To ensure that the Bank, Board of Directors, Management and employees are in compliance with the rules and regulations of the Central Bank of Bahrain, other Regulators and other internal and external compliance policies and procedures along with MLRO functions.
Ensure that the Bank is in compliance with all regulatory requirements (CBB, Ministry of Industry & Commerce, Ministry of Interior, LMRA, SIO etc. ;)
Manage compliance incidents or processes, perform root cause analysis and develop mitigation strategies.
Ensure that the Bank is conducting its business in full compliance with all national and international laws and regulations.
Perform routine compliance monitoring and transaction testing accurately and thoroughly where applicable to ensure adherence to the Bank’s policies and procedures.
Report any serious compliance failure to the concerned authorities.
Capable of interpreting/implementing the requirements of VAT/Other Tax legislations independently in compliance with applicable statutes as & when the need arises.
Document the arrangements and file them for reference. Such arrangements will be implemented by use of:
Improvement in procedures
Reporting requirements for department
Check list of reports which is to be submitted to the regulator
Process for control over timeliness and accuracy of submissions to the regulator
Process for review and reporting of the compliance to the compliance function
Submit Quarterly compliance review to the Board Audit Committee.
Coordinate and schedule required compliance training for employees.
Coordinate on site CBB Examination and ensure periodical submission of status report to Board/ CBB.
Guide, assist and work closely with the management and the staff in various departments and ensure a cooperative working relationship between compliance function and business units to identify and manage compliance risks at an early stage.
Establishing and maintaining the conventional bank licensee’s AML/CFT policies and procedures.
Ensuring that the licensee complies with the AML Law and any other applicable AML/CFT legislation and regulations.
Ensuring day-to-day compliance with the licensee’s own internal AML/CFT policies and procedures.
Acting as the conventional bank licensee’s main point of contact in respect of handling internal suspicious transaction reports from the licensee’s staff and as the main contact for the Financial Intelligence Unit, the CBB and other concerned bodies regarding AML/CFT.
Making external suspicious transaction reports to the Financial Intelligence Unit and Compliance Unit.
Taking reasonable steps to establish and maintain adequate arrangements for staff awareness and training on AML/CFT matters (whether internal or external).
Producing annual reports on the effectiveness of the licensee’s AML / CFT controls, for consideration by senior management.
On-going monitoring of what may, in his opinion, constitute high-risk customer accounts;
Maintaining all necessary CDD, transactions, STR and staff training records for the required periods.
COMPETENCIES REQIURED TO PERFORM THE JOB
Banking and Regulatory Skills.
Knowledge of Bank Rules and Regulations and the Bank’s policies and procedures;
Experience in various functional areas of a Bank.
Working knowledge of various Banking Software Programs.
Oral and written communication skills.
Over 10 years of relevant experience in a bank, financial institution, financial regulator or regulatory functions.
An appropriate level of experience and standing to demonstrate suitable independence from other functions within the bank.
A thorough understanding of the banking industry and its applicable regulatory requirements.
Comprehensive knowledge of compliance standards and policies, audit techniques, regulatory issues, operations and procedures.
Compliance with CBB directives.
Compliance with internal and external rules and regulations.
Feedback from internal and external auditors.
Feedback from Group Chief Executive Officer and Risk Management.
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