Head of Compliance & MLRO

Overview

About The Role

Regulatory Compliance & Reporting

• Stay abreast of changes to regulatory requirements (DFSA, FATF, UAE Central Bank) and ensure the firm’s policies and practices are up to date.
• Ensure compliance with the DFSA Rulebook, particularly relevant to DIFC firms which are typically engaged in activities like asset management and arranging credit or deals.
• Prepare, manage, and submit all regulatory filings, notifications, and reports to DFSA, ensuring deadlines are met.
• Act as the primary point of contact for all regulatory audits, inspections, and correspondence with the DFSA and other regulatory bodies.

Anti-Money Laundering (Aml) & Counter-Terrorism Financing (Ctf)

• Oversee the firm’s AML/CTF framework, including onboarding, enhanced due diligence (EDD), client profiling, and ongoing transaction monitoring in line with FATF guidelines.
• Ensure the firm’s AML/CFT policies are up to date and reflective of the latest regulatory requirements.
• Conduct regular risk assessments, client profiling, and enhanced due diligence for high-risk clients and ensure robust controls and methodologies are in place for managing high risk clients.
• Conduct ongoing risk-based assessments aligned with DFSA and UAE Central Bank guidelines.
• Serve as the firm’s Money Laundering Reporting Officer (MLRO), handling suspicious activity reporting (SAR), and liaising with relevant authorities such as the UAE Financial Intelligence Unit (FIU).
• **Internal Compliance Policies & Procedures:**
• Develop, implement, and maintain the firm’s internal compliance policies, ensuring they align with DFSA regulations and industry’s best practices.
• Lead compliance training programs across all levels of the firm to ensure staff understand regulatory obligations, AML/KYC procedures, and internal compliance policies.
• Monitor and test the effectiveness of the compliance controls through regular reviews and audits, recommending corrective actions where necessary.
• Ensure effective handling and investigation of any compliance-related breaches, with timely reporting to senior management and the board.
• **Compliance Risk Management:**
• Identify, monitor, and mitigate regulatory and compliance risks, working closely with the firm’s risk, finance, operations, client services and technology teams.
• Coordinate with internal and external auditors on compliance and regulatory risk assessments.
• Oversee the firm’s data protection policies, ensuring compliance with local data privacy laws.
• **Corporate Governance:**
• Advise the board of directors and senior management on compliance-related matters, ensuring they are aware of regulatory developments and risks.
• Attend board and committee meetings, presenting compliance reports and updates on regulatory obligations.
• Ensure proper documentation of all compliance activities, and have oversight into minutes of compliance, risk & investment committee meetings and relevant board decisions.
• Ensure management reporting on compliance matters and highlight any concerns and exceptions identified, in line with the DFSA AML/CFT rulebook and UAE TFS mandates.
• Adhere to the principles for Authorised Individuals.

Key Performance Indicators

• Timely submission of regulatory reports and filings.
• No major findings in internal and external compliance audits.
• Effective management of AML/KYC processes with minimal SAR escalations.
• High staff compliance training completion rates.
• Regular updates to the board on compliance matters.

Qualifications

• Bachelor’s degree/Certification in business, Finance, Law, or a related field.
• Professional certifications in compliance, risk management, or regulatory affairs (e.g., ICA, ACAMS, or similar).
• 8-10 years of experience in a compliance or regulatory role, with a focus on financial services.
• Strong experience in a DFSA-regulated financial services organization, ideally in a leadership capacity.

Required Skills

• Resourceful, analytical, and capable of strategic thinking.
• Team player who works with senior management to balance business needs with required controls.
• In-depth understanding of regulatory frameworks and compliance requirements.
• Strong decision-making and problem-solving abilities, with the ability to manage complex compliance issues.
• Proficient in developing and implementing compliance monitoring and reporting programs.
• Familiarity with analytics, and performance metrics to enhance compliance oversight.

Preferred Skills

• Resourceful, analytical, and capable of strategic thinking.
• Team player who works with senior management to balance business needs with required controls.
• In-depth understanding of regulatory frameworks and compliance requirements.
• Strong decision-making and problem-solving abilities, with the ability to manage complex compliance issues.
• Proficient in developing and implementing compliance monitoring and reporting programs.
• Familiarity with analytics, and performance metrics to enhance compliance oversight.