About Merak Capital:
Merak Capital is a leading Saudi-based investment firm, dedicated to empowering visionaries and fostering innovation across high-growth sectors. With a diverse portfolio spanning venture capital, private equity, credit, and an innovation platform, we drive transformative growth in the Kingdom and beyond.
Role Description:
We are seeking an experienced and independent Assistant Manager Money Laundering Reporting Officer (MLRO) to lead and oversee our firm's AML, CTF, and financial crime prevention frameworks.
The MLRO will be responsible for establishing, maintaining, and strengthening AML/CTF controls across all asset management and fund activities. This role forms part of a newly segregated governance and risk structure and operates as an independent control function with direct access to senior management.
Responsibilities:
AML & CTF Oversight:
- Act as the designated MLRO in accordance with CMA requirements.
- Develop and maintain the firm's AML and CTF framework in line with applicable Saudi regulations.
- Implement and oversee a risk-based approach to AML/CTF across products, funds, and investor segments.
- Monitor adherence to internal AML/CTF policies and procedures.
KYC & Due Diligence:
- Oversee client onboarding processes, including KYC, customer due diligence (CDD), and periodic reviews.
- Implement enhanced due diligence (EDD) for high-risk clients, PEPs, and complex ownership structures.
- Ensure proper identification and verification of beneficial owners.
- Oversee sanctions screening and adverse media checks.
- Ensure ongoing monitoring of client relationships and risk reassessments.
Monitoring & Reporting:
- Review and investigate unusual or suspicious activities.
- Determine appropriate escalation and submit Suspicious Transaction Reports (STRs) where required.
- Prepare periodic AML/CTF reports to senior management and the Board.
- Maintain complete and defensible documentation and audit trails.
Risk Assessment & Controls:
- Conduct periodic AML/CTF risk assessments at firm and product levels.
- Identify financial crime vulnerabilities across distribution channels and investor profiles.
- Recommend and implement control enhancements where gaps are identified.
- Support and manage AML-related regulatory inspections.
Training & Awareness:
- Design and deliver AML/CTF training programs for employees.
- Promote awareness of financial crime risks across the organization.
- Maintain training records and assessments.
Regulatory Liaison:
- Serve as the primary point of contact with the CMA and other competent authorities on AML matters.
- Manage regulatory correspondence and responses related to AML/CTF.
Qualifications:
- Bachelor's degree in Finance, Law, Accounting, or related field.
- Professional certification preferred (e.g., CAMS, ICA Diploma in AML, ACAMS).
- 5-7 years of progressively responsible experience in AML, CTF, KYC, and relevant frameworks.
- Strong experience in Risk-based AML methodologies, sanctions regimes, and screening systems.
- Experience in a CMA-regulated environment is highly desirable.
- Prior experience interacting with regulators on AML-related matters is a big plus.
- Excellent communication and interpersonal skills.
- Bilingual fluency in Arabic & English (reading, writing, and speaking).
