Senior Manager AML/CFT & DMLRO

Commercial Bank of Dubai; Dubai; On-site; AED 120,000 - 180,000; Full time

Job summary

An established industry player seeks a dedicated professional to lead their Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) efforts. In this pivotal role, you will manage compliance, oversee transaction monitoring systems, and act as the primary liaison with regulatory bodies. Your expertise will help shape the bank's policies and ensure adherence to international best practices. With a focus on analytical rigor and effective communication, you will guide a team dedicated to combating financial crime. If you are passionate about regulatory compliance and ready to make a significant impact, this opportunity is for you.

Qualifications

• 6+ years in banking/financial services, with 3 years in AML/CFT compliance.
• Bachelor's degree required; relevant certifications preferred.

Responsibilities

• Oversee AML/CFT risk and compliance with regulations.
• Manage transaction monitoring and suspicious transaction reporting.
• Provide guidance on AML/CFT issues and maintain updated policies.

Skills

Financial Crime Regulatory Requirements

Analytical Skills

Problem Identification and Solving

Written and Oral Communication

Management Skills

Critical Thinking

Judgment and Decision Making

Complex Problem Solving

Education

Bachelor's Degree

ACAMS or ICA or CFCS or CRCMP

Job description

The role holder is responsible for managing the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) function as well as providing subject matter expertise to senior management and business units.

The role holder is appointed as the Bank's DMLRO and shall determine whether the escalated AML alerts and suspicious activity need to be reported to the UAE Central Bank's Financial Intelligence Unit (FIU). The role holder will also act as the main contact point for the UAE Central Bank FIU.

Principle Accountabilities

• Oversee the AML/CFT risk for CBD, owning the AML/CFT Policy and ensuring compliance with all CBUAE regulations, guidance and notices.
• As the Bank's DMLRO, the role holder will have delegated authority to sign and report Suspicious Transaction Reports (STRs) to the UAE Central Bank's Financial Intelligence Unit (FIU).
• Review the escalated alerts or suspicious transactions and determine whether they need to be reported to the UAE Central Bank's FIU.
• Manage the received responses or mandated actions from the UAE Central Bank's Financial Intelligence Unit (FIU) on the STRs submitted and support the Head of Compliance with regulatory correspondence.
• Day-to-day management of the Bank's transaction monitoring system to ensure effectiveness, track AML alerts, queues or backlogs and provide the Bank's senior management with an update on the operations and effectiveness of the AML/CFT and Sanctions function.
• Oversee the investigations of the more complex investigations which may originate from Senior Management, the UAE Central Bank, the Police, Whistleblowing or from data analytics.
• Conduct periodic assessments of the Bank's transaction monitoring system to ensure its optimization (i.e. fit-for-purpose), including threshold reviews, segmentation analysis as well as scenario performance analysis.
• Manage the list of scenarios from which the system will trigger alerts to ensure that the rationale behind each rule and the governance in place around the modification of parameters is well documented and mapped against the identified inherent risks.
• Run the Transaction Monitoring Oversight Committee, prepare proposals and act as Secretariat.
• The role holder will have the rights in the AML transaction monitoring system to modify parameters and scenarios with the approval of the Head of Compliance. Any change should be properly documented in order to track modifications, record approvals and capture the corresponding rationale/logic for implementation.
• Provide advice and guidance to the AML team and business areas on AML/CFT related issues.
• Provide updates to the wider AML/CFT team on current events or regulatory changes.
• Own the AML/CFT related policies and procedures remain updated and communicated as required to all stakeholders. The Deputy MLRO is responsible for supporting the MLRO in regularly reviewing and updating policies and procedures to ensure they remain effective in detecting and preventing money laundering and terrorist financing.
• Develop and recommend controls for the identified control weaknesses or potential gaps in AML/CFT related policies and procedures.
• Support the team by reviewing suspicious cases when the volume is higher than the average or when there are staffing constraints that would limit the team's capacity.
• Provide guidance to the AML/CFT Assistant Managers, Senior Officers and Officers on their investigations.
• Define and supervise the Quality Assurance process to review closed alerts and cases on a sample basis.
• Issue client exit requests for financial crime reasons and engage with the Business to further review the escalated cases. Supervise customer exits for financial crime reasons to ensure all mandated exits are being actioned as per the Bank's internal procedures.
• Log and escalate all AML/CFT breaches or potential breaches.
• Review AML/CFT related training materials (i.e. e-learnings and face-to-face) and participate in the delivery of face-to-face trainings.
• Manage the available resources efficiently and prioritize system enhancement/upgrades.

Desired Candidate Profile

Experience and Qualifications

• At least 6 years of experience in the banking/financial services sector (and three in an AML/CFT Compliance role).
• Bachelor's Degree as a minimum from a recognized university.
• ACAMS or ICA OR CFCS OR CRCMP is preferred.

Skills

• Good understanding and awareness of financial crime regulatory requirements and international best practice.
• Experience in analyzing and interpreting relevant regulations and regulatory requirements.
• Analytical and attention to detail.
• Problem identification and solving skills.
• Good written and oral communication.
• Management skills: ability to lead a team and manage performance.
• AML, CFT, ABC and Sanctions Training, Rule Management, Written Communication, Regulatory Relationship, Quality Control Analysis, Critical Thinking, Judgment and Decision Making, Complex Problem Solving, Social Perceptiveness.