Job Purpose:
- Interpret domestic and international sanctions (UAE, US, UK, EU UN etc.) and maintain sufficient awareness/knowledge of sanctions that impact the bank and/or its branches or subsidiaries.
- Updates Bank's Sanctions Policy/ matrix with evolving sanctions regulations and risks.
- Ensures full adherence to Group Sanctions Policy, including but not limited to related Sanctions Guidance and operating procedures.
- Supports Head of Sanctions and senior management in meeting their regulatory obligations by providing an active support in the implementation of Sanctions policies in compliance with regulations and Group's Sanctions Policies, procedures and standards.
- Responsible for defining and maintaining the sanctions screening framework (including development of internal standards) and ensuring that screening infrastructure and functionalities are optimally maintained to produce effective and efficient results while maintaining the integrity of the system against the sanctions policy as well as sanctions regulations
Key Result Areas:
- In the execution of Sanctions duties, the job holder must independently handle the tasks assigned to him/her and be able to take decisions on matters within their designated authority.
- The job holder must be able to independently analyze and critically evaluate the sanctions risks without much supervision and escalate as appropriate.
- The person will be responsible for providing Sanctions advice and guidance on their assigned area to the relevant business areas and Country Compliance teams.
- Ensure Sanctions alerts that are referred are handled as per the Bank's policy, ensuring no breach of the applicable sanctions policies, standards and guidance.
- Review any new/amended material laws, rules and regulations and Group Policies, assess their applicability to internal processes and the relevant business areas; guide the business accordingly ensuring all appropriate processes and procedures are amended to comply.
- Evaluate and monitor existing procedures and develop new procedures and controls with focus on minimizing the risk of the bank being used for financial crime and ensure the business is compliant with current Sanctions requirements.
- Immediately escalate to Head of Sanctions any material breaches or potential breaches of Laws, Rules and Regulations.
- Manage lists of sanctioned and watchlist parties in bank's screening filter and customer screening systems.
- Promptly escalate any critical issues to ensure that the Bank is not investigated, charged, fined or publicly castigated by any of the regulatory authorities and/or international bodies for a breach of sanctions.
- Provide guidance, support and training to IBG Country Compliance, Compliance Operations and business colleagues on implementation of Sanctions policies and procedures.
- Undertake periodic review or self-assessment of key controls to assess the quality and effectiveness. Report findings and submit recommendations for corrective action, if required.
- Manage regulatory inspections of the Sanctions area, ensure implementation / regularization of recommendations, if any, within the agreed deadline(s).
- Manage the available resources efficiently by creating a well-built, dynamic and high performing team to handle Sanctions alert investigation and related responsibilities.
- Manage, coordinate and oversight of Sanctions Compliance activities performed by Compliance Operations.
- Record keeping
- All records of the unit must be kept in a confidential and secure state
- Adhere to record retention policy and the SOP guidelines
- Assist with the development of new and innovative techniques and tools which will provide greater certainty in the Sanctions Unit's ability to detect and report sanctions-related activities.
Knowledge, Skills and Experience:
- Graduate with 7 + years of banking experience, with at least 3 years of relevant experience in AML / Sanctions Compliance.
- Excellent and up-to-date knowledge and sufficient understanding of International / OFAC/ EU/ UN/ UAE Sanctions.
- An understanding of how end to end name screening takes place.
- Market knowledge of IT tools/ software used for customer screening and payments filtering
- Good knowledge and understanding of local AML/CFT rules and legislation, and international best-practices/requirements.
- ACAMS Certified/other recognized certification (desirable)
- Organizational awareness including working knowledge of risks, products, processes, controls, list management and systems.
- Computer literate with good knowledge of MS Excel and Business Object (BO) reports.
- Good command over spoken and written English.
- Good presentation skills.
- Efficient and logical approach to problem solving
