Company Profile:
DGCX is a subsidiary of Dubai Multi Commodities Centre (DMCC), a strategic initiative of the Government of Dubai, with a mandate to enhance commodity trade flows through the Emirate by providing the appropriate physical, market, financial infrastructure and services required. The Management team of DGCX comprises senior personnel from the commodities, securities and financial services industries bringing a wealth of experience and expertise to ensure the success of DGCX.
DGCX's range of futures contracts offers participants of the physical commodities markets, such as producers, manufacturers and end users, with a sophisticated means of hedging their price risk exposure. Such price risk management has previously been unavailable to producers in the Middle East. In addition, DGCX offers trading opportunities to financial communities and investment houses in both the Middle East and around the globe who wish to access the growing asset class of commodity and currency derivatives.
Role Summary:
The Compliance Manager will be responsible for compliance matters related to the Exchange and its Clearinghouse, and to provide full support in handling and managing all related functions and tasks within the Compliance Department. The position requires continued interaction with the Regulator and Members to manage compliance related matters/findings.
Responsibilities:
- Due diligence of potential and existing Member firms. Carry out investigations to flags raised by online screening tools.
- Ensure Members comply with the ongoing obligations including event driven obligations/submissions to the Exchange and Regulator.
- Identify breaches to the Exchange By-laws by Member firms and ensure that the Members take corrective actions and assist in the disciplinary process in accordance with the Guidance on Disciplinary Actions.
- Manage SCA licensing applications to obtain necessary regulatory approval.
- Conducting compliance outreach session for all Members.
- Regularly assist in reviewing the Compliance Manual, Inspection Guidance and Compliance Guidance.
- Ensure timely reporting to national and international regulators.
- On immediate bases, ensure that new entries to sanctions (local or international) are handled and proper reporting is implemented.
- Lead in handling audit enquiries including Internal Audit, External Audit, Federal Authority Audit and SCA audit.
- Handling audit enquiries including Internal Audit, External Audit, Federal Authority Audit and SCA audit. Manage SCA Portal and ensure all enquires are handled in timely manner.
- Conduct Compliance Risk Assessment for all Members on annual basis.
- Assist in preparing annual risk-based inspection plan based on the Compliance Risk Assessment.
- Participate in periodic examination of Member firms on annual and/or ad hoc basis, compile observations and prepare reports.
- Monitor and report on the progress of the implantation of Member compliance mitigation plans.
- Support the Compliance Department in implementing the Exchange and Clearing house's AML Policy and procedures, including conducting requisite KYC checks during Member on-boarding and on ongoing basis, on-going surveillance, training of Member compliance teams and in-house AML training for staff, drafting Enterprise AML risk Assessment, bi-annual AML reports.
- Review the AML policy in annual basis or when required to reflect the latest updated in AML rules and regulations. Conduct annual enhanced due diligence for all high-risk Members.
- Investigate possible market manipulation practices by members in cooperation with the surveillance team. Assist in STR reporting as required by the MLRO.
- Follow up and report on new updates from FATF and regulators.
- Respond to members enquiries and assist in their communication with SCA.
- Carry out investigations and manage members and customers complaints.
- Follow up with Membership department to ensure that Members files are up to date and reporting obligations are met on time.
- Assist in development and implementation of compliance policies & procedures and other governance policies.
- Ensure the Exchange and its Members comply with the requirements as stipulated under FATCA and Common Reporting Standard and liaison with the relevant authorities in this regard. Participate in special projects and perform other duties as assigned.
- Assist in reviewing the By-Laws and the Clearing Rules. Partially assume the duties of the Head of Compliance (in their absence) for some tasks, as conveyed.
Qualifications:
- Bachelor's degree in business, accounting, or management.
- Compliance and AML certifications such as CAMS or other related certifications
- At least 5 years experience in the compliance department of a financial institution.
- Experience in capital markets, futures/options markets, or a commodities market is required.
- Experience in working closely with Securities and Commodities Authority – SCA and other national and international regulators.
- Excellent understanding of UAE regulatory framework, financial and AML regulations.
- Good understanding of balance sheets and corporate governance.
- Excellent communication skills in Arabic and English : both verbal and written is a must.
- Ability to develop and present clear analyses and co-ordinate effectively internally and externally with stakeholders.
