Basic functions
The Compliance Officer supports the entity and its management in managing compliance risks and improving compliance arrangements across all corporate structures. Thus the compliance functions have the following objectives.
• Identify, assess, monitor and report the compliance risks you face
• Assist with support and advice to senior management in fulfilling their compliance risk management responsibilities.
• Advise employees regarding their responsibility to manage compliance risks.
Objectives of the center
• Providing all means of enforcement and investigation services in all areas of the authority’s responsibility.
• Fully participate in investigations and/or provide assistance to the Ministry of Interior and CBB staff in preparing cases to be initiated by raising suspicious transactions (STR).
• Liaising with internal and external parties or individuals
responsibilities
• Responsible for overseeing and monitoring compliance risk management. The scope of compliance risk and therefore the scope of compliance functions.
• Employee integrity personal conflict of interest in dealing with the use and sharing of information for the purpose of providing or processing it.
• Client Integrity through Know Your Customer (KYC) including Politically Exposed Persons (PEP) in AML/CFT.
• Know the integrity of services on products by providing correct information to the customer and dealing with customer complaints.
duties
• Implementation of the Prevention of Money Laundering and Terrorist Financing.
• Monitoring the transactions made by customers
• Investigate the results of unusual transactions, as well as those disclosed in the central monitoring process. (CCDS)
• Submit suspicious transactions to the committee to confirm their status and decide whether to report them.
• Maintain a record of unusual transactions reported by employees, as well as those detected in the central monitoring process.
• Keep a record of suspicious transaction reports and their issuance statistics
• To verify and ensure that records are properly and securely maintained.
• Stay informed and updated on all matters relating to legal issues and regulations affecting the company in its management to prevent money laundering.
• Liaise with independent bodies that may verify or monitor compliance with regulations.
• Informing the management of the request of the supervisory authorities and auditors
• Implementation of the necessary remedial measures as a result of the observations made by the internal auditor, external auditors or the regulatory body.
• Contact the Central Bank of Bahrain / Ministry of Interior to provide all the information they request when reporting a suspicious transaction
• Informing the Board of Directors when a suspicious transaction report is issued. Document the results of anti-money laundering and fraud monitoring, including filling out reports of any suspicious activity to the Central Bank of Bahrain.
• Implementing standards and procedures for preventing money laundering and terrorist financing.
• Act as an independent review and evaluation body to ensure that compliance issues/concerns within the organization are appropriately assessed, investigated and resolved.
• Monitors and, as appropriate, coordinates the compliance activities of other departments to stay abreast of the status of all compliance activities and identify trends.
• Work with Human Resources and others as required to develop an effective compliance training program, including appropriate induction training for new employees as well as ongoing training for all employees
Monitor transactions for potentially suspicious or unusual activities, such as the potential structuring of transactions to evade legal and/or regulatory reporting requirements, the practice of sharing identity documents, and any unusual behavior such as sending one person to many individuals in many Countries.
• Provide written policies and procedures for employees to follow to detect and prevent money transfers or fraudulent, structured or illegal transactions.
• Monitoring transactions in bulk, if required by the customer due diligence
• Monitor and check the foreign currency of the branch if it is compatible with the report of the branch
• Monitor and verify canceled transactions
• Editing the transaction booked under the sanctions list issued by OFAC, the European Union, the Central Bank of Bahrain, the World Checker and others.
• Perform other duties as reasonably directed by the Chairman, General Manager and designated staff.
• Prepare a compliance report
• Bachelor’s degree in Business Administration or Accounting
• Professional Certificate from ACAMS
• 3 years minimum experience
• Experience in the financial sector
• what nationality
• The candidate should be based in Bahrain
• English speaking (Arabic a plus)
• Well versed in MS Office and Windows operating system
Edara Consultancy is a top-tier HR and management outsourcing solutions company that provides businesses and business owners with an alternative option to manage their HR function.
In a globalized and competitive market in addition to the ever-increasing local and international regulations, the demand for human resource services both at the basic and complex level has become mandatory. Management Consulting was established to meet these needs and provide flexible options to business owners by choosing the service that suits their business.