Compliance Officer

Get AI-powered advice on this job and more exclusive features.

1. Participate in internal suspicious activity reports and submit recommendations to the direct supervisor regarding documenting, continued monitoring, or reporting to regulatory authorities.
2. Contribute to the analysis, monitoring, and assessment of customer risks related to money laundering and terrorism financing (including products, clients, countries, and distribution channels).
3. Participate in studying cases flagged by the Anti-Money Laundering (AML) system, Customer Due Diligence (CDD), and the SAS monitoring system for high-risk clients.
4. Participate in reviewing cases referred from different business units involving clients listed on internal watchlists.
5. Ensure that Bahrain Regional Office performs proper customer due diligence (KYC), understands clients' activities, sources of income, relationships with related parties, and identifies the beneficial owner, with documentation.
6. Ensure enhanced due diligence is applied to politically exposed persons (PEPs), non-resident clients, clients in or from high-risk jurisdictions (those not applying FATF recommendations adequately), and clients with unusual financial activities, in line with the bank's AML/CFT policies and procedures.
7. Contribute to risk-based customer classification for the Bahrain Regional Office (low, medium, high) and update regularly in accordance with their AML/CFT risk profile (as per operational manual).
8. Participate in preparing periodic reports for the Compliance Manager/Risk Manager, including updates and instructions from the Central Bank of Bahrain (CBB), new compliance-related projects, and any violations.
9. Contribute to preparing all required reports (monthly, quarterly, annual) for the CBB/general management within agreed deadlines.
10. Monitor compliance at all management levels within the bank with all regulatory requirements, applicable laws, and international standards, including CBB regulations and FATF recommendations.
11. Ensure implementation of UN Security Council resolutions related to terrorism, proliferation financing, and associated guidance.
12. Participate in customer complaint investigations to ensure branches have taken proper actions and submit monthly/quarterly reports to Compliance/General Management, including complaint statistics and qualitative analysis.
13. Assess and verify transactions flagged as potentially involving sanctioned individuals or similar names, especially for international trade and remittances, requiring sanctions risk evaluation.
14. Review incoming/outgoing remittances linked to high-risk or sanctioned countries and transactions with names similar to those on international sanctions lists.
15. Assess the risks of establishing banking relationships with new banks the institution intends to deal with.
16. Review AML alerts from the system triggered by name-screening scenarios and escalate relevant alerts to the direct supervisor.
17. Verify that the bank's financial operations and business activities comply with international sanctions and local/global regulatory directives and report violations and associated risks if found.
18. Participate in verifying correspondent banks' compliance with effective AML policies and procedures, their legal existence (non-shell banks), and adequate internal controls to mitigate risks related to money laundering, terrorism financing, and sanctions.
19. Contribute to specialized studies on high-risk countries, sanctioned jurisdictions, or countries not sufficiently applying FATF recommendations.
20. Review and respond to inquiries from branch staff or general management based on Bahraini regulatory instructions.
21. Participate in implementing the regulatory compliance program and conduct compliance testing based on the adopted methodology.
22. Ensure the bank retains all customer information, prior risk assessments, and records of suspicious transactions.
23. Help raise awareness of AML/CFT among existing and new employees through training workshops and the bank's internal platform.
24. Provide guidance to staff, answer inquiries, and prepare necessary training materials related to Compliance and AML/CFT topics, including CRS and FATCA.

Qualifications & Requirements:

• Practical knowledge of laws, regulations, and best practices in Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), compliance monitoring, and corporate governance both locally and internationally.
• Practical knowledge of the bank's policies, procedures, control frameworks, risk management, code of ethics, and banking services and products.
• Practical knowledge of FATCA and CRS regulations.
• Bachelor's degree in Banking and Financial Sciences or a related field.
• Professional certification in Anti-Money Laundering and Counter Financing of Terrorism (e.g., CAMS, ICA).
• A minimum of 2 years of experience.
• Advanced English language proficiency (written and spoken).
• Proficiency in Microsoft applications, including Word, Excel, and PowerPoint.
• Analytical Thinking.

Nationality: Bahraini or expat having experience in the Bahraini banking sector

• Associate

• Full-time

• Other

• Banking