[ref. l04549800] Compliance Manager (CBDFS)
Job description / Role
Employment: Full Time
About CBD
Operating in the UAE for over 50 years, CBD manages the financial requirements of some of the largest corporates and businesses operating in the country, driving the UAE economy. Over the years, CBD has transformed into a progressive and modern banking institution winning multiple awards for its digital initiatives, credit cards, bank accounts, mobile app features, and services.
CBD has been recognized as the number one bank in the UAE on the Forbes list of The World's Best Banks 2022.
Job Overview
As we continue to build upon our successes, we are looking for ambitious individuals who are passionate about the banking and finance industry and the markets in which CBD operates. Just as important to us is your ability to demonstrate a talent for dealing with people - your colleagues and our customers - and delivering service that really goes the extra mile.
You will assist in achieving CBDFS strategic and performance objectives by complying with regulatory requirements and promoting a compliance culture and environment in CBDFS. You will ensure CBDFS adheres to the applicable legal standards and CBD Group policies and procedures.You will embed compliance into CBDFS core values and ensure that CBDFS adheres to these values in all aspects and levels of business. You will provide guidance and support to CBDFS on compliance matters.
Responsibilities & Duties- Lead the CBDFS Financial Crime Compliance Function to identify, mitigate, and prevent financial crime risks.
- Review new policies and procedures for the CBDFS departments including operations, brokerage, and customer services. Identify weaknesses and threats to implement necessary corrections. Ensure obligations are met with SCA regulations and UAE financial markets rules for assured compliance.
- Responsible for the CBDFS compliance framework which includes developing and implementing Anti-Money Laundering and Counter-Terrorist Financing, sanctions, KYC, and AB&C policies and procedures.
- Conduct regular gap assessments to evaluate the effectiveness of the CBDFS compliance framework with the CBD Group policies and procedures and remediate the identified gaps.
- Responsible for conducting gap assessments of SCA regulations with CBDFS compliance controls and remediate the identified gaps.
- Conduct a gap assessment to verify compliance with the rules, regulations, circulars, and standards for the SCA, DFM, and ADX.
- Manage the SCA inspections efficiently, ensuring high-quality methodology throughout the process. This includes developing inspection matrices, setting timelines, allocating and aggregating inspection requirements with stakeholders, performing assessments, and executing follow-ups.
- Providing advice and compliance opinion and recommendations in all aspects of regulatory compliance and money laundering to all CBDFS departments.
- Reporting regulatory requirement deviations from policy and incorporating them into policy and procedures under review.
- Reporting issues bearing reputational risk, credit risk, market risk, and operational risk and its mitigation controls.
- Preparing checklists for CBDFS departments to ensure the application of CBDFS and SCA rules properly.
- Implementing the Compliance Self Risk Assessment (CRSA) across CBDFS departments, analyzing the report, and submitting the results to the Group Chief Compliance Officer for final review and approval.
- Manage and monitor the Margin Trading Clients program, and handle governance functions in CBDFS.
- Reporting control and compliance issues to the CBDFS management, executive manager, and Group Chief Compliance Officer, including details from the quarterly compliance examination report, the recommendations, and management response.
- Primary control function that protects CBDFS from potential reputational and regulatory risk that arises from trading activities.
- Support the executive manager in writing policies, procedures, and other notices to ensure that CBDFS meets SCA rules and regulations requirements and regulatory expectations in respect of sanctions.
- Support the executive manager in the provision of sanction compliance training across the company by preparing presentations, delivering training, and maintaining records as per regulatory requirements and expectations.
- Collaborate with other departments to direct compliance issues to appropriate existing channels for investigation and resolution.
- Ensure no fines are given to the company by safeguarding and guaranteeing compliance with the rules and regulations of all entities.
- Responsible for ensuring that CBDFS business activities are compliant with applicable sanctions laws and regulations as well as applicable sanctions international lists. Provide the Group Compliance with assurance that controls required under sanctions regulations are embedded within the bank's processes to avoid any sanctions breach or establishing a relationship with a sanction listed party.
- Review and investigate all breaches, discrepancies, and irregular activities, and recommend corrective actions to ensure compliance with the bank's sanctions policies and procedures and mitigation of identified risks for the bank.
- Define and ensure the integrity of all sanctions lists for payment, name screening systems to ensure the bank is not exposed to any risk of dealing with a sanctioned person or entity.
- Applying SCA, DFM, and ADX requirements from all below perspectives.
Requirements
Qualifications- Bachelor's degree or equivalent in finance and administration.
- Professional certification in AML and compliance.
- Good knowledge of compliance function planning.
- Sufficient experience in compliance and risk management, banking, and other related areas. Audit and legal background is an added value.
- Strong knowledge and experience of the SCA, DFSA, Nasdaq Dubai, ADX, and DFM regulations and rules.
- Strong knowledge of international compliance and governance standards and practices.
- Strong knowledge and experience of brokerage products, policies, and procedures.
- Excellent communication and presentation skills.
- Ability to balance between compliance requirements and business needs.
- Training and teaching skills.
- Computer skills - use of applications especially Microsoft Office.
- Fluent in English and Arabic.
- Minimum 10 years' experience in the banking or financial services sector (especially in compliance, risk management, or governance).
- Good understanding of banking concepts, procedures, and operations.
- Good command of English and Arabic language.
- Planning and organizing skills.
- Report writing skills.
- Communicating effectively.
- Taking initiatives.
- Achievement oriented.
- Ability to work under stress.
- Planning and organizing.
- Analytical thinking and problem solving.
About the Company
In 1969, when we at Commercial Bank of Dubai started out little did we know that sheer grit and determination would get us where we are today. An Emiri Decree issued by His Highness the Late Sheikh Rashid Bin Saeed Al Maktoum, the founder of modern Dubai, laid the cornerstone of Commercial Bank of Dubai.We started out as a joint venture of Commerzbank, Chase Manhattan Bank and Commercial Bank of Kuwait. A minority stake was held by a few UAE businessmen.
By 1982, little more than a decade later, we evolved into a National Public Shareholding company. A feat complimented by an exponential increase in the capital base and mammoth restructuring of our operations. The feather in the cap came when the Government of Dubai became a key shareholder.
Over the decades, we have transformed ourselves into a progressive and modern banking institution. We are supported by a sturdy financial base and reigned by a strong and stable management. The proof of which lies with our customers who have stood by us over the years.
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