Head of Accounts

The Head of Accounts is responsible for the financial integrity, regulatory capital adequacy, and client asset segregation of KIRA Financial Brokers LLC.

This role ensures that the Firm maintains full compliance with CMA / SCA prudential requirements (Decision No. 13/Chairman of 2021), including capital adequacy ratios, client money segregation, daily reconciliation, and regulatory reporting.

The Head of Accounts acts as a key control function within the First and Second Lines of Defense, ensuring that all financial transactions, client cash balances, and institutional accounts are accurately recorded, reconciled, and reported. This role works in close coordination with the Risk Manager, Fraud Manager, Compliance Officer, and Internal Audit to safeguard client assets, prevent financial fraud, and maintain the Firm's financial resilience across all licensed activities: CAT 1 (OTC & International Market brokerage), CAT 5 (Consultancy, Introduction, Promotion), and pending CAT 2 (Fund & Portfolio Management).

· Monitor the Firm's capital adequacy ratio daily/weekly against CMA / SCA minimum requirements and internal buffers.

· Support the Risk Manager in the annual Internal Capital Adequacy Assessment Process (ICAAP), including stress testing, scenario analysis, and capital planning.

· Quantify financial losses from risk events, fraud incidents, or operational failures for ICAAP and regulatory reporting purposes.

· Prepare and submit monthly capital adequacy reports to Senior Management and the Board.

· Lead Capital Breach Escalation procedures: immediately notify the Risk Manager and CEO of any actual or projected capital breach.

· Ensure all client cash amounts are deposited in designated "Client Bank Accounts" within one business day of receipt, strictly segregated from the Firm's own funds.

· Maintain separate bank accounts for clients vs. the Firm's own accounts in the Firm's financial statements.

· Ensure that client funds held in segregated accounts are held as trust and are not subject to mortgage, seizure, liquidation, or bankruptcy procedures against the Firm.

· Prohibit the use of client funds for any purpose other than those explicitly permitted by CMA / SCA regulations (client investment, agreed commissions, regulatory fees, or client instructions).

· Ensure no credit facilities or loans are guaranteed by client cash balances.

· Perform daily reconciliation at the end of each business day between: Total credit balances of all clients (per accounting records), Total balances in all client bank accounts

· Ensure that total client bank balances are not less than total client credit balances.

· Prepare and sign the Accounts Segregation Report (Appendix 6 of CMA / SCA Regulations) monthly, confirming that client funds are fully segregated and reconciled.

· Immediately notify the CMA / SCA if unable to reconcile or settle accounts within the next business day.

· Perform reconciliation of client financial product records with depository center, custodians, and foreign custodians every 7 working days, with settlement of discrepancies within 3 working days.

· Open and maintain client bank accounts with SCA-approved local banks (or foreign banks for foreign securities trading).

· Evaluate the risks of each bank and the suitability of depositing client funds therein.

· Ensure that client bank accounts are clearly designated as "Client Account" and that no Firm funds are deposited therein except for agreed commissions or fees.

· Obtain written confirmation from each bank that it will not enforce any claim against the Firm on client bank accounts except for agreed commissions.

· Maintain and provide to the CMA / SCA a register of all client bank accounts (account numbers, bank names, account types, currencies, authorized signatories).

· Prepare interim (quarterly) financial reports reviewed by the external auditor within 45 days of quarter end.

· Prepare the annual audited financial report within 3 months of the financial year-end.

· Ensure all financial reports are signed by the authorized signatory and submitted to the CMA / SCA on time.

· Maintain accounting records in accordance with International Accounting Standards (IAS/IFRS).

· Operate and maintain a Centralized Back Office System meeting the technical controls specified in Annex No. (2) of CMA / SCA regulations, including: Audit trail logs for all entries and movements, Segregation of duties between entry and posting, Automatic serial numbering with date/time stamp, Daily, monthly, and annual reporting capabilities.

· Enforce strict payment authorization limits as defined in the Fraud Management Policy.

· Implement dual authorization for all client and vendor payments.

· Verify all payee bank account changes against fraud red flags (e.g., sudden changes without verification, round dollar payments, split payments).

· Maintain a register of all cheques collected, canceled, and bounced.

· Ensure no cash amounts are paid to clients with debit balances and no payments exceed client credit balances (except for margin trading).

· Upon detection of fraud, quantify the actual or potential financial loss accurately.

· Coordinate with the Fraud Manager and insurers to file fidelity bond / crime insurance claims within policy deadlines.

· Maintain records of all fraud-related losses, recoveries (insurance, restitution, legal), and net losses.

· Freeze fraudulent transactions or accounts where possible to prevent further loss.

· Record fraud losses appropriately in financial statements, including write-offs if unrecoverable.

· Act as the primary point of contact for external auditors on all financial and client asset matters.

· Provide the CMA / SCA with the monthly Accounts Segregation Report, signed by the Operations Manager.

· Respond to CMA / SCA and auditor inquiries regarding capital adequacy, client fund segregation, and financial statements.

· Ensure all regulatory filings (quarterly reports, annual reports, capital notifications) are submitted on time and accurately.

· Ensure that quarterly account statements are provided to each client within 45 days of quarter end (if there was account movement during that period).

· Ensure annual account statements are provided within 3 months of the financial year-end.

· Ensure statements include, as a minimum: client name, account number, securities owned, total value, trade details, cash movements, commissions, and fees.

· Lead and develop the Accounts/Finance team, ensuring segregation of duties between payment initiation, authorization, and reconciliation.

· Ensure mandatory vacation for fraud-sensitive finance roles (minimum 5 consecutive business days annually) with independent review of transactions during that period.

· Continuously improve financial controls based on audit findings, fraud incidents, and regulatory updates**.**

**Education**-Bachelor's degree in Accounting, Finance, or related field.

Master's degree (MBA, MA) or professional accounting certification (CPA, ACCA, CMA, CA) is mandatory.

**Certifications**-Certified Public Accountant (CPA), Chartered Accountant (CA), ACCA, or Certified Management Accountant (CMA) required.

**Experience**-Minimum 8–10 years of progressive experience in accounting and finance within the financial services industry, with at least 3–5 years in a leadership role.

Direct experience in an SCA-regulated entity (brokerage, investment firm, or bank) is essential.

**Regulatory Knowledge**-Deep understanding of CMA / SCA Decision No. (13/Chairman) of 2021, particularly Chapter 3 (Client Money), capital adequacy requirements, ICAAP, and financial reporting obligations.

**Technical Skills**-Proficiency in accounting systems (Centralized Back Office Systems), reconciliation tools, and financial reporting software.

Advanced Excel skills required.

· **Regulatory Rigor** – Ability to interpret and operationalize CMA / SCA client money, segregation, and capital adequacy rules into daily controls.

· **Reconciliation Precision** – Meticulous attention to detail in daily, weekly, and monthly reconciliations; zero tolerance for unreconciled differences.

· **Integrity & Independence** – Impeccable ethical standards; willing to escalate capital breaches or segregation issues even under pressure.

· **Fraud Awareness** – Understanding of payment fraud red flags, duplicate payment schemes, ghost vendors, and expense reimbursement fraud.

· **Communication** – Ability to present financial and capital adequacy information clearly to the Board, Senior Management, auditors, and regulators.

· **Crisis Management** – Ability to respond immediately to capital breaches, reconciliation failures, or fraud-related financial losses.

· Daily reconciliation completed with zero unreconciled differences; any differences resolved within 1 business day.

· Monthly Accounts Segregation Report submitted to CMA / SCA on time, with zero material errors.

· Capital adequacy ratio maintained above CMA / SCA minimum and internal buffer at all times.

· Any capital breach escalated to Risk Manager and CEO immediately (within 24 hours).

· Quarterly and annual financial reports submitted to CMA / SCA within required deadlines (45 days / 3 months).

· 100% of client payments subject to dual authorization; no unauthorized payments.

· Fraud-related insurance claims filed within policy deadlines; claim acceptance rate tracked.

· Zero client fund segregation breaches or regulatory findings.

· Mandatory vacation compliance for finance team: 100%.

·Payment Authorization Authority

· Write-Off Authority

· High attention to detail

· Regulatory deadlines

· After-hours work

· Audit support