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Job Description
Job Purpose
Identify key Sanctions risks and deficiencies, provide key advisories to stakeholders detailing major sanctions changes, risks and concerns,
Maintain daily operational dashboards including ensuring reporting requirements are met upon the identification of a risk to all stakeholders including our regulators.
To review and update Sanctions policies and procedures as per the defined timelines, including adhoc requirements and or events such as geopolitical or regulatory changes.
Ensure the review and timely completion of Regulatory GAP Assessments.
Ensure the training and awareness of all bank staff.
Research and trend analysis of key risks and typologies
The management and completion of the Sanctions and CPF risk assessments.
Provide direct support to the Head of Sanctions
ACCOUNTABILITIES
No. |
Accountability |
Description |
1. |
Client On-boarding Sanctions reviews |
To maintain the effective management of account opening/know your customer (KYC) escalations related to potential sanctions risks. Work with applicable business units including vigilance and control teams to ensure appropriate information sourcing and risk identification. Document decisions for reviewed clients and provide advisory for sanctions risks referred by various business units and provide final approvals for all escalated cases. |
2. |
Sanctions Advisory |
Keep abreast of and investigate for potential sanctions risks, collect documentary proof, build/maintain case files for major suspicious cases. Ensure the update of relevant MIS to ensure accurate tracking and record keeping, Identify and mitigate sanctions risks by taking decisions on the applicable high risk sanctions cases, ensure the accurate and timely update of all watch-lists, and ensure required actions are taken as per the applicable Policy, SOP and regulatory requirement. Regulatory GAP Assessments Communication and awareness of sanctions events, changes and prohibitions by way of MEMO or Circulars |
3. |
External Correspondence and Reporting |
Review and report on approved suspicious transaction reports (STRs), Action and submit responses to UAE Central Bank on STRs, PNMR, HRC and other applicable reports. Assist with addressing queries from corresponding banks relating to sanctions risks. Ensure freezing of funds and blocking of accounts upon the identification of sanctions risks and subsequent approval from the line manager. Respond to and raise requests for information (RFIs) from other banks on sanctions risks in order to identify and mitigate risk. |
4. |
Customer De-Risking |
Identify, freeze and exit customer relationships in line with defined Policy, SOP and regulatory requirements. Identify reporting requirements and sure submission and completion of these requirements. Ensure the update of the appropriate MIS to ensure effective tracking and monitoring of all exited and or frozen accounts. |
5. |
Compliance Systems |
Ensure the operational health of all screening systems Maintain all required documentation for screening systems including external assessments and audits Ensure the of review of key changes including impact assessments such as rules, exceptions and threshold changes to ensure adequate sanctions screening efficiency and effectiveness Ensuring the gathering, review and completion of all required MI in order to meet periodic reporting requirements Maintain all formal communication and documentation with IT support teams Lead the change management process for Sanctions Advisory |
6. |
Compliance Project Support |
Support and/or manage projects arising out of changes in regulations in order to ensure remedial actions are completed to fulfil regulatory requirements |
7. |
Advice and Guidance |
Act as a subject matter expert to bank employees, providing guidance advice on all sanctions related cases including what actions to take when dealing with high risk accounts and transactions. Ensure up to date knowledge and awareness of all sanctions policies and procedures including training materials. Proactive monitoring of high risk geopolitical events and conflicts. (Targeted reviews / research and assessments may include, UNSC Panel of Experts reports, Dual Use Goods typologies, Gold and precious metals from Conflict regions etc.) |
8. |
People Management |
Manage self and team in line with ADCB’s people management policies, procedures, processes and practices to ensure adherence and to maximise own and employee contribution to business performance.
Manage the effective achievement of the team’s objectives through setting individual objectives, managing performance, developing the team and providing formal and informal feedback to maximise overall performance, engagement and motivation. |
9. |
Policies, Processes, Systems and Procedures
|
Recommend and implement improvements to departmental policies, procedures and processes covering all areas of activity so that all relevant procedural requirements are fulfilled while ensuring that ADCB delivers best-in-class services, products and innovation |
10. |
Customer Service |
Demonstrate Our Promise and apply the ADCB Service Standards to deliver the bank’s required levels of service in all internal and external customer interactions |
Skills
EXPERIENCE, QUALIFICATIONS & COMPETENCIES |
|
Minimum Experience |
At least 8 years of experience in Sanctions compliance, exposure to Financial Crime or AML is beneficial. |
Minimum Qualifications |
Bachelor’s Degree in Commerce or Business Administration |
Professional Qualifications |
Qualifications from ACAMS, ACSS is required |
Knowledge and Skills |
Microsoft Office (Word, Excel, Outlook and PowerPoint) Understanding of account opening and customer documentation Knowledge of customer transactions and behaviours Exposure to multiple jurisdictions that monitor for and enact sanctions regulations Excellent understanding of banking transactions Understanding of local/International and Central Bank rules and regulatory requirements specific to Sanctions. Understanding of banking systems, reports and workflows Excellent Geographical knowledge and understanding Is able to compile, interpret and present reports pertaining to Sanctions risk and geopolitical risk events including providing solutions, key metrics and outcomes. Is able to adapt to and manage change on a consistent basis. Is able to effectively lead and improve the performance of staff reporting into them. |