Compliance Officer

2 months ago

Manama, Bahrain Armour Insurance Full time

A Compliance Officer (CO) responsible for the oversight, management, and administration of the development, implementation, and daily operational tasks for maintaining an effective Compliance Program (Program). A Head of Compliance is to be responsible for all areas of regulation and compliance in the Bahrain operation.
- The CO has unrestricted authority to review documents and information relative to compliance audit activities; access to employees, contracted professionals, agents, and other third parties retained by the organization.
- The CO oversees Department projects, supervises Department staff, and administers compliance activities.

**Responsibilities**:
The CO is responsible for performing the following duties:

- Developing, modifying, and implementing compliance policies and procedures;
- Administering compliance activities and supervising compliance staff;
- Monitoring compliance with the Code of Conduct;
- Maintaining compliance reporting systems;
- Evaluating, investigating, and documenting reports of non-compliant activity;
- Coordinating internal compliance investigations and routine audits;
- Developing and reviewing compliance education programs;
- Serving as coordinator for external investigations and inquiries related to the Program;
- Reporting compliance issues and activities on a regular basis to the Finance & Audit Committee of the Board;
- Preparing formal and informal responses to governmental investigations, inquiries, and requests with guidance from the Risk Management Officer and Senior Management as appropriate;
- To develop and implement all aspects of Anti-Money Laundering policies and procedures.
- To ensure the group has the necessary systems to facilitate compliance with the Central Bank of Bahrain (CBB) / local Anti-Money Laundering (AML) regulations.
- Report to the Board and Senior Management on critical AML issues requiring their attention.
- Carry responsibility for overseeing and monitoring all daily AML tasks and functions
- Monitor adherence to the requirements of the AML Manual, Compliance Manual and the status of any necessary corrective action.
- Act as coordinator between Operations and Operational Risk Management on the development and production of Key Risk Indicators (KRIs)
- Assist in the selection, creation, testing and implementation of new reports & Compliance related systems
- Liaise with HR to ensure that all ‘relevant’ staff receive AML and CBB regulatory training with the required frequency
- Development and production of Key Risk Indicators (KRIs)

**Requirement**:

- A minimum of 5 years of relevant experience in compliance in the insurance industry, financial institution or financial regulator;
- An academic degree from a university at bachelor level or higher in addition to professional qualification(s) related to accounting or finance and other relevant certification(s) specific to this role. Such professional qualifications may include but are not limited to:

- Certified Insurance Supervisor (CIS) qualification, Bahrain Institute of Banking and Finance (BIBF); and/or
- International Diploma in Governance, Risk and Compliance, International Compliance Association (ICA).
- An MLRO/ DMLRO should have a minimum experience of 5 years in the financial services industry of which at least 3 years of experience in anti-money laundering or anti-money laundering related role.
- A degree from a university at bachelor level or higher or a relevant professional qualification; and
- Relevant certification(s) specific to this role. Such certifications may include but are not limited to:

- Certified Anti-Money Laundering Specialist Examination, Association of Certified Anti-Money Laundering (ACAMS);
- Diploma in Anti-Money Laundering, International Compliance Association (ICA);
- International Diploma in Financial Crime Prevention, International Compliance Association (ICA); and/or
- International Advanced Certificate in Compliance and Financial Crime, International Compliance Association (ICA).

Application Question(s):

- are you approved by CBB

License/Certification:

- Associate of Certified Money Laundering specialist mandatory (preferred)

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