Senior AML & Complaince Specialist - UAE

National Bank of Oman; Dubai; On-site; AED 350,000 - 520,000; Full time

Job summary

National Bank of Oman is seeking an experienced Senior AML & Compliance Specialist in the UAE to execute the AML/CTF, sanctions, and regulatory compliance program for UAE operations.

You will support the Head of Compliance & MLRO UAE, review regulatory requirements, manage risk assessments, and oversee screening and reporting processes to ensure timely compliance with local and international standards.

Qualifications

• 8+ years of Compliance FCC experience in banking, including 5-6 years in AML/CFT/CPF and Sanctions.
• Experience performing Gap / Impact analysis / assessment on regulations (FCC regulation mainly).
• Experience delivering a robust AML/CFT/CPF and Sanctions program.

Responsibilities

• Assist in implementing AML/CFT/CPF and Sanctions programs within NBO UAE to address risks.
• Monitor alerts from transaction monitoring and sanctions screening, escalate as needed.
• Support Head of Compliance & MLRO UAE in reporting STRs to FIU and liaising with FIU on matters.
• Ensure timely regulatory submissions and Gap Assessments; align UAE with Oman processes.
• Oversee watchlist filtering and screening of international payments and trade finance.
• Provide SME guidance on AML/CFT/CPF, Sanctions, KYC/CDD and due diligence.

Skills

AML/CFT/CPF

Regulatory Compliance

Stakeholder Management

Regulatory Reporting

Oversight & Advisory

Education

Bachelor's / Master's Degree in Banking, Finance, Business, Science, or a related subject

Job description

The Senior AML & Complaince Specialist is responsible for the execution of the compliance program relating to AML/CTF and Sanctions laws and regulations. The role entails supporting the Head of Compliance & MLRO with overseeing NBO UAE’s compliance with AML/CTF and Sanctions policies & procedures, periodic review of the AML/CFT and Sanctions program and ensuring breach of applicable compliances are escalated to the Head of Compliance (UAE) on a timely basis.

Key Tasks and Duties:

Assist in ensuring effective implementation of NBO UAE's compliance strategy covering AML/CFT/CPF and other regulatory requirements within UAE Operations ensuring verticalalignment and horizontalintegration with otherinterfacing departments and their respective strategies.

Compliance Framework Management

• Assist the Head of Compliance in managing the NBO UAE Compliance framework and lead the AML/CTF/CPF activities by suitably engaging with the Business and other relevant stakeholders in ensuring all deliverables, both regulatory and internal, are met in a timely and accurate manner.
• Assist the Head of Compliance to ensure regulatory submissions are done in a timely and accurate manner; engage with UAE/ Oman stakeholders as necessary to ensure reporting obligations are met.
• Assist the Head of Compliance in preparing written guidance documents for NBO UAE Businesses and Functions as needed to ensure appropriate implementation of applicable Compliance laws and regulations.

Policies and Procedures

• Assist the Head of Compliance to oversee Bank's compliance with applicable Central Bank of the UAE Laws and regulations for Financial Crime as well as Regulatory Compliance.
• Ensure all new/ amended UAE regulations are recorded and Gap Assessment is completed by the relevant department and actions emanating from such Gap Assessment are followed through.
• Ensure UAE Compliance Policies and Procedures remain updated with the latest regulatory guidelines and are appropriately communicated to all stakeholders.
• Ensure there is alignment with NBO Oman in terms of internal NBO processes and practices and that the UAE Businesses apply these and any additional requirements from the Central Bank of the UAE.
• Ensure comprehensive reviews are conducted covering the Regulatory Compliance Framework as well as Financial Crime Risk framework.

AML/CTF/CFP, Sanctions and Compliance Oversightand Advisory

• Assist in the implementation of AML/CFT/CPF and Sanctions programs within NBO UAE to address and mitigate current risks and proactively address emerging AML/CFT/CPF and Sanctions threats.
• Stay updated on relevant laws, regulations, and best practices related to AML/CFT/CPF and Sanctions, assessing their impact on NBO UAE. Monitor relevant sanctions lists (OFAC, EU, UN, UKHMT, and others) to ensure compliance with regulatory requirements.
• Ensure all AML/CFT/CPF and Sanctions risks are effectively identified through comprehensive risk assessments conducted across business units and the compliance division.
• Promptly identify and elevate any violations of AML/CFT/CPF and Sanctions policies and procedures.
• Ensure timely remediation of gaps identified during internal and external audits as well as regulatory supervisory reviews.
• Oversee the management of alerts generated by transaction monitoring and sanctions screening systems, making decisions on escalated cases.
• Supervise activities related to monitoring banking transactions for AML/CFT/CPF compliance, including identifying potential money laundering and terrorist financing activities.
• Review the outcomes of sanctions investigations, presenting findings to the Head of Compliance (UAE) and documenting rationale for decisions on suspicious transactions.
• Consolidate and review potential sanctions breaches from all business lines and collapse matters to senior management as required.
• Support the Head of Compliance & MLRO UAE in reporting Suspicious Transaction Reports (STRs) to the Financial Intelligence Unit (FIU) and liaise with the FIU on suspicious transaction matters.
• Provide oversight and assistance in the screening of international payments and trade finance transactions to ensure compliance with AML/CFT/CPF and sanctions regulations.
• Manage and maintain the watchlist filtering application for payments.
• Serve as a subject matter expert (SME) for AML/CFT/CPF, Sanctions, KYC/CDD and other Compliance related matters, advising UAE businesses and other units.
• Provide advisory services on escalated issues, such as due diligence on customers, trade transactions, and remittances.
• Ensure requests from the Central Bank of the UAE to Search & Freeze/ Close accounts and similar ones are executed promptly.
• Participate in User Acceptance Testing (UAT) for system updates, new functionalities, and upgrades related to AML/CFT/CPF and Sanctions.
• Participate in periodic reviews of AML/CFT/CPF and sanctions-related processes as per the compliance review plan.
• Ensure the proper retention and safeguarding of all official records and documentation related to AML/CFT/CPF and sanctions compliance.

Academic and Professional Qualification:

Bachelors / Master's Degree in Banking,Finance, Business, Science, or a related subject;

Required skills are:

• 8+ years of Compliance FCC experience gained at a top tier international bank or a large local bank, which includes 5-6 years of experience in the AML/CFT/CPF and Sanctions, Regulatory Compliance domain.
• Experience in undertaking Gap / Impact analysis / assessment on regulations (FCC regulation mainly)
• Experience in advising or working in a Compliance Division with a focus on delivering a robust
• AML/CFT/CPF and Sanctions program.
• Strong track record in dealing with and managing regulators and other stakeholders.