc.).
• Monitoring compliance with local regulatory requirements, and applicable official Group requirements as aforesaid, by implementing the regulatory compliance framework, in co-ordination with Central Compliance Division.
• Reporting of all regulatory non-compliance issues to GM or equivalent of the Operating Unit and “escalation” of all material issues to the Central Compliance Division and IBG management as warranted.
• Follow-up with relevant divisions in the operating unit to address and rectify all non-compliance issues, in co-operation with the GM or the equivalent.
• Verification of compliance with all local regulatory and internal Group requirements in relation to KYC aspects.
• Escalation of all “suspicious” transactions reported to local government authorities SAMA to Central Compliance Division.
• Recruit, train and manage staff capable of accomplishing responsibilities related to the compliance function.
• Maintain awareness of trends and development in internal policies and procedures.
• Watch the progress of other institutions regarding Compliance functions, market trends and to benchmark the progress.
• Ensure that all Compliance policies and Code of Conduct are adhered to the organization’s Code of Conduct.
• Assists in evaluating processes with a view to ensuring compliance with regulations and improving operational standards. Assists in implementing new polices, process, bank structure and control to strengthen compliance and operational standards
• Prepares, executes and maintains documentary records and evidence of periodic control, review on a random basis to insure compliance including timely monitoring of reports and other submissions to the regulatory authorities.
• Establish an independent and dedicated Money Laundering Control Unit (MLCU) under The Compliance Function with sufficient authority and accountability to detect and combat money laundering and terrorist financing activities.
• Perform independent Monitoring of market risk including counterparty limits approved bICC and coordinate with respected departments to rectify exceeded limits and report observations and exceptions to Risk Management.
• Degree in Finance, Commerce or related discipline.
• 10 to 15 years Banking Experience.
• Excellent understanding of banking services, products and related operational and regulatory risks.
• Good knowledge of local regulatory requirements (SAMA regulations) and working
• Knowledge of other regulatory and sanctions matters (e.g. OFAC – BIS-SIDE Station etc).
• Good knowledge of KSA local services market rules in all aspects including products, procedure of the service clearing and settlement systems and the markets (FX, Depo securities).
About the Company
Saudi Networkers is one of the largest consultancies providing services to ICT, Oil & Energy, Technology, Engineering, Banking, Finance and Healthcare arena across Middle East & Africa, covered by teams, specialized in their assigned industry sector.
Saudi Networkers founded in 2001 and has excelled ever since in providing cost effective solutions to the biggest multinational companies in MEA region with very high standards of quality whilst adhering business ethics and meeting our clients expectations.
Today, SNS Group is one of the leading consultancies, with more than 1700+ employees worldwide, ISO 9001:2008 certified and is highly regarded.