Compliance and Money Laundering Reporting Officer

Overview

Position Summary

1. Regulatory Reporting and Liaison

• Serve as the primary point of contact for all regulatory inquiries and examinations related to compliance and AML issues.
• Ensure accurate and timely reporting of compliance and AML matters to the Capital Market Authority (CMA) and other regulatory bodies as required.
• Maintain a proactive relationship with the CMA, ensuring that all regulatory reports are submitted in accordance with statutory timelines and formats.

2. Risk Management and Compliance Monitoring

• Identify, evaluate, and report on compliance risks associated with the company’s activities.
• . Implement strategic solutions to manage identified risks, ensuring they are mitigated in a timely and effective manner.
• Monitor the effectiveness of the compliance program, reporting findings and providing recommendations directly to the Board.

3. Regulatory Compliance Management

• Develop and enhance the compliance framework to integrate with the latest regulatory developments and industry best practices.
• Continuously review and update compliance policies and procedures to align with changes in laws and regulations.
• Conduct regular compliance audits and risk assessments to ensure all areas of the business adhere to legal standards and internal policies.
• Develop compliance training materials and programs; conduct training sessions to ensure staff awareness and adherence to compliance and regulatory requirements.

4. AML Oversight

• Act as the Money Laundering Reporting Officer (MLRO), managing all aspects of the anti-money laundering compliance program.
• Design and implement effective AML policies and controls to prevent, detect, and report potentially suspicious activities.
• Regularly review and update the AML strategy to incorporate new trends in financial crime and money laundering tactics.
• Prepare and submit timely AML reports to regulatory bodies; handle all external communications concerning AML matters.

5. Stakeholder Engagement

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• Collaborate with internal departments to embed compliance considerations into business processes and decision-making.
• Engage and consult with external experts, including legal advisors and compliance consultants, to ensure the compliance framework remains robust and comprehensive.

Qualifications

• Minimum of 5 years of proven experience in a compliance role within the financial services industry, with significant exposure to AML duties.
• All required CME certifications (CME-1, CME-2)
• Bachelor’s degree in Finance, Economics, Business Administration, or related field; Master’s degree or relevant professional certifications is preferred.
• Comprehensive knowledge of the regulatory environment in Saudi Arabia, especially regulations pertaining to the Capital Market Authority.
• Demonstrated ability to design and implement compliance and AML programs.
• Strong leadership skills with experience in managing direct reports and influencing senior management.
• Exceptional analytical and strategic thinking abilities.
• Excellent communication skills, capable of effectively managing relationships with regulators, senior executives, and team members.