Compliance And KYC Analyst

Job description / Role

Role purpose

Implementing ADIB Securities strategic and performance objectives by complying with regulatory requirements and internal policies.

Enhancing the compliance environment by interpreting and implementing the regulatory framework for ADIB Securities and improving the conduct of KYC and daily monitoring controls' testing activities. Implementing and monitoring compliance regulatory rules and ADIB group policies.

Key accountabilities of the role

• Contribute to reviewing and renewing policies and procedures for ADIB Securities departments; compliance, operations, brokerage, and customer services.
• Provide compliance advice in KYC, regulatory, and anti-money laundering regulations to all departments in matters related to trading transactions and accounts onboarding.
• Highlight regulatory requirements deviations from policy and incorporate the initiatives in policy and procedures under review.
• Ensure new and existing regulatory compliance policies and procedures meet a standard of excellence.
• Handle daily checklist of compliance monitoring duties, ensuring all lines/departments comply with ADIB Securities, markets, and SCA related rules.
• Monitor margin trading clients' daily positions.
• Apply regulatory requirements in the following areas:

A. Internal control & risk management duties

• Check recording system on a daily basis.
• Review and match daily aging report (receivables and payables) with financial system.
• Verify mail registration system/procedures for inward and outward items from SCA and markets.
• Verify client complaints, ensuring they are managed according to SCA regulations.
• Prepare and handle control testing and risk assessment checklist quarterly.
• Attend markets and SCA questionnaires and liaise on annual membership renewal cycles.
• Perform quarterly control testing and risk assessment; ensure identification of new and emerging risks from business and regulatory developments.
• Follow up with brokers, relationship managers, and trading managers for margin trading clients who are below maintenance margin 30% level.

B. Monitoring duties

• Monitor client services activities in classifying new clients as regular client, PEP, or nominal, applying KYC rules.
• Daily sample monitoring of required ID documents and their validity, signature, online trading, and file archiving system.
• Assess completeness and quality of initial "Know Your Customer" (KYC) documentation for new customers on an agreed random sample basis.
• Monitor trading issues such as order receiving method (order archiving, recording system/calls, emails, fax, and online trading); randomly verify daily trade log, placed, cancelled, partially and fully executed orders, and quality of recorded calls.
• Verify availability of approvals for employees and insiders (if any).
• Run and review daily monitoring reports: suspicious trades report, daily activities report, TWS report, employees trades report, high-risk transactions report, PEP transactions report, OD exception report, Bloomberg chats report.
• Conduct monthly margin shares reconciliation with the client services team.

C. Regulatory and financial reporting duties

• Ensure submission of regulatory reports: segregation of clients cash, capital adequacy report, margin monthly report, dormant monthly report, and employees trading report to SCA on a monthly basis and ensure compliance with deadlines.
• Follow up on aging balances and margin trading accounts reports; ensure submission to SCA within deadlines.
• Follow up on submitting monthly, quarterly, and annual ADIB Securities financial statements to SCA.
• Follow up and handle weekly reporting to financial markets and all compliance-related communications with the regulator and financial markets.

Aims

• Proactively safeguard ADIB Securities assets and its customers from risks such as reputational, credit, market, compliance, and legal risks.
• Conduct control testing then manage and mitigate reputation and operational risks that might lead to losses.
• Help build a compliance culture by increasing awareness and updated knowledge on AML issues throughout all ADIB's staff.
• Participate and support the delivery of annual compliance training.
• Contribute to ensuring the effectiveness of the compliance program/manual and proper identification and timely reporting of any unusual or suspicious cases.
• Ensure coordination with internal parties (ADIB) and external parties in applying and complying with rules and regulations and combating money laundering.
• Respond to all queries raised by departments and branches in a proper and timely manner on compliance issues.

Specialist skills / technical knowledge required for this role

• Good knowledge of compliance functions in the brokerage field.
• Sufficient experience in compliance, banking, and other related areas. Audit and legal background is an added value.
• Strong knowledge of the UAE, SCA, ADX, and DFM regulations and rules.
• Strong knowledge of brokerage products, policies, and procedures.
• Excellent communication and presentation skills.
• Ability to balance compliance requirements, business needs, and potential risks.
• Computer skills, especially Microsoft Office applications.
• Fluent in English and Arabic.

Previous experience required

Five years of experience in banking and financial services sector (preferably in back office or operations).