The incumbent will ensure that there is a robust and effective transaction monitoring framework at group level, across the bank, in line with applicable regulatory requirements to systematically monitor customer transactions on an on-going basis in order to prevent the Group from being exposed to the risk of legal/ regulatory sanctions and the associated financial/ reputation loss that the Group may incur/ suffer as a result of failure to comply with the relevant AML/ CFT regulations.
- Assist the Financial Crime Compliance and Governance Team on the implementation of an effective transaction-monitoring framework.
- Identify any compliance weaknesses and support ongoing transaction monitoring enhancements at the Group level.
- Detect suspicious transactions by effectively monitoring customer transactions to avoid any reporting failures that could lead to fines/penal actions and the consequent loss of reputation.
- Assist to ensure that Group transaction monitoring scenarios are up to date, accurate and satisfy regulatory requirements.
- Participate in monitoring the implementation of the transaction monitoring strategy across the Group.
- Perform risk-based reviews on transaction monitoring cases and mitigate ML/TF risks with clear and concise narrative and escalate risks of ML/TF to the next level as and when required.
- Strong understanding of transaction monitoring processes, identify, analyze and understand the money laundering and terrorist financing red flags and typologies, understand policies, procedures, regulations, apply the industry practices to mitigate the ML/TF alerts.
- Develop an understanding of the Financial Crime Compliance systems being used across the group.
- Bachelor degree with professional qualifications in CAMS/ CCO/ CIA or equivalent
- Arabic Speaker is preferred
- A minimum of 7 years’ relevant experience in a major banking institution or in a consultancy firm.
- Solid experience of working in financial services on transaction monitoring.
- Good understanding of the requirements of the Money Laundering Regulations and the Joint Money Laundering Steering Group Guidance.