Job Purpose
Primary functions
- Responsible for the overall KYC regulatory compliance within MashreqBank - New York branch.
- Maintain a Customer Identification Program (CIP) for onboarding and existing clients.
- Perform Customer Due Diligence and Enhanced Due Diligence on new and existing clients.
- Review of KYC documentation to ensure all necessary requirements are fulfilled according to KYC Standard Operating Procedures/Policy.
- Maintain records of KYC reviews to ensure requirements are completed within a timely manner in accordance with KYC Standard Operating Procedures/Policy.
- Ensure compliance to various regulations and guidelines that are issued by local regulatory authorities (including compliance to various regulations that relate to anti money laundering and terrorism financing).
- Study new and revised guidelines that are issued by domestic / international non-regulatory agencies such as FATF, Basel, and Wolfsburg etc.; liaise with IBG-Compliance and execute/implement the requirements according to the decision at HO and after the approval of AML Committee.
- Support branch operations by providing compliant solutions to regulatory requirements and intervene where necessary to stop a transaction / process / business proposal and seek Country Manager and IBG Compliance guidance, if necessary.
- Pro-actively escalate critical issues (compliance/regulatory) to branch Management / AML Committee and IBG Compliance, so that timely actions are taken; and bank is not investigated, charged, fined or publicly castigated by any regulatory authority.
- Responsible for initiating money laundering related investigations and drawing conclusion and initiating Suspicious Activity Report to the regulatory authorities, if approved by AML Committee.
- Evaluate, train and motivate branch to enhance their skills and knowledge of Anti Money Laundering, compliance and regulatory matters. Document and record details of trainings provided (training(s) to centralized processing staff should be arranged through IBG Compliance who will be responsible to impart such trainings upon request of MBNY compliance).
- Conduct special investigation on the request from Head Office, Mashreq Bank branches and Other Regulatory Bodies in liaison with IBG-Compliance. Inform IBG Compliance, unless it is prohibited by local laws.
- Ensure that AML & Compliance related Standard Operating Procedures and processes are followed at branch & centralized processing department and are kept up to date in respect of applicable regulations.
- Ensure that all internal audit reports, those are conducted in the branch relating to Regulatory Compliance are retained, reviewed and that an action plan on the audit observations is properly executed / regularized within the deadlines. This function needs to examine and evaluate the adequacy and effectiveness of internal controls/audit in line with local regulatory requirements to ensure ARCG audits covers all the functions of the branch and meet all the control requirements of various legislations and regulatory guidelines.
- Ensure all regulatory recommendation/observations that are raised in periodic examinations are regularized in timely manner; in case of need matter should be escalated to IBG-Compliance.
- Perform additional tasks / Conduct Compliance related investigations as required / determined by IBG-Compliance / HO-Compliance/ARCG, identifying any issues / concerns and report findings/recommendations for corrective action as required.
- Any other duties which may be entrusted by the IBG Compliance from time to time.
Key Result Areas
- Assist Branch MLRO, IBG Compliance and Branch Management in attaining compliance objectives.
- Maintain ongoing awareness/current knowledge of all applicable internal / external regulatory requirements identify issues that could impact the branch / bank and escalate any serious issues/ breaches/ violations to IBG-Compliance and Branch Management ; develop/monitor action plans for its closure in liaison with Country Manager and IBG-Compliance.
- Review new regulatory legislations; promptly communicate all regulatory notices/circulars to all concerned areas, provide interpretations if necessary to Branch management and IBG-Compliance; develop/monitor action plans towards its implementation.
- Ensure continuing compliance of branch processes/systems/products -review branch procedures, service level agreements etc. in line with various regulatory legislations & guidelines; where deficiencies are detected, make recommendations to Country Manager and IBG Compliance in order to bring procedures / processes in line with the requirements.
- Manage Regulatory Examinations; ensure implementation/regularization of inspection / audit recommendations and observations with the deadline(s). Keep Country Manager/ IBG Compliance updated.
- Respond to queries that are sought by local Regulatory Authorities / Law Enforcement Agencies / Head Office & Overseas branches relating to local laws/regulations, in timely manner with complete and accurate information.
- Arrange to receive all local regulatory circulars and notices (from Compliance perspective) by subscribing to them; ensure that these are made available to every employee at the branch. Update Country Manager/ IBG-Compliance.
- Submit monthly Compliance-MIS to IBG-Compliance; ensure capturing of compliance related issues those are resolved and pending.
- Highlight risks proactively and in a timely manner and keep a vigilant eye on branch activities to identify any unusual activity.
Knowledge, Skills and Experience
- Graduate with 7 10 years banking experience.
- Good understanding of local regulatory rules and regulations.
- Knowledge and Understanding AML Law and various Banking legislations.
- Computer literate and good command over spoken and written English
- Good presentation skills
- Efficient and logical approach to problem solving.