Compliance Officer

Job description / Role

Oversee the Corporate Compliance Program, functioning as an independent and objective body that reviews and evaluates compliance issues/concerns within the Amal organization.

The position ensures the Board of Directors, management and employees are in compliance with the rules and regulations of regulatory agencies, that company policies and procedures are being followed, and that behavior in the organization meets the company’s Standards of Conduct

Job Responsibilities
• Execution and implementation of the regulations issued by the Central Bank of the UAE and Amal in-house anti-money laundering policy & procedures.
• Monitoring day-to-day transactions of the branch for any unusual/ structured/ suspicious/ blacklisted ones and report to the Retail Operations Manager
• Educating the staff in the Branch on AML & KYC policy and procedures.
• Performing more extensive, due diligence for higher risk amounts/customers and include proactive monitoring for suspicious activities.
• Safe keeping of the relevant documents of Amal Exchange (AEX).
• Archiving of all related files and when required should be able to retrieve files from the archives for preceding five years.
• Take instructions from the Divisional Manager and Retail Operations Manager and report to him on all matters regarding compliance
• Prepare and review financial institution agreements ensuring that all legal, AML compliance and business objectives are met.
• Must be constantly on the alert for potential areas of vulnerability or risk and work with management and operations to develop contingency plans. Ensure that the issues relating to ethics and compliance are evaluated, monitored, managed and resolved in an appropriate manner. Put in place appropriate disciplinary actions and measures to avoid a recurrence.
• Makes sure the monitoring programs are in place to measure efficiency and to identify potential areas for improvement.

Requirements

• A good understanding of the company’s business, global perspective on the company’s role, the stakes involved and developments in the market.
• Be familiar with the company’s overall strategy in order to align the compliance with the business
• Understand the potential risks in order to anticipate them and secure the business
• Have skills and human qualities which allow to advise, train and raise awareness amongst Amal Associates on the significance of business ethics and compliance.
• Ensure that Compliance program is communicated clearly, understood by each country, region or location and assimilated and embodied by the employees targeted.
• Organizes and supervises the training sessions either through meetings or e-learning.

About the Company

The Amal Group of companies headquartered in Dubai, the United Arab Emirates (UAE) commenced operations in 1997 following the amalgamation of 13 individual “hawala” firms as a partnership of seven founders of Somali origins who work together to build and promote the company operations. They succeeded in establishing a solid financial and management base within Somalia and internationally, putting the company in the lead in the money transfer business. On the strength of the trust and confidence shown by the communities served, the company embarked on diversification programs including business ventures in power generation and trade finance. Currently, the Group comprises Amal Express, Real Estate, Amal Islamic Bank and General Trading.