Ensure compliance with current laws, regulations, guidance notes and supervisory requirements or provisions
Ensure that the Bank is not subjected to prosecution, levied with fines or its licence affected in any way
Prepare a Compliance Functional Plan for the following year and obtain Audit Committee approval
Report on progress with the Compliance Functional Plan for the year
Prioritise legislation for analysing for the year
Analyse the legislation pertaining to banking by preparing Risk Management Plans for each prioritized Act, Action Plans and ensure embedded in Departmental Manuals
Inform management of legislative updates through legal alerts
Monitor for non-compliance and maintain records of monitoring for audit purposes
Prepare presentations for staff and regulators
Submit returns to regulators such as for FAIS, FICA, etc.
Prepare policies and procedures for relevant legislation
Maintain and annually update the compliance manual

Assists in Monitoring

Monitor compliance with legislation by conducting branch reviews
Monitor legislative updates
Advise Management and the Board of non-compliance with legislation
Query non-compliance with staff and management and suggest corrective measures including disciplinary action where necessary
Monitor submission of BA returns to the Registrar by other departments

Assists in the overall management of Reputational Risk

Manage any negative publicity that could result in reputational risk to the bank or have other adverse consequences
Monitor customer complaints and any threatened or actual events that could result in a reputational risk to the bank
Inform management and directors of such events

Assists in the management of Money Laundering Risk

Manages the activities of the AML Department
Manages and mitigates Money Laundering and Terror Financing risk
Advises senior management and the Board on application and implementation of AML, CFT and sanctions legislation, regulations and international best practice
Develops and maintains the AML/CFT and Sanctions policies and procedures and recommends for approval on an annual basis - eg. RMCP
Monitors development of, analyses and interprets the regulatory requirements in terms of the Financial Intelligence Centre Act (FICA) and associated Guidance Notes, Public Compliance Communications and Directives, the FATF 40 Recommendations and international best practice such as Wolfsburg Group, Basel Committee on Banking Supervision and Central Bank of Bahrain Directives
Develops and maintains an appropriate risk-rating methodology by considering the relevant legislation, international best practice and industry application in the form of an AML/CFT Risk-Rating Policy
Develops and maintains an appropriate risk-based approach (RBA) to Customer Due Diligence (CDD)/ Know Your Customer (KYC) obligations in terms of the FIC Act, industry standards and international best practice
Provides oversight and guidance in performing and adhering to the Bank’s ODD obligations
Develops and maintains the enhanced due diligence (EDD) requirements taking into account the high money laundering and terror financing (ML/TF) risk areas of the Bank
Assesses the adequacy of applicable typologies and parameters selected for implementation in the SAS system
Ensures that all regulatory reporting is conducted timeously, eg. CTRs, STRs.
Ensures a comprehensive, efficient and effective sanctions and watchlist screening function by the implementation of an automated sanctions screening software to comply with local and international sanctions regulations, as well as financial crime risk mitigation measures
Ensures annual training conducted to all staff on FIC Act obligations in line with their job functions
Reviews branch compliance to AML/CTF matters by reviewing customer files and reports on findings to EXCO and Board
Conducts regular reviews to ensure compliance with AML/CFT matters, eg. submission of reports, updating of watchlists, etc.

Assists with Training requirements

Train staff and directors on legislation generally
Provide intensive training to staff on important legislation e.g. Financial Intelligence Centre Act, the FAIS Act, etc.
Conduct tests to ensure employees obtain the relevant level of expertise

General

Preparing regular reports for EXCO and Board
Assisting on Committees
Conducting research and providing compliance opinions to Exco and Board
Maintaining relationship with Group Compliance and submitting quarterly Compliance reports

Assists in performing Information Officer Duties

Ensures Compliance by the Bank with the conditions for the lawful processing of personal information.
Develops and maintains the policy on the eight (8) conditions for the lawful processing of personal information.
Deals with requests made to the Bank pursuant to POPIA
Works with the Regulator in relation to investigations conducted pursuant to Chapter 6 of POPIA in relation to the Bank.
Ensures compliance with the provisions of POPIA.
Develops, implements, monitors, and maintains a compliance framework

Develops, monitors, and maintains a manual as prescribed in sections 14 and 51 of PAIA, as amended
Develops internal measures together with adequate systems to process requests for information or access thereto
Conducts internal awareness sessions regarding the provisions of POPIA, regulations made in terms of POPIA, codes of conduct, or information obtained from the Regulator
Provides copies of the manual when requested upon the payment of a fee to be determined by the Regulator from time to time.

QUALIFICATIONS

B.Com/ LLB or similar relevant degree
Certificate in Compliance Management from a tertiary institution will be a definite advantage

PREFERRED EXPERIENCE

4 years compliance experience at a financial institution

KNOWLEDGE

The role requires a thorough knowledge of Legal Compliance and the risks inherent in non-compliance
Proficient in Microsoft Office Programs
Legislation affecting the bank
Compliance processes and procedures

Al Baraka Bank is an Equal Opportunity Employer. Applicants from the previously disadvantaged groups and people with disabilities will be given preference in line with the EE plan.

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