Compliance Officer

2 days ago

Dubai, Dubai, United Arab Emirates Tazapay Pte Ltd Full time 120,000 - 240,000 per year

Compliance Officer & MLRO (VARA)

Job Description


Note for Recruiter Only: We would like to prioritise Emirati or GCC nationals for this role while considering others as well too.


The Compliance Officer & Money Laundering Reporting Officer (CO & MLRO) at the Company plays a pivotal role in ensuring the organization's adherence to regulatory and internal compliance / AML/CFT standards. 


Qualifications of the CO & MLRO:

  • Possesses at least five (5) years of relevant experience in a compliance function and at least two (2) years of experience handling AML/CFT matters

  • Preferably is a VARA approved person.

  • Holds relevant professional qualifications in both fields (ICA, ACAMS, etc.)

  • Is familiar with the GoAML portal of CBUAE.

  • Is a resident in the UAE or a UAE national.


Key Responsibilities:

Training:

  • Ensures that all staff, including Board and senior management, are properly and adequately trained in understanding and complying with all applicable laws and regulatory requirements. This includes training related to consumer protection and AML/CFT particularly those relevant to VA Activities.

  • Develops and conducts regular training sessions and workshops to keep staff updated on compliance and AML/CFT requirements.

Policy Development and Implementation:

  • Develops and implements comprehensive compliance & AML/CFT policies and procedures.

  • Regularly updates these policies & procedures to reflect the latest regulatory requirements and internal policies.

Risk Assessment and Management:

  • Continuously assesses emerging compliance issues and risks.

  • Conducting AML/CFT risk assessments.

  • Implements measures to mitigate identified risks, ensure ongoing compliance and implement all necessary changes to the relevant policies and procedures to address such issues and risks.

Monitoring and Audits:

  • Monitors adherence to compliance and AML/CFT policies across all business functions.

  • Utilizes monitoring tools to automate and enhance the monitoring process.

  • Conducts regular compliance audits to ensure all operations comply with regulatory and internal policies.

  • Documents audit findings and recommends corrective actions.

Reporting and Communication:

  • Reports on a quarterly basis to the Board on compliance activities, audit results and the effectiveness of the AML/CFT policies and procedures including any failures in such policies and procedures and/or any non-compliance with any Federal AML-CFT Laws.

  • Communicates significant compliance issues and proposed actions to senior management.

  • Ensures timely reporting of material non-compliance to VARA and other relevant authorities.

  • Monitoring and reporting Suspicious Transactions to relevant authorities.

Corrective Actions:

  • Ensures that appropriate corrective actions are taken in response to deficiencies in the CMS or non-compliance with applicable laws (ex: Federal AML-CFT Laws, etc.) or regulatory requirements.

  • Follow up on corrective actions to ensure their timely effective implementation.


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