Head Compliance and Risk Bahrain

2 weeks ago

Manama, Manama, Bahrain Julius Baer Full time

At Julius Baer, we celebrate and value the individual qualities you bring, enabling you to be impactful, to be entrepreneurial, to be empowered, and to create value beyond wealth. Let's shape the future of wealth management together.

Serve as a generalist with in-depth Compliance and Risk know-how.

YOUR CHALLENGE
  • The individual has local responsibility for Compliance, Business and Operational Risk. The function is responsible for the implementation and maintenance of an adequate Compliance and Risk management framework at JBB to ensure all regulatory and business risks are identified, managed, controlled and if necessary mitigated.
  • The individual is also the Central Bank of Bahrain ("CBB") registered Compliance Officer ("CO") and Money Laundering Reporting Officer ("MLRO") and responsible for the diligent management of money laundering investigations and suspicious activity / transaction reporting to the Financial Intelligence Unit of CBB.
  • The individual independently monitors compliance with regulatory requirements (in particular those relating to financial crime), defined risk limits and Global Minimum Standards of Julius Baer Group, in particular with regard to account opening, account maintenance and transaction monitoring.
  • As a second line of defence function, the individual maintains an adequate and mature control environment (including ownership of Local Key Control Plan and implementation of Global Minimum Standards ("GMS") and Global Minimum Controls ("GMC")). The individual reports to the Chief Risk Officer Emerging Markets and also updates local Management and key contacts at Head Office about issues concerning the overall risk situation of the entity.
  • As MLRO, the individual shall be responsible for establishing and maintaining JBB's AML/CFT policies and procedures, ensuring that JBB complies with the AML Law and applicable AML/CFT legislation and ensuring day-to-day compliance with JBB's own internal AML/CFT policies and procedures.
  • As Head of Risk Management, the individual shall be responsible for identifying, monitoring, managing and reporting risk management topics and KRI of JBB on an ongoing basis.

Key Features of the Role

MLRO

  • the day-to-day operations for compliance by the Relevant Person with its AML policies, procedures, systems and controls.
  • Acting as point of contact to receive notifications from JBB employees regarding any AML concerns (internal SARs, etc) as well as taking the appropriate action once notified.
  • filing STRs/SARs with the CBB in accordance with AML legislation.
  • Acting as point of contact for CBB and FIU authorities and responding to any request for information from CBB or competent authorities on AML and Financial Crime topics.
  • Receiving and implementing any relevant findings, recommendations, guidance, notices, etc. received from CBB or competent authorities.
  • Establishing and maintaining an appropriate money laundering training programme and ensuring adequate awareness arrangements within JBB.
  • Compliance
  • Review accounts, transactions and account openings with regard to CBB and GMS applying a risk-based approach.
  • Implement and perform compliance tasks at JBB according to local rules, Global Compliance Programme, GMS and GMC.
  • Ensuring compliance with legislation applicable in Bahrain and identifying any legislative and regulatory changes that may impact the activities of the firm.
  • Supporting and advising employees on compliance and risk management topics.
  • Training of employees in the Compliance and Risk Management topics.
  • Management of Compliance projects.
  • Conduct AML investigations, as applicable.
  • Act as the Anti-Bribery and Corruption Officer for JBB.

Business and Operational Risk

  • Identifies, assesses and monitors risk indicators and risk tendencies, makes them transparent to Management and monitors the implementation of risk mitigating measures.
  • Maintains an adequate local Risk Management Framework in accordance with group-wide standards, local regulations and business strategy applying a risk-based approach.
  • Takes ownership of the local Key Control Plan and GMC implementation. This includes the monitoring of the timely and diligently execution of controls and the assessment of their results and operating effectiveness and a timely reporting of results to the local Management, Line Manager and key contacts at Head Office.
  • Ensure monitoring, coordination and assessment of audit issues and operational incidents.
  • Perform assigned operational controls.
  • Perform Risk & Control Self-Assessment.
  • Maintain and update the internal governance system.

Investment Controlling

  • Define and maintain the investment control framework / local suitability framework to ensure compliance with all relevant local laws, regulations, and best practice.
  • Support the local relationship managers in the detection and remediation of potential investment suitability breaches.

Reporting

  • Provide local Risk Management Committee, Line Manager, and key contacts at Head Office with adequate reports.
  • Provide CBB with reports as per the regulatory requirements.
YOUR PROFILE
  • A minimum experience of 5 years in compliance & anti-money laundering and terrorist financing role.
  • Hold a relevant academic / professional qualification which include but are not limited to International Compliance Association (ICA) Diploma in Governance, Risk and Compliance / Anti-Money Laundering.
  • Solution oriented.
  • Fluent in English (spoken and written), knowledge of other languages (especially Arabic) is an advantage.

We are looking forward to receiving your full job application through our online application tool.

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