MLRO and Compliance Officer

Role purpose

Key responsibilities

• Oversee implementation of the firm’s AML/CFT policies, procedures, systems, and controls in relation to the QFC, including operation of the firm’s risk-based approach.
• Ensure that AML/CFT policies, procedures, systems, and controls are developed, maintained, monitored, and regularly reviewed for effectiveness.
• Receive, investigate, and assess internal suspicious transaction reports and determine whether suspicious transaction reports should be made to the FIU.
• Make suspicious transaction reports to the FIU and notify the Regulator where required.
• Act as the firm’s central point of contact with the FIU, the QFCRA, and other State authorities on AML/CFT matters, and respond promptly to requests for information.
• Receive and act on governmental, regulatory, and international findings relevant to AML/CFT, and bring regulatory guidance to senior management’s attention.
• Monitor the appropriateness and effectiveness of the firm’s AML/CFT training programme and recommend improvements where needed.
• Report to senior management on AML/CFT issues at such intervals as senior management determines and on the MLRO’s own initiative where necessary.
• Prepare and submit the annual MLRO report to senior management and support completion of any written confirmation and action plan required by the Regulatory Authority.
• Keep the Deputy MLRO informed of significant AML/CFT developments and ensure continuity arrangements are effective.
• Oversee implementation and ongoing effectiveness of the firm’s compliance policies, procedures, systems, and controls across its regulated activities.
• Advise senior management, the Governing Body, and relevant business functions on applicable legal and regulatory requirements and on the firm’s obligations under the QFCRA framework.
• Develop, maintain, and execute a risk-based compliance monitoring programme and report findings, recommendations, and remediation progress to senior management.
• Monitor regulatory developments relevant to the firm’s business, assess their impact, and support timely implementation of any required changes to policies, procedures, controls, or practices.
• Review new products, services, business initiatives, outsourcing arrangements, and material changes to the firm’s operations from a compliance perspective, and provide recommendations as appropriate.
• Maintain appropriate compliance records, registers, and evidence of monitoring, breaches, incidents, attestations, and remedial actions, as applicable to the firm’s business.
• Escalate material compliance breaches, control weaknesses, or regulatory issues promptly to senior management and, where appropriate, the Governing Body / Board and the Regulator.
• Support delivery of compliance training and awareness across the firm so as to promote a sound compliance culture and understanding of regulatory obligations.
• Coordinate with other control functions and relevant business areas to support effective governance, issue remediation, and ongoing regulatory compliance.
• Person qualifications
• Fit and proper to hold QFCRA controlled functions.
• Sufficient seniority, knowledge, experience, authority, and understanding of AML/CFT and regulatory compliance requirements to discharge the role effectively and independently.
• Previous compliance/MLRO/Internal Audit/Legal experience of at least 3 years (from any jurisdiction) is required.
• Specific QFCRA certification will be required and can be obtained prior to taking up the role.