Our client, a reputable company is now recruiting for a Specialist- KYC Reporting. You will be directly reporting to the Head of KYC Strategy
Job Purpose Summary:
The incumbent will implement the KYC framework as designed by the Head of KYC Strategy and be responsible to embed the adequate processes and controls at Group level to effectively manage the KYC platform on an on-going basis, track and reflect the changes as issued by the relevant and applicable AML/CFT bodies including , Financial Action Task Force (FATF) and Wolfsberg Group, to prevent the Group from being exposed to the risk of legal/ regulatory sanctions and the associated financial/ reputation loss that the Group may incur/ suffer as a result of failure to comply with the relevant AML/ CFT regulations
Essential Duties & Responsibilities by Dimensions:
A. Shareholder & Financial:
- Assist the company's Group Compliance teams to satisfy the Global AML/CTF and KYC requirements of the Group by monitoring and conducting KYC reviews as per the Risk Based Approach in place for new and existing customers on timely basis to avoid any KYC failures that could lead to fines/ penal actions and the consequent loss of reputation.
- Assist in implementing the framework for identifying the compliance weaknesses and deficiencies in terms of KYC at Group level as a result of the monitoring and testing initiatives, therefore preventing the Group from incurring financial losses and damage to its reputation.
- Ensure that the company's KYC data requirements are in line with the regulators instructions, FATF recommendations and the international best practices.
B. Customer (Internal & External):
- Maintain and updated and strict KYC profiling approach of customers in line with the Global Standards and applicable local regulations
- Act as a custodian of all the customers KYC data and the KYC platform for reporting purpose
- Assist is liaising with the following on continuous basis to resolve their queries/ respond to issues raised by them relating to the Group's AML/ CTF & KYC efforts.
- Coordinate the follow up exercise with different business units for the completeness and update of the KYC data.
- Assist in handling the correspondent banks enquiries and requests related to the KYC and AML questionnaires.
- Participate in managing the vostro accounts due diligence and KYC process with different business and operations units.
- Liaise with Group Risk in terms of customers categorization matrix to identify the Sector, group, individual exposures entity.
- Act as KYC data supplier for all AML, Sanctions and Fraud Control units to facilitate their day to day operations and investigations.
C. Internal (Process, Products, Regulatory):
- Oversee the KYC activities with the aim of ensuring complete and proper implementation of company's regulations and guidelines regarding KYC requirements, including pronouncements/ directives issued by the NAMLC and the FIU.
- Assist to Implement the KYC related tasks of the annual plan approved by the Group Board Audit & Compliance Committee on the Global KYC platform and Risk Methodology.
- Enhance the periodic Risk Based Approach mechanism based on the Local and Global KYC associated risk.
- Monitor the dashboards of the KYC platform for proper follow up and reporting.
- Identify enhancements to the MIS capabilities of the system and initiate periodic updates and accuracy checks.
- Working efficiently on the Global KYC platform for Monitoring KYC reviews and Risk Assessment.
- Provide support to the business with launch of products to ensure regulatory requirements are met and covered under the respective policies.
- Work cross-functionally across multiple teams to ensure execution against regulatory requirements and internal policies.
- Performing a sample Quality Control checks of KYC / AML documents in accordance with current procedures.
- Ensure all the KYC process and documentary requirements are consistent globally but adapted to local rules.
- Contribute to the implementation and controls for daily processes and update of procedures.
- Review of the KYC files for new clients and identification of main issues and follow up missing information in line with group processes and procedure.
- Identify the main risks in relation with the monitoring of existing clients.
- Work closely with business units to develop a culture of Compliance within the organization.
- Support the provision sound compliance advice to the line of business on resolution of issues, and for escalation of issues within Compliance and the Supervisory Board.
- Support the coordination of global compliance efforts within line of business.
- Liaise regularly with clients, compliance, other support functions including internally within the Global Client On-boarding team, due diligence Managers and local Business officers.
Skills Education/Experience Requirements: - Bachelor degree with professional qualifications such as CCO/ CIA/ CPA.
- A minimum of 10 years of experience in a major banking institution or regulatory agency out of which 5 years should be in a supervisory role relating to Compliance or Internal Audit.
Required Special Skills:
- Solid experience of working in financial services. Customer Acceptance and KYC Compliance specific experience preferred.
- Good understanding of the relevant regulatory pronouncements of company's Group regulators including but not limited to QCB, QFMA, QFC, FSA, MIFID, MAS and Banque de France, Federal Swiss Banking Commission regulations and other relevant pronouncements impacting the Group's operations.
- A strong understanding of the requirements of the Money Laundering Regulations and the Joint Money Laundering Steering Group Guidance.
- Strong analytical skills required to organize and analyze multiple, complex data sets
- Excellent report writing skills.
- Ability to analyze the impact of changes in the relevant regulations on the Group's compliance risk profile pertaining to its operations in so far as KYC activities are concerned.
- In depth knowledge of banking policies/ procedures, regulatory and best practice pronouncements pertaining to KYC.
- Strong Microsoft Office skills (e.g., Word, Excel, Outlook).
- Problem solving and decision making ability.
- Strong knowledge of banking systems.
- People Management Skills.
- Develop networks and relationships with internal and external compliance, financial crimes and sanctions professionals.
- Identify appropriate projects and initiatives and participate in those allocated timelines & budgets.
- Attend and constructively contribute to compliance team meetings and other internal committees/ meetings as required from time to time.
- Promote common compliance standards across all jurisdictions
- Understand the Core Banking System.
Supervisory Responsibilities: - Solid line reporting: KYC Senior Analyst and KYC Analyst
Job Details Job Location Dubai, United Arab Emirates
Company Industry Employment Placement Agencies/Recruiting
Company Type Employer (Private Sector)
Job Role Accounting and Auditing
Employment Type Full Time Employee
Monthly Salary Range Unspecified
Number of Vacancies Unspecified
Job Ref.
JB3814568
Preferred Candidate
Career Level Mid Career
This job is posted in the following Specialties:
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