Assistant Manager FATCA & CRS

Job description / Role

Operating in the UAE for over 50 years, CBD manages the financial requirements of some of the largest corporates and businesses operating in the country, driving the UAE economy. Over the years, CBD has transformed into a progressive and modern banking institution winning multiple awards for its digital initiatives, credit cards, bank accounts, mobile app features and services.

CBD has been recognized as the number one bank in the UAE on the Forbes list of The World's Best Banks 2022.

As we continue to build upon our successes, we are looking for ambitious individuals who are passionate about the banking and finance industry and the markets in which CBD operates. Just as important to us is your ability to demonstrate a talent for dealing with people - your colleagues and our customers - and delivering service that really goes the extra mile.

The purpose of the job is to carry out end-to-end responsibility of Automatic Exchange of Information (AEOI). Responsible for the collection and reporting of FATCA and CRS data to the regulatory authorities (CBUAE, SCA, MOF, OECD, IRS).

Responsibilities

• Perform complete reviews of client files, records, and information to ensure relevant tax information against a predefined checklist and procedure are obtained and regulatory requirements for reporting are met.
• Identify gaps and plan the continuous remediation of the existing FATCA and CRS accounts for reporting solution in coordination with Business and other relevant stakeholders.
• Plan well in advance for the report preparations and submissions.
• Check for correctness, including validation of client and completeness of documents received against regulatory requirements.
• Provide regular progress reports to the management on regulatory returns, breaches, and issues (if any).
• Closely work with relevant stakeholders to resolve issues and arrive at appropriate solutions by providing timely and relevant advice.
• Ensure project and process risks are identified and mitigated effectively to ensure adherence with regulatory requirements.
• Manage relationships with internal and external stakeholders.
• Ensure all customer records are maintained for FATCA and CRS in line with regulatory guidelines.
• Provide periodic training to relevant business and support functions to ensure staff are well trained to perform their business-as-usual activities in relation to FATCA/CRS.
• Ensure standard operating procedures (SOPs) are in place and updated as and when required to avoid any regulatory breaches.
• Be audit ready and manage any regulatory inspections on FATCA and CRS.

Requirements

Communication & working relationships

• Build cross-functional relationships and communicate closely with other associated units such as distribution/branches, IT, Operations, Compliance, ORM, HR, Finance, Fraud, Customer Engagement, etc. to ensure timely implementation of regulatory requirements and provide any advice they may require.
• Carry excellent verbal and written communication skills and the ability to interact professionally with a diverse group, including executives, managers, and subject matter experts. In addition, the jobholder must have the ability to work with teams to resolve issues and arrive at appropriate solutions. This will encompass managing users’ and management's expectations effectively and recognizing issues or events which may affect delivery.

Qualifications & experience

• Bachelor's degree or equivalent.
• 10 years of banking experience, out of which at least 3 years of FATCA and CRS experience along with Retail and WBG business products and services, processes, and operations.
• Exemplary knowledge of the regulatory environment, regulatory structures, market contacts, market practice, and industry groups.
• Relevant OECD and IRS legislation to carry out this function and act as a knowledge base for other colleagues.

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.