VP - Compliance (Gift City)

Company Description

Join UAE’s largest bank and one of the world’s largest and safest financial institutions. Our focus is to create value for our employees, customers, shareholders and communities to grow through differentiation, agility and innovation. We are looking for top talent and your success is our success. Accelerate your growth as you help us reach our goals and advance your career. Be ready to make your mark a top company, in an exciting & dynamic industry. 

Job Description

JOB PURPOSE:

To ensure that the activities and businesses of Gift City India are carried out in accordance with IFSCA and other local rules and regulations and to provide update on compliance matters to the related Compliance units in the Compliance Division.

KEY ACCOUNTABILITIES:

• Provide support primarily on regulatory compliance advisory covering IFSCA Act, related Rules, Regulations and Guidelines as well as secondary support on Financial Crime Compliance (AML, Sanctions, and ABC) matters.
• Carry out Compliance Monitoring and Assurance Testing on all business units and infrastructural functions in Gift City Branch
• Provide compliance trainings for core and high-risk areas to ascertain that all staff in Gift City Branch are aware of their regulatory obligations with emphasis on AML to educate staff and raise their awareness of their individual obligations in relation to AML and have a working knowledge of how to identify suspicious transactions.
• Maintain and update the Compliance Compendiums / Registers for India Gift City branch and keep abreast of global and local regulatory reform, providing leadership to the bank for regulatory reform management.
• Develop, maintain and update Compliance Policies and Procedures for India Gift City branch, taking into consideration changes to Group Policies, local regulatory developments and international best practices.
• Develop, establish and implement, maintain and review the internal Compliance Framework, AML and CFT Framework - consisting of policies, standard operating procedures and best work practices, and self-assurance audits etc., covering both regulated and non-regulated business activities and the bank’s business operations, and monitoring oversight to ensure their robustness and effective implementation and compliance by the respective Business Units and Department.
• Provide periodic, regular and accurate reports to the Senior Management, both local India and Head Office on regulatory and compliance matters, AML and CFT matters, which includes the updating of the latest legislations and regulations, raising of significant regulatory matters, concerns or breaches of regulations, etc., and assess and suggest ways to mitigate and manage these risks.
• Handle projects as designated by Group Compliance.
• Support the Gift City branch’s audit remediation efforts and to liaise with Auditors, Inspectors and Consultants.
• Keep abreast of regulatory developments in India in specific to IFSC and to review changes to regulation, analyze its impact for Gift City Branch.
• Provide guidance, advice and support in relation to all regulatory matters applicable to India Gift City and ensure continued technical understanding of the activities and regulations.
• Provide assistance to conduct special investigations or reviews as and when required.
• Perform other additional tasks as required from time to time as directed by the Group Compliance in the head office.

Anti-Money Laundering / Countering the Financing of Terrorism (“AML / CFT”)

The AML/CFT responsibilities shall include but not be limited to:

• discharging all responsibilities related to all AML/CFT matters within the entity and act as Anti Money Laundering Compliance Officer/Principal Officer for the purpose of interacting and sharing of information with Financial Intelligence Unit-India.
• Ensure a speedy and appropriate reaction to any matter in which money laundering or terrorist financing is suspected.
• establishment and implementation of Anti-Money laundering policies, procedures, and controls/systems in the entity and ensure that India has an effective AML and CTF policy in place.
• Manage the due diligence on customers including on-going CDD and ensuring that it is maintained up to date.
• Conduct further investigation into reports of suspected money laundering activities and to provide recommendation to the Gift City senior management on the validity, the timeliness and the need for reporting to relevant authorities, where appropriate.
• Promoting compliance and carrying out ongoing monitoring of business relations and sample reviewing of accounts for compliance with UAE’s guidelines on KYC/AML/CFT and all applicable host country KYC/AML/CFT regulations in specific to IFSCA requitement.
• Ensure that Gift City Branch complies with FAB’s Sanctions policies and procedures by undertaking monitoring of transactions of Gift City Branch.
• Raise awareness on money laundering and terrorist financing issues.
• Identify and manage compliance trainings for core and high-risk areas to ascertain that all staff in the Gift City Branch are aware of their regulatory obligations with emphasis on AML to educate staff and raise their awareness of their individual obligations in relation to AML and have a working knowledge of how to identify suspicious transactions.
• Disseminating and bringing to staff’s attention useful articles on money laundering and terrorism financing
• Perform other additional tasks as required from time to time as directed by the Group Compliance in the head office.

Job Context:

Specific Accountability:

• Interact with India Chief Compliance Officer and Group Compliance as required via meetings, phone calls, e-mails to report and communicate any matters related to Compliance
• Interact with CIB & International Compliance as required via meetings, phone calls, e-mails to report and communicate any compliance matters related to Wholesale and other Banking activities
• Interact with Gift City Business Head/CEO, local business units' heads, business units' heads at the Head office as required via meetings, phone calls, e-mails to discuss risk and control issues and matters related to compliance reviews and other business-related matters.
• Interact with External and Internal Auditors as required via meetings, phone calls, e-mails to obtain input and support the project delivery plans and to resolve challenges and issues.
• Liaise with IFSCA and related local bodies as required via meetings, phone calls, e-mails to build excellent working relationship to assist in the smooth delivery of the compliance plans through updates on regulations.

FRAMEWORKS, BOUNDARIES, & DECISION-MAKING AUTHORITY:

• Managing Gift City India’s compliance with standards, internal and Group policies and procedures and regulations
• Manage and monitor periodically compliance functions of India Gift City Branch
• Assess the effectiveness and efficiency of the control, risk management and governance process in India Gift City Branch to ensure compliance with Internal/Group Policies & Procedures and local regulations.
• Other authorities as directed by the Group Compliance

Qualifications

• Minimum Qualification- Bachelor’s Degree or higher in Management, Banking or Finance, preferably with certification in compliance, or AML.

Additional Information

EXPERIENCE:

At least 10-15 years of business experience with minimum working experience of 5 years in Bank Compliance.

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