Assistant Manager, Sanctions - Compliance

About This Role

Job Purpose

The Assistant Manager Sanctions will manage end to end Sanctions Unit under the direct supervision of the Head of FCC/MLRO for effective administration and implementation of the Bank’s Sanctions and Proliferation of weapons of Mass Destruction (PWMD) activities through available systems/tools, in line with the guidelines/parameters set by the regulatory agencies/authorities, applicable laws and relevant policy and procedures to protect the bank from the threats related to Sanctions and Proliferation of weapons of Mass Destruction.

Principal Accountabilities

• Having strong understanding of relevant regulatory requirements and industry best practices.
• Promptly manage and assign the alerts generated on a daily basis.
• Ensure to Review/analyze Alerts/Cases with active investigation of customer profile, detection scenario logic and the related transactions which have breached the Detection Scenario logic and take prompt /appropriate actions.
• Provide appropriate recommendations/comments for disposition of alerts/cases on the investigation performed for an alert/case as a checker and ensure the same for the team.
• Ensure that all relevant alerts/cases for investigation are based on the ageing of the alert/case and are actioned timely.
• Promptly identify and highlight suspicious transactions to the Head of FCC/MLRO with complete investigations/documentations and related requirements for necessary action.
• To have an oversight of all alerts/cases handled by the team to ensure there are no gaps from regulatory and policy/procedures perspective with complete maker/checker process.
• Ensure complete investigation on alerts related to perpetual customer screening, payments screening and trade related screenings are in line with Policy/ Procedures and Regulations, and highlighting High Risk/ blacklisted customers for necessary actions.
• Handling FFR/PNMR/IEMS and other regulatory requests in addition to Executive Office communications on time and keeping the Head of FCC/MLRO well informed.
• Provide proper Sanctions advisory to the concerned stakeholders based on the regulations and banks approved policy/procedures for transactions related to SWIFT and Trade Finance in consultation with the Head of FCC/MLRO.
• To ensure all the related Sanctions related tools, applications related to pre-screening, post screening, Payments screening etc are up and running without any issues and periodic assessments are done in coordination with the relevant stakeholders.
• To handle Sanctions related projects, POV/POC, enhancements, UAT’s, implementations and keep Head of FCC/MLRO well informed.
• To be constantly updated with local and Global Sanctions related regimes and prepare advisories for the business stakeholders.
• To review banks various policy/procedures and new products/services in terms of Sanctions and provide the feedback accordingly.
• To identify risks and gaps related to Sanctions Unit and escalate the same to the Head of FCC/MLRO with an action plan for the resolution.
• To handle all Correspondent Banking Questionnaires and RFI’s in coordination with the relevant stakeholders, AML/CFT and Client Acceptance & Advisory team leaders and Head of FCC/MLRO for timely deliveries.
• To handle end to end exercise of preparing and finalizing banks Wolfsberg Questionnaire in coordination with all the stakeholders and approved by the Head of FCC/MLRO.
• Maintaining and updating proper list of Sanctions related individuals and entities in close coordination with Head of FCC/MLRO.
• Maintaining and updating High risk and Sanctioned countries as per latest updates.
• To ensure to timely update all Sanctions related policy and procedures, Trainings, E-Learnings etc.
• Ensuring that all sanctions related controls are embedded within the bank.
• Maintaining effective coordination with Business Units and ensure that all inquiries/investigations received are handled properly and responded in a timely manner.
• Maintaining MIS / track and follow up with the relevant stakeholders for timely resolution of pending exceptions/alerts/cases and highlight the same to the Head of FCC/MLRO.
• Maintaining and updating Sanctions related various MIS’s.
• Promptly respond to all queries related to World –Check, Sanctions Application and Sanctions issues raised by branches and departments.
• Conduct sanctions examinations/reviews of the assigned areas, for identification, monitoring and reporting of suspicious activities.
• Support in conducting Sanctions EWRA and Compliance Trainings to Bank staff.
• Handling Regulatory/Internal Audit and External Audit requirements.
• To handle and resolve any legacy/ongoing findings/observations related to Sanctions Unit from the regulators, IAD, External Auditors, Consultants etc.
• To maintain highest standard of confidentiality, professional conduct, ethical standards and integrity in the provision of services/activities and interactions in the department. To avoid conflicts of interest and act in the best interests of the organization.
• To handle any other project/task assigned by the Head of FCC/MLRO and Chief Compliance Officer.
• To ensure complete adherence of the banks policy and procedures.

Experience & Qualifications

• Master’s degree in business or Banking or Finance or Economics or any other related discipline.
• 07-10 years of relevant experience.
• Effective communication skills in English and Arabic is preferable.
• Previous experience in Compliance/Regulatory Audit function in the banking industry.
• Local experience is desirable.
• Knowledge of UAE and international AML / CTF / Sanctions requirements.
• Ability to develop and maintain policies and procedures in relation to Sanctions and Proliferation of weapons of mass destruction.
• Knowledge of CDD and EDD processes, Sanctions tools, systems and applications.