Purpose of the Position
In order to oversee internal anti-money laundering policies and remain compliant with important regulations, banks, credit unions and similar financial institutions are required to appoint an Anti-Money Laundering (AML) Compliance Officer. As part of the fight against financial crime, governments across the world require their financial institutions to put in place anti money laundering compliance programs; to achieve such, it is necessary to appoint an AML Compliance Officer who will be responsible for AML policy implementation at an institutional level. An AML Compliance team focus is to oversee internal anti-money laundering policies and remain compliant with important regulations, banks, credit unions and similar financial institutions. AMLCom team must directly report to the department head and must also be in contact with the Central Bank of Iraq alongside the Anti-Money Laundering and Terrorist Financing Office (Iraq), under Compliance Manager’s supervision.
Key Responsibilities & Duties
- Review or prepare KYC documentation and conduct additional research as required in consultation with
- regional Compliance officer.
- Review and investigate transaction monitoring flags
- Identify, investigate, evaluate and escalate suspicious transactions or trends.
- Review and investigate Sanctions List matches
- Identify and record “false positive results,” escalating “true match” results and prepare regulatory filings
- as required
- Conduct periodic compliance testing of historical transactions, identifying, high risk transactions, or
- customers, need to file retroactive regulatory filings and potentially modifying risk profile of customer.
- Assist with the identification, evaluation, monitoring and mitigation of operational risks; proactively
- suggesting improvements.
- Handle follow-up queries on information received with Account Executives and client contacts
- Ensure appropriate application of client, country and product risk ratings and ensure that accurate
- records are maintained
- Monitor clients and provide timely assessments of any change in a client’s AML/ATF risk profile
- Participate in the management and ongoing enhancement and development of the Global AML/ATF and
- Sanctions policies and procedures as necessary to ensure changes in the regulatory and the business
- environment are addresses
- Participate in the enhancement and development of global systems in support of AML, ATF and Sanctions Program implementation
- Participate in, and lead when required, AML/ATF and Sanctions team meetings
- Promptly and accurately prepare and deliver scheduled AML/ATF reporting on Program and workload
- status and highlight emerging issues. Prepare ad-hoc reports and presentations as required
- Assist in the administration and review of Client Risk Scoring, Client Identification
- documentation oversight requirements. Conducting reviews of client documentation/information
- submitted by business units; A good understanding of Corporate Documents associated with Offshore
- Shell Corporations and Foreign Financial Institutions is needed.
- Ensure that information obtained is consistent with AML Policy and Procedures and satisfies
- regulatory requirements. Follow up and track all documents required to satisfy new account
- Escalate high risk issues identified to Management
- Previous knowledge in conducting transaction monitoring reviews, deep investigations, and reporting
- other anomalous activities
- Support an annual review of the efficiency and effectiveness of the transaction monitoring process.
Other Responsibilities
- Looking after records of high-risk clients and report suspicious activities, if any;
- Assisting the implementation of an Anti-Money Laundering program of an organization;
- Assist in the development of compliance initiatives and programs to comply with the respective legal,
- licensing, and regulatory obligations;
- Identify and inform of any changes to legislation and other regulatory requirements relating to AML/CTF
Skills & Requirements
Job Requirements and Qualifications
- Bachelor’s degree in related field (business/finance/ accounting or such)
- Education:
- Professional AML/ATF accreditation required: ACAMS Certification-ACAMS is
- dedicated to enhancing the knowledge, skills and expertise of AML/CTF and
- financial crime detection and prevention professionals.
- 1-2 years’ experience within the AML and Compliance Team of a financial
- services firm (Bank/NBFI)
- Experience in compliance or related position
- Usage of math skills including multiplying, dividing, and counting using
- fractions
Experience:
- Experience Conducting Transaction Monitoring
- Experience in investigating sanctions hits.
- The ability to read and interpret documents such as government regulations, internal controls, and instruction manuals;
- Maintenance of discretion in handling confidential information;
- Interaction with team members at all levels of the organization
- professionally, including the ability to speak in front of groups.
- The ability to work irregular hours and extended shifts, including late nights, early mornings, weekends, and holidays.
Skills:
- Strong interpersonal skills, with the ability to work in a collaborative
- environment
- Strong preference for candidates who have prior experience in an internal audit role for compliance and/or AML functions
- Solid analytical, critical thinking, and investigative skills
- Business oriented, positive thinking, honesty, independence mindset
- Building effective working relationships with key stakeholders such as project
- managers and business line leaders
- Experience working with spreadsheets/Excel, data modeling.
