Compliance Officer - Wealth Management

Job description / Role

Our client is looking for a Compliance Officer from the Financial Planning industry (also known as ‘wealth management’. This industry advises clients on where and how to invest their savings, and sells insurance plans.

The role reports to the COO.

The Compliance Officer operates as an independent and objective department that reviews and evaluates compliance issues/concerns within the business. The core responsibility of this position is to ensure the Board of Directors, Executive management and employees follow the rules and the regulations of the relevant regulatory bodies, that the company’s policies and procedures are being followed, and that the behaviour within the organisation meets the company’s standards of conduct. As Compliance Officer, you will be responsible for promoting ethical and best business practices through delivery and maintenance of the Company’s Compliance framework. You will assist the Executive team to interpret compliance obligations, communicate and implement UAE regulatory changes and provide compliance advice around internal policies that may impact the business in the short and long term.

Keep abreast of regulatory developments as well as evolving best practices in compliance control in jurisdictions such as UK, IOM, Jersey, and Australia.

Core Responsibilities: Compliance – Advisory:
• Evaluate all advice and recommendations made by consultants
• Complete risk assessments during onboarding of new clients and monitoring of existing clients
• Due diligence - new and existing clients – KYC, sanction & PEP screening
• Continuously develop, update, and maintain the internal compliance structure
• Develop, initiate, maintain, and revise policies and procedures for the general operation of the Compliance function and its related activities to prevent illegal, unethical, or improper conduct.
• Identify potential areas of compliance vulnerability and risk; develops/implements corrective action plans for resolution of problematic issues and provide general guidance on how to avoid or deal with similar situations in the future.
• Acts as an independent review and evaluation body to ensure that compliance Issues/concerns within The company are being appropriately evaluated, investigated, and resolved.
• Provide reports on a regular basis, and as directed or requested, to keep the Board of Directors informed of the operation and progress of compliance efforts.
• Ensures proper reporting of violations or potential violations to the Board of Directors when appropriate and/or required.

Core Responsibilities: Risk Management & Compliance - Regulatory:
• Prepare quarterly and bi-annual reports for the Regulatory body, as well as periodical reports/surveys
• Evaluate and document the efficiency of the company’s internal controls and improve them continuously
• Proactively audit processes, practices, and documents to identify possible weaknesses
• Develop, evaluate, and oversee control systems to prevent or deal with violations of legal guidelines and internal policies
• Complete all due diligence on service and product providers
• Lead annual inspections and provide the required supporting documentation in a timely manner
• Attend Regulatory meetings and all necessary training sessions
• Create, update, and maintain all manuals required by the Regulator

Salary:
AED 15000 per month inclusive of fixed allowances.

Requirements

• Experience in the financial advisory industry is essential as you will need to have a solid understanding of the regulatory environment and industry in which they operate.
• 3-year degree (any subject – ideally financial related) – this is a must
• At least 3 years in Financial advisory or Paraplanning experience

One of the Financial Planning qualifications as follows:
• UK - level 4 qualified
• Australia - Diploma or degree in financial planning
• South Africa - RE, RFP or degree in financial planning
• Clean credit history (required for regulatory positions)
• Integrity and professional ethics
• Critical observation and problem solving
• Ability to assess and interpret processes, documents etc.
• Analytical with an attention to detail
• Ability to work independent and in a team
• Proficient communication skills - both verbal and written
• Microsoft Office proficiency
• Proactive, assertive, and self-motivated
• Organised and efficient

Thank you for your interest. All applications are viewed and evaluated according to the role requirements. We aim to contact shortlisted candidates within 2 weeks. As we often receive a high volume of applications, we are unable to reply to everyone. If you have not heard back from us within 2 weeks, please consider your application unsuccessful. (LV)

About the Company

Inspire Selection is an award winning recruitment agency, headquartered in Dubai which recruits across the Middle East region. We employ highly knowledgeable, professional consultants who are experts in connecting the right people with the right opportunities. Our reputation has been built upon our honesty, integrity and our ability to source candidates of the highest calibre right across our specialist sectors. As a result, we are recruitment partners to a wide spectrum of organisations - from leading blue chip companies to smaller, local businesses. Sectors we cover include HR, Administration, Finance & Accounting, Legal, Sales & Marketing including Digital Marketing, IT, Oil/Gas/Energy, Engineering, Procurement, Manufacturing, Higher Education.