Compliance Officer & MLRO - Bank ABC Islamic

Bank ABC Islamic; Bahrain; On-site; USD 60,000 - 80,000; Full time

Job summary

Bank ABC Islamic is seeking to recruit a Compliance Officer & MLRO based in Bahrain. This position involves overseeing compliance with AML laws and ensuring adherence to banking regulations, alongside managing compliance training and reporting suspicious transactions. Candidates should possess a strong background in compliance, with a minimum of 7 years in the banking industry and relevant AML certifications.

Qualifications

• Minimum 7 years' experience in banking, with 3 years in AML role.
• Professional compliance certification required.
• Proficiency in Arabic and English.

Responsibilities

• Oversee the Bank's compliance with regulations and conduct quality assurance tests.
• Train staff on compliance and AML issues.
• Act as main contact for the Financial Intelligence Unit.

Skills

Analytical skills

Communication

Interpersonal skills

Presentation skills

Time management

Integrity

Education

Bachelor's Degree in Banking/Finance

Compliance certification (ACAMS, ICA)

Job description

Bank ABC Islamic seeks to seeks to recruit a Compliance & MLRO in the Bank ABC Islamic based in our Head Office, in Bahrain.

This position will be responsible to implement and operationalize with the policies and procedure including on financial crime compliance, and assist with building and ensuring Group framework to track, analyze, digest and implement applicable regulations across ABC head office and units. As a Compliance Officer, the incumbent will be responsible for oversight of the Bank’s compliance with the requirements of the CBB and other applicable laws and regulations. Ensure that the Bank complies with the CBB Rules, AML Law and any other applicable AML/CFT legislations at all times.

The Compliance Officer & MLRO will report functionally to the Board of Directors or the relevant Board Committee, and administratively to the CEO with a matrix reporting line to Head of Group Compliance.

Responsibilities of the role:

The job holder will be responsible for:

• Oversight of the Bank's overall compliance with the requirements of the CBB and other applicable laws and regulations; and adherence to the relevant Group-wide Policies, Standards and Procedures
• Raising awareness, and providing training for the Bank’s staff on compliance issues. This includes circulation of CBB new or updated rules
• Performing the necessary quality assurance tests to ensure that the Bank is not in breach of any of the CBB Rulebook requirements
• Ensuring that the Bank complies with the requirements of Financial Crime Module of the CBB Rulebook, AML Law and any other applicable AML/CFT legislation and regulations
• Establishing and maintaining the Bank's AML/CFT policies and procedures
• Ensuring day-to-day compliance with the Bank's own internal AML/CFT policies and procedures or those issued by the Group
• Ensure that the Bank has the necessary resources / systems to facilitate compliance with CBB AML rules and requirements
• Ensuring that the Bank maintains all necessary CDD, transactions, STR and staff training records for the required periods
• Acting as the Bank's main point of contact in respect of handling internal suspicious transactions reports from the Bank's staff, and as the main contact for the Financial Intelligence Unit, the CBB and other concerned bodies regarding AML/CFT
• Making external suspicious transactions reports to the Anti-Money Laundering Unit and Compliance Directorate
• Taking reasonable steps to establish and maintain adequate arrangements for staff awareness and training on AML/CFT matters
• Provide the necessary guidance to stakeholders on AML-related issues
• Monitor's Bank's adherence to relevant national and international sanction programs
• Report to Managing Director any critical money laundering issues requiring the attention of Senior Management such as control weaknesses, potential or actual breaches of AML regulations/laws
• Producing annual reports on the effectiveness of the Bank's AML/CFT controls, for consideration by senior management
• Assume other MLRO responsibilities as updated or modified from time to time by the CBB or Group

Areas of Knowledge, Qualification and Experience

• Minimum of 7 years’ experience in the banking industry of which at least 3 year experience in an anti-money laundering or anti- money laundering related role
• Minimum of Bachelors Degree in Banking/Financial related major
• Holder of a professional compliance certification such as Certified Anti-Money Laundering Specialists (ACAMS), ICA Diploma in Governance, Risk and Compliance (GRC) or Credited Certificate in Compliance and AML (i.e. ICA Diploma in AML/ ICA Diploma in Financial Crime Prevention/ ICA Diploma in Compliance and Financial Crime)
• Adequate knowledge of AML & CFT, Islamic products, bank's operations and procedures, general knowledge of Sharia guidelines, communication and interpersonal skills, presentation skills, PC literacy.
• Spoken and written Arabic & English languages.
• The Compliance Officer and MLRO functions are categorized by the CBB as "Controlled Functions", they have to be occupied by an "Approved Persons", and require certain qualifications and core competencies, which are listed in Appendix TC-1 of Training & Competency Module of the Rulebook (Volume 2).
• Exemplary integrity, ethics, independence and resilience.
• Strong analytical skills
• Clear written and spoken communications
• Strong background and understanding of key and applicable FC laws and regulations as well as risks and controls
• Strong time management skills
• Able to work in a dynamic environment while managing change
• Self-motivated and able to be accountable for completing tasks