SUMMARY OF POSITION:
Ensuring the organization adheres to all regulatory, legal, and ethical standards related to its business operations. This role involves monitoring the institution’s practices to avoid any violations of financial laws, internal policies, and regulatory frameworks. The Compliance Officer works to mitigate risk, ensuring that the institution remains compliant with applicable regulations, including those concerning anti-money laundering (AML), sanctions, fraud prevention, and customer protection.
Duties according to the company’s established policies and procedures including but not limited to:
- Stay updated with all applicable financial regulations, and ensure that the institution adheres to these laws.
- Regularly review and assess internal policies to ensure they comply with relevant laws and regulations.
- Maintain relationships with regulatory bodies and ensure timely submissions of required reports and documentation.
- Develop and implement risk management policies and procedures to identify and mitigate financial risks.
- Conduct regular audits and risk assessments to spot potential compliance issues.
- Prepare and implement action plans to address compliance gaps or regulatory breaches.
- Monitor and assess the institution's AML and KYC policies to ensure compliance with applicable laws.
- Manage international sanctions risks, ensuring alignment with the company policies and guidelines
- Escalate significant matters, including potential breaches to the regional Ethics & Compliance Director
- Oversee the screening of clients and transactions to identify suspicious activities, flagging potentially illegal transactions.
- Ensure that appropriate training is given to staff on recognizing and reporting suspicious transactions
- Conduct training sessions for employees at all levels on compliance matters and ethical business practices.
- Ensure that employees understand the importance of complying with relevant financial regulations and internal policies.
- Draft, implement, and update compliance policies in line with changes in legislation and industry best practices.
- Act as a point of contact for compliance-related queries and enforce adherence to policies
- Provide regular reports to senior management and the board of directors regarding compliance activities, audits, and risks.
- Alert management to potential compliance issues, regulatory changes, or incidents that may require corrective action.
- Investigate potential breaches of compliance or unethical behavior.
- Recommend disciplinary actions for staff who violate policies or regulations.
- Coordinate with external auditors or regulators during reviews and inspections.
- Assist in responding to any regulatory inquiries or audit findings.
