Job Summary:
The Compliance Officer at Alyousuf Exchange is responsible for ensuring adherence to regulatory requirements, mitigating compliance risks, and promoting a culture of integrity and ethical conduct within the organization. Reporting to the Board of Directors or its sub-committee and working closely with regulatory authorities. The Compliance Officer will lead efforts to develop, implement, and monitor compliance policies and procedures.
Duties and Responsibilities:
· Develop and update compliance policies and procedures to meet regulatory requirements, ensuring periodic reviews, updates, and approvals.
· Oversee the implementation of applicable policies and procedures, highlighting any gaps or deficiencies to management and the Board.
· Develop and implement the annual compliance plan, providing quarterly updates on progress to the Board and Compliance Committee.
· Identify, assess and understand the money laundering and financing of terrorism (ML/TF) risk associated with the business conducted by “Alyousuf Exchange” on regular basis.
· Implement a ML/TF risk assessment methodology appropriate to the nature, size and complexity of “the exchnage” business.
· Review risk assessment annually or whenever a new product or service is introduced.
· Serve as the primary liaison between regulators and Alyousuf Exchange, coordinating examinations, meetings, and inquiries.
· Keep abreast of regulatory developments and promptly update the Board high-risk gaps.
· Identify and report compliance breaches discovered during regulatory inspections and internal control reviews.
· Organize and facilitate Compliance and Risk Management Committee Meetings, ensuring timely submission of agenda, minutes, and progress tracker.
· Prepare periodic reports for the Board covering all compliance and regulatory risks, including updates on regulatory directives from the Central Bank of Bahrain (CBB).
· Review and update AML/CFT/CPF policies and procedures annually, ensuring coverage of relevant regulatory requirements.
· Conduct training for staff, ensuring adequacy, appropriateness, and effectiveness of the program.
· Implement and maintain effective transaction monitoring and name screening programs to mitigate AML/CFT/CPF risks.
· Ongoing monitoring of transactions to identify high risk, unusual and suspicious customers / transactions.
· Develop and maintain a Suspicious Transaction Reporting (STR) process, including criteria and procedures for identifying, investigating, and reporting suspicious activity.
· Ensure timely submission of data/returns to regulators and respond to enquiries from the Compliance Directorate.
· Conduct periodic onsite reviews of Alyousuf Exchange branches to assess AML/CFT/CPF risks and compliance.
· Review suspicious activity/ transactions, gather evidence, and oversee investigations, including preparation of STRs.
· Maintain a fraud register, providing quarterly reports to the Board on fraud matters and actions taken.
· Assist in the investigation of counterfeit currency incidents, ensuring proper reporting and compliance with regulatory requirements.
· Provide guidance and support to branches and Head Office staff on compliance issues, keeping them informed of key legal and regulatory developments.
· Assist in KYC requirements, due diligence activities, and screening of new employees and customers.
· Monitor non-compliance issues and escalate unresolved issues to management.
· Maintain proper filing and records as per regulatory and organizational requirements.
· Assist in updating and implementing controls for branches, and support in returns submissions, self-assessments, and policy/procedure reviews.
Job Requirements:
· Minimum of 2 years of relevant experience in a compliance function of financial institution.
· Bachelor’s degree in banking, finance, business administration or any other relevant field.
· Preferably holds Diploma in International Compliance by the International Compliance Association or other relevant professional qualification.
· Have the ability to of implementing and maintaining compliance policies.
· Sufficient understanding of the industry and the applicable regulatory framework.
· Strong analytical skills and attention to detail, with the ability to identify compliance risks and develop effective mitigation strategies.
Submission Guidelines:
Interested candidates can send their CVs to the following email by clearly mentioning the Job Title in the subject line.
Submission Types: Full-time, Permanent
Application Deadline: 31/03/2024