Compliance Director - DGCX

DGCX Group; Dubai; On-site; AED 440,000 - 551,000; Full time

Job summary

A leading trading platform in Dubai is seeking a Compliance Director to oversee the Compliance function. The role involves managing compliance risks, liaising with regulatory bodies, and ensuring adherence to laws. The ideal candidate holds a relevant bachelor's degree, is fluent in English and Arabic, and has over 10 years of experience in a Derivatives or Equities Exchange. Competitive package and growth opportunities are offered.

Qualifications

• Minimum 10 years in a relevant field, preferably in a Derivatives or Equities Exchange.
• Experience developing and managing Compliance Monitoring programs.
• Fully conversant with SCA, MiFID, IOSCO, EMIR, CFTC, FATF regulations.

Responsibilities

• Lead the Compliance function for DGCX and DCCC.
• Analyze compliance risks and develop policies appropriately.
• Serve as a liaison with regulatory bodies and ensure compliance with laws.

Skills

Fluent in English

Fluent in Arabic

Excellent interpersonal skills

Strong analytical ability

Leadership and team management skills

Education

Bachelor’s degree in business, law, finance or related areas

Chartered Institute of Securities and Investment CISI Exams

Compliance certifications

Job description

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Role Summary

The Compliance Director is responsible to lead the Compliance function for DGCX and DCCC ("DGCX Group"). The role is critical to managing compliance and reputation risks and works closely with the Board of Directors, Regulator (SCA) and Senior Management Team.

Responsibilities

• Ensure business activities as Self-Regulatory Organizations (SRO) are carried out in conformity with all applicable laws, regulations, internal policies and procedures.
• Serve as a liaison and maintain effective relationships with local, federal and international regulatory bodies.
• Ensure relevant international recognition, where necessary, is obtained for the DGCX Group to remain current and appropriate for current and future business needs.
• Ensure timely reporting to national and international regulators as applicable.
• Continual compliance risk assessment of the DGCX Group’s practices together with the development of internal policies and procedures in line with the local and international regulations.
• Monitor the adequacy and effectiveness of the measures designed to comply with the applicable legislation and the actions taken to address any deficiencies as well as assess such measures and actions on a regular basis. Manages the compliance policies and procedures established by the senior management and the Board of Directors.
• Keep abreast of regulatory developments and provide regular updates to the Senior Management Team and the Board.
• Manage the compliance function including identifying; KPIs, KRIs, and residual risk.
• Implement and manage ongoing Compliance Risk Assessments,
• Provide advice and assistance to the staff to help them comply with their stipulated obligations. Manage AML software / vendor relationship and SLAs.
• Ensure completion of third-party due diligence before establishing business relationship
• Ad hoc reporting and projects as required. Ensure that membership applications and supporting documents are in accordance with applicable regulations, DGCX By-Laws and internal procedures.
• Ensure that members’ requests and concerns are handled in a timely and efficient manner and timely reporting to SCA and DMCC, as applicable.
• Ensure proper due diligence checks of all potential Members are carried out by the team before bringing them on board.
• Maintain a thorough understanding of relevant regulatory requirements to be adhered to by the Members and accordingly provide guidance to the team in enabling them to ensure that Members comply with applicable regulatory requirements.
• Provide appropriate and timely management of information on compliance and regulatory issues to the management teams as requested, including mitigating actions.
• Develop and oversee a system for uniform handling of breach of By-laws or violations of the Exchange regulations.
• Submit regular reports to the DGCX and DCCC Board of Directors on compliance by the DGCX Group and their employees on all applicable regulations.
• Notify the relevant authority of any violation of the law or the regulations, decisions or controls issued pursuant thereto or the internal regulations.
• Ensure that annual and ad hoc inspections are carried out effectively and according to the annual inspection plan.
• Ensure findings of the inspections are communicated to the relevant parties, including the affected members.
• Ensure Members have taken adequate measures to address the concerns raised by the compliance department, including the creation of documented compliance mitigation plans.
• Monitor and report on the progress of the implantation of Member compliance mitigation plans. Notify relevant authority of members’ violations when necessary.
• Ensure appropriate rules are created for each product launch when required and accordingly ensure the By-Laws and the clearing rules are updated.
• Review, interpret, and implement rule proposals and amendments to regulations as required.
• Ensure mapping exercise is completed of new regulations annually, as compared against current By-laws. Ensure that the By-Laws and the clearing rules are recalibrated based on the changing business needs, organizational changes, and / or regulatory changes as noted above.
• Perform the role of money laundering reporting officer, maintain links with the Central Bank and report on any Suspicious Transaction Reports (STRs) as per the pertinent Federal laws.
• Review, scrutinize and study records, receive data concerning suspicious transactions, and take decisions to notify the Central Bank.
• Maintain and periodically review an Anti-Money Laundry (AML) policy
• Bi-annually report to the Board and the senior management on the compliance with AML regulations and preparation of the DGCX Group Business Risk AML Assessment report
• Provide DGCX Group employees with annual AML training.
• Assist the Internal Auditor in their audit programme providing information and follow-up as required. Manage annual audit requests and implement post audit remediation plans.
• Ensure that the internal DGCX Group teams are kept up to date on local and international regulations including Financial Actions Task Force (FATF), OFAC, UN Sanctions, etc., and ensure identification of those regulations that are relevant to the business of DGCX Group.
• Create, review and update the official Notices to be published to the members as required.

Qualifications

• Minimum qualifications shall be a bachelor’s degree in business, law, finance or related areas of specialization. Fluent in English & Arabic : both spoken and written.
• Chartered Institute of Securities and Investment CISI Exams as prescribed by SCA are mandatory.
• Law graduates are preferred. Other Compliance certifications can be an added advantage.
• A high caliber individual with proven experience in a Derivatives Exchange or Equities Exchange and / or working in a regulatory environment.
• Ideally, the preferred candidate shall have a minimum period of 10 years in the relevant field.
• The position will require excellent interpersonal skills and the ability to influence decision making at the Top management level.
• Experience of developing and managing Compliance Monitoring programs will be an added advantage.
• Fully conversant with SCA, MiFID, IOSCO, EMIR, CFTC, FATF and relevant other regulatory Directives, guidelines and regulations. Proven compliance acumen.
• Good knowledge of legal requirements as they pertain to the DGCX Group and the Members.
• Fully conversant with the Exchanges activities, the business rules and clearing rules and its role as a Self-Regulatory Organization.
• Effective communication and listening skills required to interact internally with respective departments and externally with the local and international regulatory bodies.
• Proven leadership and team management skills, high personal integrity.
• Personal resolve to blow-the-whistle against any potential breaches of the Member firms and any wrongdoing of any directors and / or Top managements of the exchange.
• Strong analytical ability and understanding of laws and regulations.
• Attention to detail and can communicate effectively to attain objectives.

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