- Responsible for overall regulatory compliance within Mashreq Bank Hong Kong branch. Ensure implementation/compliance to various regulations and guidelines that are issued by local regulatory authorities
- Study new and revised guidelines that are issued by domestic / international agencies such as FATF, Basel, Wolfsburg etc; liaise with Head Office Compliance and execute /implement the requirements accordingly.
- Implementation of HO guidelines / procedures at branch level
- Pro-actively escalate critical issues (compliance/regulatory) to branch Management and – Compliance, so that timely actions are taken; and bank is not investigated, charged, fined or publicly castigated by any regulatory authority.
- Ensure monitoring of transactions in respect to various blacklists, transaction patterning / structuring etc.
- Responsible to perform the function of Money Laundering Reporting Officer. Ensure that AML & Compliance related SOPs / processes are followed at branch & centralized processing department and are kept up to date in respect of applicable regulations Evaluate, train and motivate branch and centralized processing staff to enhance their skills and knowledge of anti-money laundering, compliance and regulatory matters. Document and record details of trainings provided.
- Responsible for maintaining branch Anti Money Laundering Handbook for Staff and for updating the same as legislation and regulations change.
- Ensure that all internal audit reports, those are conducted in the branch and in the centralized operations dept. are retained, reviewed and that an action plan on the audit observations is properly executed / regularized within the deadlines.
- Ensure that all statutory reports and/or request for information received from regulators are handled in timely manner.
- Assist Fraud Investigation Dept in matters that relate to fraud investigation.
- Perform additional tasks / conduct Compliance related investigations as required /.
Key Result Areas
- Assist Head Office Compliance and Branch Management in attaining compliance objectives.
- Maintain ongoing awareness/current knowledge of all applicable internal / external regulatory requirements –identify issues that could impact the branch / bank and escalate any serious issues/ breaches/ violations to – Head Office Compliance and Branch Management; develop/monitor action plans for its closure in liaison with FIG-Compliance.
- Instigate and maintain contact with local Regulatory Authorities and ensure good & healthy working relationship.
- Review new regulatory legislations; promptly communicate all regulatory notices/circulars to all concerned areas, provide interpretations if necessary to Branch management and Head Office Compliance; develop/monitor action plans towards its implementation.
- Ensure continuing compliance of branch processes/systems/products -review branch procedures/SOPs/ service level agreements etc. in line with various regulatory legislations & guidelines; where deficiencies are detected, make recommendations in order to bring procedures / processes in line with the requirements.
- Manage Regulatory Examinations; ensure implementation/regularization of inspection / audit recommendations and observations with the deadline(s).
- Respond to queries that are sought by local Regulatory / Law Enforcement Agencies / Head Office & Overseas branches, in timely manner with complete and accurate information.
- Maintain repository of all local Regulatory circulars and notices; ensure that these are made available to every employee at the branch including Head Office Compliance and wherever applicable to Centralized Operations personnel at HO.
- Submit monthly Compliance-MIS to Head Office Compliance; ensure capturing of compliance related issues those are resolved and pending.
- Ensure branch compliance to local AML/CFT regulations where applicable maintain and update the local ‘AML & CFT Policy Manual’ in liaison with FIG-Compliance; ensure that every employee at the branch and centralized operations personnel at HO, reads and understands the banks/branch AML policy. Ensure submission of staff ‘AML declarations’ to this effect on an annual basis.
- Provide all new staff with full training (within 3 months of joining) and provide staff with regular updates on the money laundering regulations and requirements.
- Implement AML monitoring procedures & controls at branch level; ensure all customer accounts / activities are covered under the monitoring process.
- Undertake review of suspicious transaction(s) that get noticed or that has been brought to the attention of compliance; discuss unusual activity / transactions with relationship managers and Compliance (if necessary); depending on the outcome, if need be raise STR to the relevant regulatory authority, maintain record of each reporting and investigation.
- Supervise / monitor / approve daily filtering of all payments and swift messages in respect of terrorist and criminal names.
- Provide support to Head Office Auditors and Regulatory Examiners while their visit the branch for inspection.
- Ensure that all transactional referrals and account openings are handled in a timely manner.
- Actively participate in applications systems and product development and provide value added recommendations to ensure that all systems and products in the branch have appropriate internal controls to ensure efficient customer service and protect the assets of the bank.
- Surface risks proactively and in a timely manner and keep a vigilant eye on branch activities to identify any unusual activity.
Knowledge, Skills & Experience
- Graduate with 7-10 years banking experience.
- Good understanding of local regulatory rules and regulations.
- Knowledge and Understanding AML Law and various Banking legislations.
- Computer literate and good command over spoken and written English.
- Good presentation skills.
- Efficient and logical approach to problem solving.