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Compliance & Risk Manager

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Travelex

14d ago

  • Job
    Full-time
    Senior Level
  • Legal
  • Dubai
  • Quick Apply

AI generated summary

  • You need 8 years in AML/CFT compliance or 5 years plus a relevant certification like ACFCS, CFE, ICA Diplomas, or CAMS acceptable to the Central Bank.
  • You will develop AML frameworks, ensure compliance with laws, manage regulatory relationships, conduct training, analyze suspicious activities, and prepare compliance reports.

Requirements

  • A minimum of eight (8) years of experience in AML/CFT compliance, audit or risk management within any financial institution(s); OR
  • A minimum of five (5) years of experience in AML/CFT compliance, audit or risk management within any financial institution(s) and possess a specific certification related to AML/CFT compliance.
  • Examples of specific certifications related to AML/CFT compliance includes ACFCS, CFE, ICA Diplomas, CAMS or any other certification associated with financial crime control or AML/CFT compliance which is acceptable to the Central Bank.

Responsibilities

  • Establishing policies and procedures to interpret laws, regulations, Guidelines into the business and providing advice.
  • Developing robust and sustainable AML control framework.
  • Conducting monitoring for potential money laundering and other breaches of conduct of business regulations.
  • Establishing and maintaining accreditation and KYC procedures.
  • Mandatory regulatory report filings.
  • Managing regulatory inspections and relationship with regulators.
  • Identifying new regulatory developments and reviewing their impact on business.
  • Provide training and support to management and employees on how to fulfil their regulatory duties.
  • Assisting management in enforcing country regulations and Group policy.
  • Overseeing that POS tools and equipment are functional and compliant.
  • Delivering Compliance Management reports and board reports.
  • Overseeing Financial Statutory and regulatory reports are submitted within required deadline.
  • Ensuring that the business and products are fully licensed and undertake license renewal where required.
  • Receive Internal Suspicious Activity reports from employees and analyse them to take appropriate decisions to report to FIU.
  • Cooperate with and provide the FID with all information it requires for fulfilling their obligations.
  • Develop and execute AML/CFT training programs considering all relevant risks of ML/FT and financing illicit organizations including the ways/means for addressing them.
  • Provide necessary reports to the Board of Directors and Compliance Committee on all AML/CFT issues, on a quarterly basis at a minimum.
  • Arrange to retain all necessary supporting documents for transactions, KYC, monitoring, suspicious transaction reporting and AML training for the minimum period for record retention.
  • Conduct regular gap analysis between the Licensed Person’s existing AML/CFT Procedures and current Laws, Regulations, Notices and the Standards of the UAE in order to determine the extent of the Licensed Person’s level of compliance.
  • Ensure day-to-day compliance of the business against internal AML/CFT policies and procedures.
  • Act as the key contact point regarding all AML/CFT related matters/ queries from the Central Bank and any other competent authorities.
  • On-going monitoring of transactions to identify high-risk, unusual and suspicious customers/transactions.
  • Staying abreast of regulations and ensure new regulations are transmitted to the impacted stakeholders and compliance with changes are well understood and adhered to.
  • Propose actions required to address gaps, if any; and
  • Prepare Bi-Annual Compliance Reports in accordance with Paragraph 16.25 of this Chapter.

FAQs

What are the primary responsibilities of the Compliance & Risk Manager?

The primary responsibilities include establishing AML/CFT compliance programs, conducting monitoring for potential money laundering, managing regulatory inspections, providing training, overseeing KYC procedures, and delivering compliance management reports.

Who does the Compliance & Risk Manager report to?

The Compliance & Risk Manager directly reports to the Board of Directors and functionally to the Director of Compliance & Risk – MET.

What qualifications are required for this role?

A minimum of eight years of experience in AML/CFT compliance, audit, or risk management is required, or five years of relevant experience along with a specific certification related to AML/CFT compliance.

What kind of certification is acceptable for this role?

Acceptable certifications include ACFCS, CFE, ICA Diplomas, CAMS, or any other certification associated with financial crime control or AML/CFT compliance that is acceptable to the Central Bank.

Is there a specific focus on training within the compliance role?

Yes, the Compliance & Risk Manager is responsible for developing and executing AML/CFT training programs for management and employees.

What experience is preferred in the Compliance & Risk Manager role?

Experience in managing compliance systems, conducting risk assessments, and overseeing regulatory compliance in a financial institution is preferred.

How does the Compliance & Risk Manager ensure compliance with regulations?

The Compliance & Risk Manager ensures compliance by interpreting laws and regulations, developing policies and procedures, and conducting regular compliance monitoring and gap analysis.

What type of reporting is the Compliance & Risk Manager responsible for?

The Compliance & Risk Manager is responsible for delivering compliance management reports, board reports, and bi-annual compliance reports on all AML/CFT issues.

What skills are essential for the Compliance & Risk Manager position?

Essential skills include strong analytical and numerical ability, attention to detail, project management capability, and the ability to interpret and implement regulations.

How does the Compliance & Risk Manager interact with regulators?

The Compliance & Risk Manager manages regulatory inspections and communicates with the Central Bank and other competent authorities regarding all AML/CFT-related matters.

Finance
Industry
1001-5000
Employees
1976
Founded Year

Mission & Purpose

Travelex is a leading global foreign exchange specialist, providing currency exchange services and international payment solutions. Operating through a network of stores, ATMs, and online platforms, Travelex caters to both individual travellers and businesses. Their goal is to simplify the complexities of foreign exchange, ensuring customers have convenient access to currency services worldwide. Travelex is dedicated to delivering exceptional service, competitive rates, and innovative solutions, making international travel and transactions seamless and efficient.