Head of Compliance UAE (UAE Branch)

Overview

Head of Compliance UAE (UAE Branch) Jobs in Dubai, United Arab Emirates at National Bank of Bahrain

Title: Head of Compliance UAE (UAE Branch)

Company: National Bank of Bahrain

Location: Dubai, United Arab Emirates

Job Purpose

The role holder is responsible for leading and managing NBB’s – UAE compliance function and acting as the focal point for all compliance related initiatives. The role holder is also responsible for ensuring that NBB’s – UAE stakeholders and business activities comply with local regulations, company policies and procedures are followed and implemented, and the behaviour in the organization meets the company code of conduct. The role holder will be expected to closely work with the head office compliance Department and maintain a regular reporting framework.

Strategic Responsibilities

• Take the compliance function at NBB – UAE to the best standards of the industry.
• Build an efficient team structure with high quality individuals to cater for the needs of the institution.
• Ensure that all facets of the compliance function are covered that the scope is well defined and adapted to the Bank’s strategy.
• Contribute effectively to promote a robust compliance culture within the organization.
• Be the point of contact with the regulatory authorities in the jurisdictions where the Bank operates.
• Minimize the regulatory and reputation risks at any time.
• Represent NBB – UAE in all compliance related forums and related external meetings.
• Contribute to promote the image of a Bank with a strong compliance framework.

Business Development

• Refresh the overall compliance framework for the institution and allocate responsibilities accordingly.
• Maintain this framework and ensure that it is adapted to the evolving regulatory and markets requirements.
• Review and update the compliance policy and procedure on a regular basis as and when needed.
• Be the focal point and the expert for all business and function lines in the institution in the compliance space.
• Coordinate the interaction with our correspondent banks in the field of compliance to ensure that their requirements are addressed adequately.
• Implement the compliance manual of the Bank and monitor and manage the compliance plan/programme of the Bank.
• Manage and oversee periodic reviews/testing carried out by the compliance department and report the outcomes to Branch CEO and Head Office Compliance.
• Establish mechanisms/framework for ensuring that all business activities within NBB – UAE are following regulatory requirements and safeguard internal control.
• Support business growth by providing cost effective compliance advisory service to NBB – UAE senior management. Develop and provide training initiatives and programs related to compliance and AML to ensure that relative staff are educated and up-to-dated with the latest regulations and standards.
• Coordinate and chairs Compliance Committee in UAE “where applicable”.
• Manage the Anit Money Laundry & Combating the Finance of Terrorism (CFT) function of the Bank.
• Oversee the Compliant management, Compliance Resolution and Chair the Compliance Management Committee
• Update the Group Management and Respective Board Committee on the Compliance Risks and changes.
• Monitor Customer Acceptance Policy (CAP) and monitor its effectiveness and appropriateness.
• Any other responsibilities assigned from time to time by the Group Chief Compliance Officer.

Compliance Risk

• Identify potential areas of compliance vulnerability and risk, develop/implement corrective action plans for resolution of problematic issues, and provide recommendations and general guidance on how to avoid or deal with similar situations in the future.
• Develop system enhancements, and suitable amendments to bank’s policies and procedures to mitigate compliance risk and protect the bank from potential financial losses and reputational risks.

Compliance Monitoring and Control

• Collaborate with NBB’s – UAE functions to direct compliance issues to appropriate existing channels for investigation and resolution.
• Track and report unusual activities to the concerned authorities and NBB – UAE management as per Bank’s policy and ensures that they are dealt with in a timely and professional manner.
• Manage and resolve regulatory problems arising from alleged or actual breaches in cases where there is a material risk to the reputation of the Bank, to avoid/minimize reputational damage.
• Ensure accurate and timely reporting of violations or potential violations to relevant regulatory authorities, Branch CEO -UAE and the Management of the Bank as appropriate and required.

Compliance Communication

• Institute and maintain an effective compliance communication program for the organization, including promoting heightened awareness, and understanding of new and existing compliance issues and related policies and procedures.

AML and Sanctions Policy and Procedures

• Ensure that AML and other relevant policies are reviewed on annual basis and are up to date. Confirm that the relevant and applicable regulatory, best practices are incorporated into the policy.
• Oversee and ensure that the policy is implemented in the bank.
• Ensure that the Bank’s policy is adequately communicated, and local regulatory stipulations are adequately incorporated in the policy.
• Ensure that the procedures are continuingly reviewed and revised and stay effective while regulatory requirements are incorporated in the process.
• Maintain the parameters on the AML system on Bank wide basis for ensuring all potentially high-risk transactions are captured and reviewed by the designated AML team.
• Oversee the Implementation of the AML systems (including tuning and scenarios) technologies and other FCC projects.
• Whistleblowing responsibility
• Establish and manage Whistleblowing function within the Compliance.
• Addressing reports on violations committed in the branch reported through the Whistleblowing reporting channels.

Stakeholder Management

• Engage with different internal stakeholders e.g., group heads, Human Resources, Legal etc. to ensure that the compliance agenda is a strategic priority across NBB – UAE.
• Engage with relevant external stakeholders/regulatory agencies to ensure smooth functioning of all compliance related activities for NBB – UAE.

Learning & Development

• Function as a subject matter expert and provide input on learning and development initiatives including training content to ensure value addition and relevance.

MIS & Reports

• Ensure that all reports of the Compliance Department are prepared in a timely and accurate manner, in line with industry standards and Head office requirements.
• Prepare management reporting formats and reports related to the Compliance Department, and update NBB – UAE leadership team on all related activities in this area in order to support management decision making.

Consumer Protection Responsibilities:

• Monitor compliance with the Consumer Protection Regulation and the accompanying Standards.
• Inform and educate operational units of their responsibilities under the Consumer Protection Regulation and the accompanying Standards.
• Ensure the Licensed Financial Institution’s code of conduct is complied with within the organization.
• Review the Annual Report on Consumer protection including any gaps or any recommendations for improvements
• Escalate material non-compliance matters on Consumer Protection Regulations and Standards to the Governance Committees
• Ensure all date sensitive reporting requirements related to consumer protection are being filed on time.

Qualifications & Experience

• Bachelor’s degree in Business Administration, Finance, Accounting, Commerce or a related discipline is required.
• Master's degree in Business Administration, Finance, Accounting, Commerce, or a related discipline is preferred.
• Relevant professional qualification is preferred.
• Minimum 7 years of practical experience in a bank with 5 years in the same or similar function.

Note: applications are limited to UAE nationals only.