Money Laundering Reporting Officer and Compliance

1 month ago

Dubai International Financial Center, United Arab Emirates IFX Payments Full time

**ABOUT IFX PAYMENTS**

Founded in 2005, IFX Payments has grown to become a leading global foreign exchange, payment and financial technology provider. It is our strategy to build a core group of strong long-term employees who can grow and develop within the business. Our employees have an opportunity to play a part in this growth and can expect to share the rewards as part of a dynamic and successful team.

Working at IFX Payments provides an opportunity to collaborate with a team of experienced and culturally diverse professionals on a wide range of challenges. We encourage development at all levels in combination with an engaging and rewarding culture that encourages continuous learning, career progression and flexible working. IFX Payments is an equal opportunities employer and prides itself on its collaborative and supportive culture.

**JOB DESCRIPTION**

The MLRO/CO will act as the cornerstone for all Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) endeavours within the UAE organisation. This pivotal role involves developing, implementing, and managing the company’s AML compliance framework to ensure compliance with regulations set by the Dubai Financial Services Authority (DFSA) and the Central Bank of the UAE, alongside international standards.

**RESPONSIBILITIES**
- 1. Develop, Implement, and Manage the AML/CTF Program:_
- Draft, regularly update, and oversee the implementation of detailed AML/CTF policies and procedures that meet the requirements of the DFSA, the Central Bank of the UAE, and international best practices. This includes creating systems for customer due diligence, enhanced due diligence for high-risk clients, and ongoing monitoring of all transactions.
- Implement an effective risk-based approach towards assessing and managing the money laundering and terrorist financing risks to the company. This involves identifying the specific risks associated with particular clients, countries, and products/services, and tailoring the AML/CTF measures accordingly.
- 2. Risk Assessment and Mitigation:_
- Conduct comprehensive and ongoing risk assessments of the business to identify areas of vulnerability to money laundering and terrorist financing. Use these assessments to inform the development of internal controls and risk mitigation strategies.
- Develop and manage a robust process for the identification and scrutiny of complex, unusually large transactions, and all unusual patterns of transactions, which have no apparent economic or lawful purpose.
- 3. Suspicious Activity Monitoring and Reporting:_
- Oversee the monitoring of customer transactions and activities using a combination of automated systems and manual processes to detect potential suspicious activities.
- Investigate alerts for suspicious activity thoroughly and, where appropriate, file Suspicious Activity Reports (SARs) with the Financial Intelligence Unit (FIU) of the UAE without delay. Ensure that all filings are complete, detailed, and held confidential.
- 4. Develop and oversee the implementation and operation of the compliance framework:_
- Identify and asses the compliance risk with reference to the Firm’s current and proposed business activities.
- Assess internal policies, procedures and guidelines by way of regular and comprehensive compliance risk assessment, monitoring and testing.
- 5. Regulatory Liaison and Compliance Reporting:_
- Act as the principal point of contact for the DFSA, the Central Bank of the UAE, and other regulatory and law enforcement bodies regarding AML/CTF matters. This includes handling all external inquiries, audits, and inspections related to AML/CTF.
- Prepare and submit regular and ad-hoc compliance reports to regulatory bodies, ensuring that they accurately reflect the current state of the company’s AML/CTF efforts and compliance.
- 6. Training and Awareness:_
- Design and deliver comprehensive AML/CTF training programs for all staff, tailored to their specific roles and responsibilities within the company. Ensure that training is conducted regularly and updated to reflect changes in legislation, regulatory guidance, and emerging risks.
- Promote a culture of compliance and integrity within the organisation, ensuring that all staff understand the importance of AML/CTF compliance and their role in maintaining it.
- 7. Legal and Regulatory Knowledge:_
- Deep understanding of the legal framework and regulatory requirements pertaining to AML/CTF in the UAE, including specific directives from the DFSA and the Central Bank of the UAE. Familiarity with international standards such as the Financial Action Task Force (FATF) recommendations is essential.
- 8. Analytical and Investigative Skills:_
- Exceptional ability to analyse complex financial data and transactions to identify potential money laundering or terrorist financing activities. Strong investigative skills to follow through on suspicious indicators and construct comprehensive reports on findings.

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