Job Position : Head of Compliance and Internal Control
Job Description :
To manage the Compliance and Internal Control activities with the purpose of complying with the regulator and internal control requirements.
To perform regular and comprehensive compliance reviews and internal control oversight.
To report regularly on compliance matters as per the Group Compliance reporting system.
To Report all identified breaches and corrective action taken on internal control matters.
To ensure that the Compliance and Internal Control Officers comply with all Incident reporting Requirements.
To prepare and implement the annual compliance and internal control review plan and submit it for Group Compliance approval.
To implement specific steps within the compliance program to ensure effective implementation of regulations and statutory requirements concerning Anti Money Laundering (AML) and Combating Terrorism Finance (CTF), bank standards and Regulatory requirements.
Implement a checklist of regular internal controls including regulatory requirements, proper segregation of duties, proper reconciliation, proper custody of records and documents and transactions processing (system of permanent control of major risks).
Monitor action taken on Central Banks inspectors recommendations to ensure effective implementation.
Monitor adherence of business and support management to Central Bank / Legal Authority regulations and statutory requirements.
Oversee the standard of accounting and financial information, in particular the conditions under which such information is registered, retained and disclosed.
Oversee global risk management by setting and ensuring the cohesion and efficiency of ongoing control procedures throughout the entire branch.
Verify compliance with all types of decision-making procedures and risk procedures as well as bank standards.
Compliance and Internal Control Review
Conduct on-going compliance reviews as per the approved annual compliance review plan.
Comply with Group Compliance reporting system.
Implement all changes in regulations at the Branch, and communicate them to Group Compliance including maintenance of appropriate registers to record receipt of new regulations and their subsequent implementation.
Promote the employees awareness by providing Compliance / AML training courses to the Branch (es) staff and Senior Manager.
Review system changes and or enhancements of Central Banks returns to ensure that the Branch is in compliance with Central Banks policies.
Provide advice service to the Branch Management in relation to product services (policies and procedures) from Compliance & Internal Control perspective.
RSA, CSAs and KPCIs reviews unit responses on a rolling basis with spot checks and verify veracity and completeness of reporting.
Ensure implementation of Group Compliance / Group Internal Audit / banking commission / external auditors recommendations.
Carry out the mandatory verifications and reviews required by Regulators / Legal Authorities Ensure Policies and procedures are regularly reviewed, updated with any new regulations and implemented, including compliance manuals.
Review all critical reconciliations performed by Finance department and operations e.g. Suspense accounts and Sundry Accounts.
Follow-up all outstanding entries / differences.
Submit periodic reports to Group Compliance detailing cases of non-compliance to Central Banks regulations and statutory requirements.
Prepare and submit the monthly compliance reporting to Group Compliance.
Prepare and retain monthly internal control reports for Group Compliance and the Country General Manager.
Prepare annual report on internal control in coordination with Senior Management and Group Compliance.
Prepare internal control report for every assignment conducted detailing the review objectives, scope and outcome.
Make compliance and internal control record file of all of the branch s activities and determine the frequency of each control procedure (daily, monthly, etc.
based on the risk involved and the efficiency of current procedures.
Local Central Bank / Legal Authorities
Liaise with local Central bank whenever required, response on queries and communicate issues raised by them and follow up such issues until final resolution.
Coordinate between Regulator inspectors and Branch s units / departments to facilitate their mission.
Carry out the mandatory verifications and reviews required by Central Bank / Legal Authority.
Anti Money Laundering
Develop and Implement Anti-Money laundering policies and Procedures.
Implement the World Check System as required by Group Compliance.
Implement the AML Profiling and ensure proper monitoring.
Perform the regular monitoring of the customer names and transactions to identify any unusual transactions, through Safe Watch and MQ Series.
Escalate issues as required.
Special Assignments & Investigations
Participate in special assignments & investigations as and when required.
Recommend improvement in branch s policies and procedures as appropriate to be in line with new and or amended Central Banks regulations and statutory requirements.
Make necessary recommendations in order to improve the monitoring and efficiency of transactions.
All other ad hoc duties and / or activities related to bank that management may request of the employee from time to time.
8-10 years experience of control / audit procedures and knowledge of compliance in banking institution or regulatory agency preferably in compliance or internal audit function.
Bachelor degree with professional qualifications such as CCO / CPA / CIA / CA.
Good oral and written communication skills (incl. report writing) in English.
Depending on each country requirements Arabic or French is required.
Extensive Knowledge in the following areas
Banking and IT applications.
Current regulations and financial instruments.
Bank accounting procedures
Banking products and services
Regulatory and tax matters.
Self-discipline, initiative, organizational skills & relations building skills.