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Compliance Officer and MLRO

Candidate LLC
Keywords / Skills : Compliance, Internal audit, Audit, Statutory audit, Tax, Taxation, Risk, SOX
4 - 14 years
Posted: 8th Nov 2016

Nationality
Afghanistan, Albanian, Algeria, American Samoa, An...
Industry
Banking/ Financial Services
Function
Finance & Accounts
Banking, Insurance & Financial Services
Role
Compliance & Control
Education
Bachelor's Degree, Master's Degree
Stream:
• Banking
• Finance
• Law
Posted On
8th Nov 2016
Job Ref code
CAN08112016
Job Description
  • Oversee the establishment business in the DIFC from a Compliance perspective. 
  • Assist the Board in creating a Compliance Culture. 
  • Keeping the Board of Directors and senior management up to date on changes in relevant regulations and the implications thereof 
  • Assisting and advising the Board of Directors and senior management in identifying and mitigating the compliance risks facing the Firm and in designing and implementing policies, procedures, systems and controls that will enable the Firm to comply with the legislation in the DIFC applicable to its financial services 
  • Implement relevant local Compliance policies and procedures to mitigate the risk of DFSA rule breaches. 
  • Undertake monitoring and surveillance through a risk based monitoring program. Monitor and, as necessary, coordinate the Compliance activities of other departments to remain abreast of the status of compliance and to provide assurance that Compliance breaches are readily identified, reported and acted on, and to identify trends. 
  • Provision of training to relevant employees on what must or must not be done to ensure that they and the Firm comply with applicable laws and regulations. 
  • Foster good relationships with the DFSA and any other relevant regulator and/or stakeholder in the MENA region. 
  • Liaising with DFSA and checking that all regulatory returns ad hoc notifications have been submitted on a timely basis 
  • Provide, independently of local senior management, a reporting mechanism for all local employees to ensure that Compliance related issues/concerns are being appropriately evaluated, investigated and resolved. 
  • Collaborate with other departments (e.g. Risk Management, Internal Audit, Human Resources etc.) to direct Compliance related issues to the appropriate existing channels for investigation and resolution. 
  • Respond to alleged violations of rules, regulations, policies, procedures, and standards of conduct by evaluating or recommending the initiation of investigative procedures. Develop and oversee a system for uniform handling of such violations. 
  • Responsibility for drafting an Annual Compliance Plan that should address the key objectives to mitigating compliance risk. Identify potential areas of Compliance vulnerability and risk; develop/implement corrective action plans for resolution or problematic issues, and providing general guidance on how to avoid or deal with similar situations in the future. 
  • Provide reports on a regular basis and, as directed or requested, keep the Board, Committees and senior management informed of the operation and progress of Compliance efforts. 
  •  Establishing and maintaining the Firms files and registers in relation to: controllers; senior management apportionment; authorised individuals; breaches; complaints; conflicts identification and management, marketing materials; clients, regulatory returns and notifications to the DFSA. 
  • Responsibility for compliance matters in relation to the firms services as per DFSA GEN rules 7.4.6, 7.4.7 and 7.4.8. 
  • Responsibility for The Company compliance with the DFSA AML rules and any relevant anti-money laundering legislation applicable in the DIFC. 
  • Responsibility for The Company anti-money laundering activities carried on in or from the DIFC as per DFSA AML rule 11.4. 
  • Establish and maintain The Companyanti-money laundering policies, procedures, systems and controls and compliance with anti-money laundering legislation applicable in the DIFC. 
  • Responsibility for the day-to-day operations for compliance with The Company Limited's anti-money laundering policies, procedures, systems and controls. 
  • Act as the contact to receive Internal Suspicious Transaction reports from The Company employees pursuant to DFSA AML rule 13. 
  • Take appropriate action pursuant to DFSA AML rule 13.3 following the receipt of an internal Suspicious Transaction Report from any The Company employee. 
  • In accordance with UAE Law no. 4, make external Suspicious Transaction Reports to the Anti-Money Laundering Suspicious Cases Unit (AMLSCU) of the UAE and send copies to the DFSA. 
  • Act as point of contact within The Company for competent UAE authorities and the DFSA regarding money laundering issues specific to The Company. 
  • Respond promptly to any request for information made by competent UAE authorities or the DFSA. 
  • Receive and act upon any relevant findings, recommendations, guidance, directives, resolutions, sanctions, notices or other conclusions described in DFSA AML section 10. 
  • Establishing and maintaining an appropriate money laundering training program and adequate awareness arrangements for all relevant employees.
Reports
  • Provide reports on a regular basis and, as directed or requested, keep the The Company Board, Committees, senior management informed of the operation and progress of Compliance efforts. 
  • In accordance with UAE Law no. 4, make external Suspicious Transaction Reports to the Anti-Money Laundering Suspicious Cases Unit (AMLSCU) of the UAE and send copies to the DFSA. 
  • Overseeing the accurate completion and timely submission of the Annual AML Return 


Other duties and obligations
  • To undertake in an effective manner the fiduciary responsibilities of a member of the management team of the firm. 
  • Performing the role in a way that demonstrates independence within the governing body of the firm. 
  • To have a good knowledge of the principles of sound and effective corporate governance. 
  • As a person who is registered with the DFSA as an Authorised Individual you must, when acting on the Firms behalf: 
  • Observe high standards of integrity and fair dealing; 
  • Act with due skill, care and diligence 
  • Observe proper standards of conduct in financial markets; and 
  • Deal with the DFSA in an open and cooperative manner and disclose appropriately any information of which the DFSA would reasonably be expected to be notified. 
  • Is organised so that it can be managed and controlled effectively; and 
  • Complies with any legislation applicable in the DIFC. 





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