Senior Manager AML/CFT & DMLRO Commercial Bank of Dubai

  • Full time
  • Dubai, uae
  • Posted 2 weeks ago
  • 15000-30000 AED / Month

Commercial Bank of Dubai

Senior Manager AML/CFT & DMLRO at Commercial Bank of Dubai is responsible for managing the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) function as well as providing subject matter expertise to senior management and business units. The role holder is appointed as the Bank’s DMLRO and shall determine whether the escalated AML alerts and suspicious activity need to be reported to the UAE Central Bank’s Financial Intelligence Unit (FIU). The role holder will also act as the main contact point for the UAE Central Bank FIU.

Responsibilities of Senior Manager AML/CFT & DMLRO

  • Oversee the AML/ CFT risk for CBD, owning the AML/ CFT Policy and ensuring compliance with all CBUAE
  • regulations, guidance and notices.
  • As the Bank’s DMLRO, the role holder will have delegated authority to sign and report Suspicious
  • Transaction Reports (STRs) to the UAE Central Bank’s Financial Intelligence Unit (FIU).
  • Review the escalated alerts or suspicions transactions and determine whether they need to be reported to the UAE Central Bank’s FIU.
  • Manage the received responses or mandated actions from the UAE Central Bank’s Financial Intelligence Unit (FIU) on the STRs submitted and support the Head of Compliance with regulatory correspondence.
  • Conduct periodic assessments of the Bank’s transaction monitoring system to ensure its optimization (i.e. fit-for-purpose), including threshold reviews, segmentation analysis as well as scenario performance analysis.
  • Run the Transaction Monitoring Oversight Committee, prepare proposals and act as Secretariat.
  • The role holder will have the rights in the AML transaction monitoring system to modify parameters and scenarios with the approval of the Head of Compliance. Any change should be properly documented in order to track modifications, record approvals and capture the corresponding rationale/logic for implementation.

What You’ll Do More?

  • Provide advice and guidance to the AML team and business areas on AML/CFT related issues.
  • Provide updates to the wider AML/CFT team on current events or regulatory changes.
  • Own the AML/CFT related policies and procedures remain updated and communicated as required to all stakeholders. The Deputy MLRO is responsible for supporting the MLRO in regularly reviewing and updating policies and procedures to ensure they remain effective in detecting and preventing money laundering and terrorist financing.
  • Develop and recommend controls for the identified control weaknesses or potential gaps in AML/CFT related policies and procedures.
  • Support the team by reviewing suspicious cases when the volume is higher than the average or when there are staffing constraints that would limit the team’s capacity.
  • Provide guidance to the AML/CFT Assistant Managers, Senior Officers and Officers on their investigations.
  • Define and supervise the Quality Assurance process to review closed alerts and cases on a sample basis.
  • Issue client exit requests for financial crime reasons and engage with the Business to further review the escalated cases. Supervise customer exits for financial crime reasons to ensure all mandate exists are being action as per the Bank’s internal procedures.
  • Log and escalate all AML/CFT breaches or potential breaches.
  • Review AML/CFT related training materials (i.e. e-learnings and face-to-face) and participate in the delivery of face-to-face trainings.
  • Manage the available resources efficiently and prioritize system enhancement/up grades.

Requirements of Senior Manager AML/CFT & DMLRO

  • Bachelor’s Degree as a minimum from a recognized university.
  • ACAMS or ICA OR CFCS OR CRCMP is preferred.
  • At least 6 years of experience in the banking/financial services sector (and three in an AML/CFT Compliance role).

Skills and Knowledge Desired

  • Good understanding and awareness of financial crime regulatory requirements and international best practice.
  • Experience in analyzing and interpreting relevant regulations and regulatory requirements.
  • Analytical and attention to detail.
  • Problem identification and solving skills.
  • Good written and oral communication.
  • Management skills: ability to lead a team and manage performance.
  • AML, CFT, ABC and Sanctions Training, Rule Management, Written Communication, Regulatory Relationship, Quality Control Analysis, Critical Thinking, Judgment and Decision Making, Complex Problem Solving, Social Perceptiveness.

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