Experience in AML/ CTF + Knowledge in QCB regulations
MONEY LAUDERING REPORING OFFICER
MLRO will have the following functions and responsibilities:
Using electronic programs for controlling and detecting unusual operations as well as large cash transactions and complex operations which have no legal or economic purpose and other operations that may have a connection with activities of money laundering and terrorism financing, and updating the indicators that reflect existence of suspicious money laundering and terrorism financing acts in a manner consistent with the development and diversity of the techniques adopted in committing financial crimes
Submission of proposals targeting development of internal policies, plans, procedures and controls along with methods for facilitating application of the same. Approval of a state-of-the art automated system in the area of anti-money laundering.
Ensuring that staff in all departments, comply with the instructions and procedures pertaining to accounts monitoring; and ensuring that employees understand the importance of such procedures and instructions as well as the importance of the adopted procedures for suspicious activities and reporting requirements.
Supporting of compliance department staff in its task of verifying that the established rules, regulations and requirements are effectively applied in compliance with AML/CTF requirements.
Development of ongoing training materials to provide staff with latest information on money laundering and terrorist financing activities, with the aim of enhancing their knowledge to identify such activities, trends and nature of activities, and how these can avoided and dealt with.
Responding to all Central Bank circulars and requests relating to customer accounts statements and blocking, and preparation of the required information in the proper form and timeframe.
Maintaining a database comprising all data relating to money laundering and terrorist financing matters in the bank, such as the suspicious cases reported, blocked accounts, etc. and updating of all the old cases in the database.
Participation in the regulator's Financial Crimes and Money Laundering Committee.
Appraises the related Business Lines on any pending issues, status of KYC reviews, and status of pending alerts transactions generated by the systems
Monitors KYC reviews and participate in revalidation of clients' acceptance
Monitors transactions for suspicious or unusual activity through automated tools and manually
Monitors transaction against lists of sanctioned persons, entities or countries issued by government/competent authorities and bank Group
Arranges regular trainings on matters in relation to Financial Security including Bribery and Corruption
The MLRO should collaborate with the Financial Security and KYC domains at CIB level when requested and/or needed
MLRO in collaboration with the branch Compliance Officer should be aware of all Compliance and regulatory related Financial Security matters pertaining to the entity. This includes the following:
Status of the KYC of the entity's client
Alert management and clearance
Regulatory requirements and expectations
Group and CIB policies and procedures
Sanctions and embargoes – internationally and locally including OFAC requirements
Training and education
Reporting to regulatory bodies and to CIB and Group Compliance