Job Purpose:
To complete due diligence and adjudication on escalated new to bank client on-boarding, existing clients, payment alerts and investigations. Identify, investigate and report unusual/suspicious cases to UAE Central Bank / Executive office for Control and Non Proliferation as appropriate. Identify Sanctions risk exposure and de-risk flagged customers, or customer activity.
Where required, perform system testing and maintenance in order to ensure compliance with regulatory requirements and mitigate risk for the bank
Responsibilities
Client boarding Sanction reviews:
- To receive and review 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, provide advisory for sanctions matches referred by operations and business units and provide approvals for all escalated cases.
Sanctions Investigations & Reviews
- Review escalated alerts against customer and or payment data, investigate for potential sanctions risks, collect documentary proof, build/maintain case files for transactions and customers deemed suspicious.
- Update relevant MIS to ensure accurate tracking and record keeping,
- Identify and mitigate sanctions risks by taking decisions on the applicable sanctions screening system, update internal watch-lists, and ensure required actions are taken in as per the applicable SOP and regulatory requirement.
External Correspondence and Reporting
- Draft 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
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.
- Update the appropriate MIS to ensure effective tracking and monitoring of all exited and or frozen accounts
Compliance Systems:
- Where required, conduct testing for sanctions systems, assist in identifying potential weaknesses in processes and systems and identify solutions to ensure system effectiveness.
Skills
Requirements:
- At least 5 years of experience in banking in compliance, Financial Crime and or Sanctions.
- Bachelor's Degree in Commerce or Business Administration
- Qualifications from ACAMS, ACSS is required
Microsoft Office (Word, Excel, Outlook and PowerPoint)
Understanding of account opening and customer documentation
Knowledge of customer transactions and behaviours
A good 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
Good Geographical knowledge and understanding
Is able to compile, interpret and present reports pertaining to Sanctions risk and geopolitical risk events