Compliance Officer

MandarinRe.Ltd; Labuan; On-site; MYR 90,000 - 130,000; Full time

Job summary

MandarinRe.Ltd in Labuan is seeking a Compliance Officer to ensure adherence to LFSA, AMLA, and international standards. You will develop and monitor AML/KYC programs, perform risk assessments, maintain records, and support regulatory filings, audits, and training.

The role requires a Bachelor’s degree, 4+ years in compliance (reinsurance preferred), and the ability to work under pressure while upholding integrity and professional judgment.

Qualifications

• Bachelor’s degree required; Compliance Certification or relevant certifications advantageous.
• At least 4 years of experience in a compliance role, preferably in Insurance/Reinsurance.

Responsibilities

• Ensure adherence to LFSA, AMLA and other regulatory requirements.
• Implement, monitor and update AML/KYC procedures.
• Perform risk assessments and maintain internal compliance policies.
• Prepare regulatory filings and reports to authorities on time.
• Conduct staff training on AML/KYC and regulatory matters.
• Assist in internal audits and report findings.

Skills

Regulatory compliance

AML/KYC

Risk assessment

Regulatory inspections

Analytical skills

Attention to detail

Communication

Independent work

Education

Bachelor’s degree in related field

Compliance Certification

Job description

We are a licensed reinsurance company regulated by the Labuan Financial Services Authority (LFSA). The Company is principally engaged in reinsurance and related financial operations. We are committed to maintaining high standards of professionalism, accuracy, and compliance in all aspects of our work.

We are seeking a suitably qualified and detail-oriented individual to join our Compliance team as a Compliance Officer.

Job Summary:

We are seeking a highly motivated and detail-oriented Compliance Officer to join our team. The Compliance Officer will be responsible for ensuring that the company adheres to all relevant regulatory requirements, including those set out by the Labuan Financial Services Authority (LFSA), Anti-Money Laundering Act (AMLA), and other applicable international financial regulations. The role demands a thorough understanding of compliance, regulatory standards, and effective risk management practices to safeguard the integrity of our operations.

Job Scope:

• 1. Ensure that the company adheres to all relevant laws, regulations, and guidelines, particularly those issued by the Labuan Financial Services Authority (LFSA) and other applicable jurisdictions;
• 2. Implement, monitor, and update the company’s Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures in line with the international best practices;
• 3. Ensure compliance with all regulatory requirements specific to the reinsurance industry;
• 4. Regularly perform comprehensive risk assessments to identify areas of potential non-compliance or vulnerabilities in the company’s operations;
• 5. Develop, update, and enforce internal compliance policies and procedures in accordance with the regulator’s requirements;
• 6. Maintain comprehensive records of compliance activities, AML reports, client KYC documentation, and suspicious activity reports;
• 7. Prepare and submit required regulatory filings and reports to relevant authorities on time;
• 8. Ensure that all clients undergo proper identity verification and ongoing monitoring of transactions to detect suspicious activities;
• 9. Conduct regular training sessions for staff on compliance obligations, including AML, KYC, and other regulatory matters;
• 10. Ensure all employees are well-versed in the company’s compliance requirements and ethical standards;
• 11. Perform internal audits to assess the effectiveness of the company’s compliance controls. Prepare audit reports, recommend improvements, and follow up on corrective actions;
• 12. Provide advice and guidance to senior management on compliance-related issues, regulatory changes, and potential impacts on the company’s operations;
• 13. Ensure the company is prepared for regulatory inspections or audits;
• 14. Stay up to date with changes in relevant laws, regulations, and industry standards;
• 15. Continuously review and improve compliance processes, systems, and controls to ensure efficiency and effectiveness.

Requirements

• Bachelor’s degree in related field; Compliance Certification or relevant certifications is highly advantageous.
• At least 4 years of experience in a compliance role, preferably from the Insurance or Reinsurance industry.

The successful candidate must meet the Fit and Proper requirements applicable to a Compliance Officer, including demonstrating integrity, competence, relevant experience, sound judgment, and a good professional reputation.

• Strong knowledge of Labuan’s regulatory framework, AMLA, and KYC/AML compliance procedures.
• Familiarity with international compliance standards, such as the Financial Action Task Force (FATF) recommendations, and experience with Labuan-specific regulations, including those related to tax compliance and cross-border financial transactions.
• Strong analytical and problem-solving skills, with the ability to assess complex regulatory frameworks and implement compliance programs effectively.
• Strong decision-making skills with a practical and proactive approach to managing compliance risks.
• Ability to work independently and under pressure to meet deadlines.
• Excellent interpersonal skills, with the ability to build strong relationships with colleagues, senior management, and external regulators.
• Previous experience in dealing with LFSA regulatory inspections or audits will be an advantage.

Remuneration

Remuneration will commensurate with qualifications and experience.