Compliance Head/Chief Compliance Officer (10-15 yrs)

Job Purpose:

- Manage day-to-day operations of the Compliance unit, ensuring compliance to Bank's AML/KYC policies/procedures and Regulatory requirements in Gift City.

- Represent the Bank on all Compliance/AML/CFT/Sanctions related matters and extend managerial assistance on all such matters to the Country Manager - providing advice/guidance as necessary.

- Assess the suitability of procedures and internal directives to laws and instructions and detecting any shortcomings in Policies and procedures and formulating proposals to improve them (where required)

- Acting as an inquiry center for bank employees to answer compliance related inquiries

- Support the business by providing Compliant solutions to regulatory obstacles and intervene where necessary to stop a transaction/process/business proposal.

- The role of Head of Compliance is not just restricted to monitoring compliance to statutory regulations/guidance notes issued by International Financial Services Centres Authority &/or other regulatory authorities - the Head of Compliance pro-actively and promptly escalate any critical issues to ensure that the Bank is not investigated, charged, fined or publicly castigated by either IFSCA or any other regulatory authority.

- Pro-actively liaise and appropriately escalate any Compliance related matters to IBG - Compliance and/or any issues raised by IFSCA/other regulators.

- Drive implementation of Compliance initiatives - as may be determined/guided by HO-Compliance from time-to-time.

Key Result Areas:

- Initiate and maintain contact with OCB and other regulatory authorities/agencies to ensure a good and healthy working relationship exists - facilitate/coordinate between Branches and OCB as necessary

- Maintain ongoing awareness/current knowledge of all applicable internal/external compliance requirements and existing/emerging legal/statutory/regulatory environment - identifying any issues that could impact the bank.

- Ensure Bank's internal procedures/policies remain compliant with regulations/changes - providing guidance/advice to Branch Management as necessary.

- Maintain pro-active relationships with business, facilitating timely involvement to ensure compliant solutions to business issues.

- Promptly communicate all Regulatory Notices/Circulars to all concerned areas.

- Promptly escalate any high risk issues/violations/breaches to Country Manager and IBG-Compliance and develop/monitor action plans for closure of the same.

- Developing/maintaining/updating the local Compliance/AML Manual and ensuring a copy is provided to all Branch Staff.

- Ensure AML/Compliance Training is provided to all staff on an ongoing basis as required/necessary to raise awareness and ensure all staff understand their responsibilities/obligations with regard to Corporate/AML Policies and regulatory/legal/statutory requirements, etc.

- Encourage a strong compliance culture/environment in the branch.

- Promote the self-identification and reporting of all compliance issues (capturing same on MERs) and sharing of issues that may have wider implications.

- Ensure that all Reports/MIS/MERs on issues of Compliance/AML are complete/accurate and provided in a timely manner to the Country Manager and IBG-Compliance, as well as any reports that are required by IFSCA/other regulators - any critical issues to be promptly escalated.

- Ensure that all Product Programs, SOPs etc. are in compliance with IFSCA requirements as well as bank's AML/KYC Policy - and that transactions are monitored accordingly.

- Develop & administer the AML reporting network across the Branch to ensure it is working effectively and propose changes/highlight issues as necessary.

- Analyze suspicious transactions reported by units/branches, undertake investigations where required, and submit (as appropriate) STR (Suspicious Transaction Report) to IFSCA in a timely manner with complete and accurate information.

- Respond in a timely manner to Compliance/AML related queries/investigations of OCB/HO/Other Regulators/Law Enforcement Agencies, as well as provide expert guidance to branches/units upon referrals/queries.

- Liaise and support IBG-Compliance in implementation of Bank's/Regulator's Compliance Policies/Requirements and roll-out of related systems/initiatives across Oman branch.

- Provide all required assistance in driving the implementation of SAS AML System for the Branch - ensuring any mapping/scenario/parameterization issues in the local environment are appropriately resolved in a timely fashion, coordinating with all units/areas in the Branch and HO as necessary.

- Ensure alerts are monitored on an on-going basis with timely investigation/closure and recommend any changes to scenarios/parameters as may be appropriate.

The MLRO is responsible for:

- Overviewing the implementation of the financial institution's AML/CFT policies, procedures, systems and controls, including the risk-based approach to ML/TF risks;

- Ensuring that appropriate policies, procedures, systems and controls are established, developed and maintained across the financial institution:

- To monitor day-to-day operations and compliance with the AML/CFT Law, these Instructions, and the financial institution's policies, procedures, systems and controls; and

- To regularly assess and review (at least once a year or when necessary) their effectiveness in relation to preventing ML/TF.

- Having timely, unrestricted access to all information of a financial institution including information related to customers' transactions, in order to identify, analyze, and monitor transactions effectively;

- Implementing the financial institution's AML/CFT strategies;

- Supporting and coordinating the Board's focus on managing a financial institution's ML/TF risks in individual business areas;

- Ensuring that a financial institution's wider responsibility for preventing ML/TF is addressed centrally; and

- Promoting an institution-wide view of the need for AML/CFT monitoring and accountability and keeping abreast with the latest international and local AML/CFT developments.

Operating Environment, Framework and Boundaries, Working Relationships:

- Need to work in a relatively difficult and sometimes non-cooperative environment.

- Responsible for monitoring compliance and supporting the Country Manager and Head of IBG Compliance in institutionalizing a strong Compliance Culture within the branch.

- Ongoing interaction with Branches/Units and HO to get feedback on various clients' operations/product issues and take steps to improve Compliance/AML/KYC processes etc.

- Maintain cordial and professional rapport at all times and good interactive relationship with key personnel across the Bank and Regulatory Authorities.

Problem Solving:

- Work in a multicultural environment, monitoring compliance and supporting the Country Manager and Head of IBG Compliance in providing advisory services.

- Provide Compliant solutions to regulatory obstacles/business issues in a pro-active manner to support business, intervening where necessary to stop a transaction/process/business proposal.

- Filtering all compliance related issues and queries to enable them to be properly prioritized.

Decision Making Authority & Responsibility:

- Incumbent has to have the ability to assess the gravity and sensitivity of transactions/cases referred by business/processing units and act accordingly - appropriate 'decision-making' ability is required.

- Support business by providing Compliant solutions to regulatory obstacles/business issues in a pro-active manner, intervening as appropriate to stop a transaction/process/business proposal.

- Recommend course of action/solution to the Country Manager in matters related to AML/Compliance.

Knowledge, Skills and Experience:

- 10+ years banking experience with good understanding of products/operations environment, in particular as regards to GIFT CITY.

- Professional qualification in business / commerce / economics / law.

- Sound knowledge of international banking practice and products / services.

- Specific and / or transferable knowledge / experience related to compliance / AML / Central Bank regulations.

- Computer literate and strong command of written and spoken English.