Compliance Officer and MLRO

Job description / Role

Note for recruiter only

We would like to prioritise Emirati or GCC nationals for this role while considering others as well.

Overview

The Compliance Officer & Money Laundering Reporting Officer (CO & MLRO) at the company plays a pivotal role in ensuring the organization's adherence to regulatory and internal compliance / AML/CFT standards.

Qualifications of the CO & MLRO

• Possesses at least five (5) years of relevant experience in a compliance function and at least two (2) years of experience handling AML/CFT matters
• Preferably is a VARA approved person
• Holds relevant professional qualifications in both fields (ICA, ACAMS, etc.)
• Is familiar with the GoAML portal of CBUAE
• Is a resident in the UAE or a UAE national

Key responsibilities

Ensures that all staff, including Board and senior management, are properly and adequately trained in understanding and complying with all applicable laws and regulatory requirements. This includes training related to consumer protection and AML/CFT particularly those relevant to VA activities. Develops and conducts regular training sessions and workshops to keep staff updated on compliance and AML/CFT requirements.

Develops and implements comprehensive compliance and AML/CFT policies and procedures. Regularly updates these policies and procedures to reflect the latest regulatory requirements and internal policies.

Continuously assesses emerging compliance issues and risks. Conducts AML/CFT risk assessments. Implements measures to mitigate identified risks, ensure ongoing compliance, and implement all necessary changes to the relevant policies and procedures to address such issues and risks.

Monitors adherence to compliance and AML/CFT policies across all business functions. Utilizes monitoring tools to automate and enhance the monitoring process. Conducts regular compliance audits to ensure all operations comply with regulatory and internal policies. Documents audit findings and recommends corrective actions.

Reports on a quarterly basis to the Board on compliance activities, audit results, and the effectiveness of the AML/CFT policies and procedures including any failures in such policies and procedures and/or any non-compliance with any Federal AML-CFT laws. Communicates significant compliance issues and proposed actions to senior management. Ensures timely reporting of material non-compliance to VARA and other relevant authorities. Monitors and reports suspicious transactions to relevant authorities.

Ensures that appropriate corrective actions are taken in response to deficiencies in the CMS or non-compliance with applicable laws (e.g., Federal AML-CFT laws) or regulatory requirements. Follows up on corrective actions to ensure their timely and effective implementation.